Hi guys, here my view on the direct debit from pots thingy,
The reason I’m not full monzo yet is in fact the same as the reason I started to use monzo, so I could budget, I use to move just my spending money to monzo and leave my DD and SO money in my 'normal bank’s, I’d love to move fully to monzo but that would leave me back in the position I was in prior to joining monzo, or all my money would be in the same place, so while I appreciate that the ifttt might be an option I don’t feel it is the correct solution for me,
So my brain storming session came up with the following which may well be worth it weight in gold or similarly in cow poo, there may be reasons why it would work and reasons why it wouldn’t, but if I don’t share we’ll never know.
My knowledge of banking may be limited but I use to believe that the sort code related to the particular branch at which you account was located, or mine was 09-01-26, which is sandander in Dumfries and may account number was 12345678. Then a year or so later I needed a second account and went to the branch only to be told they had now moved up to 09-01-27 and again a year or so later I needed yet another account and it would have sort code 09-01-28 both these new account had unique account numbers. So moving on to monzo and the specific pots for Dd’s and SO’s, would it be crazy for you the account pots to have separate sirtcides but all be linked to the same account number,
So main account being sort code 04-00-04 account 12345678
Pot number 1 could be used for DD’s and have sort code 04-01-04 and account number 12345678
Pot number 2 could be used for SO’s and have sort code 04-02-04 and account number 12345678.
Pot number 3 could be blah blah blah, I think you can see where I’m going with this, then when you have to set up a DD or SO you simply give them the relevant sort code and account number.
All this I would like to think keep everything tidy in the app and the account details, I guess it would simply be down to the banking legalityand ability to enable such manoverability to the accounts.
Like I say, this maybe a terrible idea but I think it may solve the problem if budgeting and allowing DD and SO to come from designated pots without worrying about the ifttt thing.