Launching Pots

Someone mentioned being able to use GIFs as pot thumbnails… love that idea!

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It’s current form is what’s so terrible.

I need automatic transactions i.e. ability for regular payment authorities; and inputted amounts as opposed to multiples of £5.

I am not saying that I will never move from Starling. I am just saying, not yet.

Give me those two, Monzo have me fully. Facility to upload own image would be nice, but is not critical for me.

I did complete poll, so my wishes are in the system :slight_smile:

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I like the sound of that :+1::grinning:

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The poll shows some good thought from the team about what to include going forward and shows the desire to really listen to its users.

Some really useful tools in almost every option, and clearly lots of others thinking along the same lines. Save the change and making payments from each pot is great. Additional options for placing money in each such as sweeping is great, and so is sharing and retrospectively assigning transactions (ie holiday bookings). I can see this working very well for my needs…

Just waiting for android! Wish you did a dual release rather than tease like this :joy:

That’s the aim with pots. Not there yet.

You’ll find these threads useful;

I use Monzo purely to help me budget my small income. Like most budgeters I allocate a certain amount of money per month to different categories, which Monzo supports by organizing transactions into categories. However, it would be even better if within the app I could load certain amounts into a category wallet Eg. transport and all of my tfl charges would be debuted straight out of that wallet, allowing my budgeting to be even simpler.

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I think it would also be a great feature if you could arrange an overdraft the amount of your savings without needing to check credit score or having to transfer money back from savings etc.

Monzo’s target market right now is budgetters who like nice apps, I get that, but eventually as a company it needs to attract middle and high earners with thousands in emergency funds requiring a home.

0% interest on these savings pots is ludicrous, there’s absolutely no way I’ll ever use them in their current form.

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@showered They’re not necessarily “saving” pots, that’s the thing. Although, you can use the pots to save money, they’re not treated as savings pots, earning you interest. I’ve been with Santander for years and I’ve made pittance with their interest, therefore it’s not a big deal for myself, however I know Monzo is building a marketplace meaning you’d be able to directly link a pot with for example Nutmeg (unconfirmed) meaning you could save using the integration if that helps at all?

I wouldn’t say that I’m someone who constantly checks my budget, however a budget is nice, I joined Monzo simply for the experience of a new 21st century bank who wants to build a better future for me and my money.

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To be honest, if you’re relying on your bank to give you decent interest, you’re doing it wrong

Pots are designed more as an organisational tool, than a savings tool.

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I’m a bit disappointed that you can’t have more pots. I was thinking it would be great right now to have a pot for each of my family’s xmas presents and for all the various events over Xmas, but I’ve run out of pots :slightly_frowning_face:
At the very least could you add a function to attach a note to a pot? Then at least I could have one for Xmas presents and keep a note on there of budgets for each person. Or one for ‘Xmas events’ and keep a lot of the budgets for each one

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How many pots do you have?

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Hmm I’m not sure, I deleted them now, but I think it stopped me at 10

Hmm good shout, it might work to add money into the pot and then add a note to the transaction about what that money is for…

5 posts were merged into an existing topic: Joint Accounts 5

That’s where open banking comes in. Fast forward to a time when Monzo pops up and tells you that your savings could be earning more money if they move them to X bank. You simply say ‘Yes please’ and everything happens behind the scenes. Monzo takes some form of interchange fee, you get a higher interest rate, and all the time you’re still viewing all your finances via the Monzo app. Essentially, who the money actually sits with becomes almost irrelevant. Monzo suddenly has the most competitive savings accounts on the market, despite not actually offering any interest on savings. You could, in theory, be a customer of a bank you’ve never spoken to, or even heard of. You could also, in theory, allow Monzo to make these decisions for you, and change banks multiple times a day without ever realising.

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Just because something is free doesn’t make it any more useful!

I am sure Monzo will get there. It’s just nowhere near what I want yet.

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Don’t use it then! lol :slight_smile:

Bit too much detail…! :slight_smile:

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