Lottery/ NS&I Pot

Feedback & Ideas
1

So I used to have an NS&I Premium Bonds Account and it was actually, weirdly exciting to see if I had won some money every month.

Now that Monzo are pushing and bringing out lots of different savings vehicles I thought it worth putting forward this idea. It doesn’t have to be tied to NS&I - just that’s the example I’m using as to how it works.

For Monzo they could create a “savings” pot with no minimum, and for every £x in the pot you receive x tickets or have x% chance of winning certain rewards every month, I think NS&I give out the top prize of £1 million but I’m not suggesting Monzo go near that.

Could be a fun way for Monzo to receive more money in Pots and incentivise those who don’t have the £500 initially upfront to have the chance to save money away and possibly win some.

2

I switched to Octopus through Monzo and they allow you to ‘Spin the wheel’ each month as a reward for keeping on top of your meter reading submissions.

Anything that incentivises me to do something is a win for me :smiley:

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3

It wouldn’t be anything serious - just an incentive to, if you can’t get that £500 straight away to put little bits away with the chance of winning something.

It wouldn’t be interest bearing so Monzo could get some gains there - just think it could be a goer!

4

Yeah I agree.

For example. If you don’t withdraw and top up at least 10% each month you can have a spin of the wheel and we help you get to your goal.

You can’t see in the example I gave but that goes to as little as £1 - but anything would be a great help.

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5

Yeah and it could work for larger balances to as the interest is foregone you would instead have more tickets to win in the raffle.

I think it also attaches to the community feel of Monzo a bit as well just adds something a bit different.

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6

TBH i wish I could tag my winnings so that I would go into one pot automatically(Start with that :rofl:)

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7

An NS&I mechanism within Monzo would make investing/divesting much more convenient - and would probably push me to invest!

Maybe they could have a lottery mechanism capped at £1 where users can opt in (though that might directly conflict with the anti-gambling/smart-saving elements of the app).

8

I’d invest in it :+1:

9

A savers lottery wouldn’t really promote gambling. The more money you save. The more chance of winning something. Would encourage saving more.

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10

I don’t think it has to though - gambling suggests you lose or you win with this you don’t lose what you have in the pot, you just don’t win anything. It could help incentivise those looking to build up a little piggy bank.

Every £5 say gets you an extra raffle ticket and at the end of each month a random number generator picks out say 5 winners:

5 - £5
4 - £10
3 - £25
2 - £50
1 - £100

Something like that, it could really help and would be a neat little way of making a little extra cash for saving.

Maybe have an upper limit of say £1,000 so you can’t “game” it and the hope would be that there would be enough money in those pots each month to make the £190 laid out each month for winners in interest.

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11

I’d definitely be keen to see something like this.

I put some of my money in premium bonds at the moment and accept that I’m getting no return on it - so when I do get something it’s a nice surprise and use it to treat myself.

12

A good Idea I think

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