The aim, I think, is that the other account would be represented as a pot within the Monzo app.
Interesting use case for ring fencing money for specific activities whilst keeping it visible in Monzo.
I realise Monzoās raison dāĆŖtre isnāt savings but I feel if Iām moving money out of my current account I should maximise the return on it (although admittedly that can be inconvenient if the bank doesnāt have an app).
IME some instant access non ISA savings accounts are better than ISAs these days as thereās no tax deducted (unless you earn a lot of interest).
Itās Ā£1,000 if you are a basic rate tax payer. Frankly, if you are earning that amount of interest these days, your money shouldnāt be in Monzo, it should be in the Cayman Islands!
I know this is semantics but pots arenāt actually moving anything out of your current account. Thatās sort of the point.
What Iām getting at is that if the whole interest drive is related to āmoving money outā, does thinking about it differently change that desire?
You are correct but itās no longer accessible for transactions to be deducted from it so it might as well be in another bank (as long as that bank is convenient for moving money around.
For me thereās no difference between āmovingā it to a Monzo pot and transferring it to my āother bankā deposit account. Itās no longer part of my current account and immediately available for spending.
Iām intrigued by your last point! Doesnāt change my view but maybe Iām missing your point
Exactly this is what Iām thinking.
Ah yes, my savings are under the threshold for tax
I think the Pots are great and canāt wait to see how thy develop in the coming months.
Like others, I would love to be able to deposit a custom amount into each Pot.
I would also like the ability to put input notes under each pot. For example, Iām currently saving for a holiday next year and Iām using one pot to deposit all of my money saved for the holiday but iād like to put a note to remind myself how much is saved for Spending, how much for flights, etc.
Could you use the transaction notes to add a tag (maybe with an emoji) for the different holiday categories, and then a search for each tag should show you the total set aside for that category.
Given that pots are effectively free, why not use different pots for each?
Because that would make sense I didnāt even think of that (because Iām an idiot and caffeine deprived), thanks!
Itās not that unreasonable a thing to miss. Weāre used to our own way of doing things.
All the money I would now have in pots is in one account so Iām going through the same process of working out how I want to divide it all up and how many pots I want to put it in.
Itās nice to see everyone getting excited about feature development again and coming up with ideas focused around pots alone. Development was necessarily placed on the backburner as Monzo focused on releasing CAs, which looks to be progressing rather nicely might I add, but now things are really hotting up.
I really think people will start to take Monzo seriously when they couple a fully licensed product with exciting new features that will take conventional banks years to replicate!
Exactly this!
Notes would be pretty cool, as would a record of transactions specific to each pot. Perhaps this will be more relevant as they gain greater fubctionality, like the ability to directly set up direct debits via a pot.
Donāt look at it as short term saving then, look at it as your money depreciating slightly less in inflation terms.
Hey All,
I couldnāt see the feature, but can you use a photo from your iPhone camera roll to be on the Pot card?
Thanks
You canāt yet, feature coming later
Once the market place is alive and kicking youāll hopefully be able to get someone like āChipā to intergrate with a pot somehow so it shows like a savings pot.
I just noticed the little dot does not follow as well Personalised images would be nice Good job guys! Salary in on Friday so canāt wait to add some money to this pot