Launching Pots

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 Monzoā€™s raison dā€™ĆŖtre isnā€™t savings but I feel if Iā€™m moving money out of my current account I should maximise the return on it (although admittedly that can be inconvenient if the bank doesnā€™t have an app).

IME some instant access non ISA savings accounts are better than ISAs these days as thereā€™s no tax deducted (unless you earn a lot of interest).

Itā€™s Ā£1,000 if you are a basic rate tax payer. Frankly, if you are earning that amount of interest these days, your money shouldnā€™t be in Monzo, it should be in the Cayman Islands!

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I know this is semantics but pots arenā€™t actually moving anything out of your current account. Thatā€™s sort of the point.

What Iā€™m getting at is that if the whole interest drive is related to ā€˜moving money outā€™, does thinking about it differently change that desire?

You are correct but itā€™s 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 thereā€™s no difference between ā€˜movingā€™ it to a Monzo pot and transferring it to my ā€˜other bankā€™ deposit account. Itā€™s no longer part of my current account and immediately available for spending.

Iā€™m intrigued by your last point! Doesnā€™t change my view but maybe Iā€™m missing your point :slight_smile:

Exactly this is what Iā€™m thinking.

Ah yes, my savings are under the threshold for tax :rofl:

I think the Pots are great and canā€™t 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, Iā€™m currently saving for a holiday next year and Iā€™m using one pot to deposit all of my money saved for the holiday but iā€™d like to put a note to remind myself how much is saved for Spending, how much for flights, etc.

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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.

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Given that pots are effectively free, why not use different pots for each?

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Because that would make sense :joy::joy: I didnā€™t even think of that (because Iā€™m an idiot and caffeine deprived), thanks!

Itā€™s not that unreasonable a thing to miss. Weā€™re used to our own way of doing things.

All the money I would now have in pots is in one account so Iā€™m 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.

Itā€™s 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!

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Exactly this!

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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.

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Donā€™t look at it as short term saving then, look at it as your money depreciating slightly less in inflation terms.

Hey All,

I couldnā€™t see the feature, but can you use a photo from your iPhone camera roll to be on the Pot card?

Thanks

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You canā€™t yet, feature coming later

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Once the market place is alive and kicking youā€™ll hopefully be able to get someone like ā€œChipā€ to intergrate with a pot somehow so it shows like a savings pot.

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I just noticed the little dot does not follow as well Personalised images would be nice :stuck_out_tongue: Good job guys! Salary in on Friday :crossed_fingers: so canā€™t wait to add some money to this pot :eyes::eyes:3AD07B2C-978C-42E1-9C97-C621C2903436

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