I really like the idea of being able to lock pots but I think its too quick and easy to unlock them. Can I suggest maybe having to wait 3-5 days for it to unlock or maybe charge a fee to discourage early unlocking?
Pots used to be locked locked - and the only way to unlock them was to message COps (or wait it out till when you locked it).
They changed their thinking and there was a lot of debate here:
All in all its a mixed bag as to whether or not they are truly “locked” now - but Monzo did say this was something they were thinking about/ looking into.
I think there was a delay like you mentioned banded about by other forum users - but nothing else to add to date!
Completely agree that Locked Pots should be more difficult to unlock early.
I think a delay of 3-5 days is probably too much, but an hour or two would be a good amount of time to let people change their mind about withdrawing from the pot, while allowing them some flexibility if their plans change from when they originally locked the pot.
Perhaps you, as the customer, could set the amount of notice required to withdraw from the pot? A pull-down with:
- 1 hour
- 24 hours
- 72 hours
- 1 week
Some sort of user defined option for the delay is a good idea.
Although I think anything over 48 hours is too long, since you’d expect people to only unlock a pot in some sort of “emergency”.
Another option could be to nominate another Monzo customer (or several others) to have to give their permission for you to unlock your pot - which would be a great way of keeping savers motivated!
I think 24-36 hours is the sweet spot - any earlier and I don’t think you truly encourage money management.
But I do like the idea @Justin puts forward of a separate Monzo user validating any withdrawals to say, expedite a withdrawal in less than 24 hours.
Which is Monzo speak for “it is how it is and won’t get looked at again”