Making Monzo: Locked Pots

(Neil) #21

Love the idea of locked pots. Maybe for Xmas saving, a child’s graduation, or maybe a deposit towards a mortgage.

Another suggestion maybe would be a regular saver fixed pot, whereby a set amount automatically gets transferred into that pot each month too.

(🤦‍♂️ 🤦‍♂️) #22

I’m up for this. Would love to see it. Along with the committed spending pot :ok_hand:t2:

(Kevyn) #23

This option isn’t mainly for people who always want to withdraw funds as or when or are excellent at saving money. It is for people who struggle with saving or budgeting and need some help from impulse spending.

For example, when I was saving for my Masters degree in 2007 on a low wage. I knew I would struggle to save the £3,000. So I opened a book based account (without web or telephone access) in a building society whose nearest branch was 50 miles away (and I didn’t drive). I was able to save with the push that to withdraw, I would have to travel those 50 miles to get it out.

This option would have helped a lot!

(Simon B) #24

How about an IFTTT/Fitbit integration so that I can only unlock the Pot if I hit my step goal? :grin:

pages @kieranmch

(Tom Cohen) #25

Good stuff!
What do you think about another option of locking until the goal amount was hit? That way you save up for a goal and can’t touch the money until it’s ready, regardless of when.


Custom pot photos would look lovely there wahhhhhhh

On a serious note: I’ll probably use this. Find myself emptying my coin jar to spend on beer more often than not.


May as well stick it in the savings pot since it takes a day to get the money out of that


This would be great for my tax bill!

(Leonard) #29

If the pot was locked, how easy would it be to change the date to one that was sooner?

e.g. it’s 10th May 2019 and I have a pot locked till 20th June 2020; I want the money but don’t want to contact COps so can I just switch the date to 11th May 2019?

(Tony) #30

See, now that links in well to my suggestion of a Christmas Savings Pot

I just need to be able to set a Christmas-themed image and I’m happy (well, I will be when I start saving for next Christmas!)

(Gareth) #31

I can only assume that you can’t move the date sooner :slight_smile:


Great move I am very impressed with locked pot idea.

(Benjamin Dyer) #33

I like that a lot, Monzo makes your money more accessible, which of course is a good and bad thing! A couple of points I’d like to see, sorry if this has been covered above:

Double Lock / Power of Attorney - This could work great with a joint account, once a lock is put into place it takes two people to agree to remove the lock. You could even give one user overall authority for the lock, we all have that one friend that needs help to not spend

Timed lock and payout - I think this could potentially be coming with the timed pots feature I am sure I read about. However lock your money away until X, then it moves from a pot to a current account. I have some expensive school fees I need to remember to save for / move just before the DD. That would be very useful.

Better interest - How about earning a few points more savings if you commit to a lock for a period of time?

(Is Santa here yet?) #34

I imagine your last point would be covered when new savings providers and products are introduced. They’re going to be expanding the savings options so I’d be surprised if that wasn’t one

(Benjamin Dyer) #35

Yeah I’d imagine so, I’d assume its a simple feature as its obviously a common savings product today.

(Benjamin Dyer) #36

That’s a great story!


Of course, this already exists with countless providers. Coventry BS, for example, has an absurdly complicated login procedure with a grid card etc., so you’d have trouble spontaneously withdrawing anything, then it takes 24 hours to clear anyway from the accounts I have with them.

I’m not sure Monzo can solve every aspect of financial life, so where does this end?


:open_mouth: how many characters do they request from this grid card?


You need:

Username (random string - unmemorable)
A few characters from password
3 numbers from grid card

To transfer funds, you need characters from your password again

I typically need two attempts to log in, unless I concentrate really really hard

(Christopher) #40

I think that there should also be a delay in the pot being able to be unlocked. Contacting customer services isn’t enough friction as it’s so easy. Speaking to customer services via the chat and getting them to unlock it instantly is too easy. It would be better if once they unlocked it, it would be 1 working day before customers could access their funds in the pot.

The current way it is proposed to be set it it makes locked pots easier to access than the savings pots getting 1% interest on balance sheet £1000+. If I had £1000 that I wanted to lock away (I am not bothered about the interest) it would make more sense to lock it in this savings account as it would take 1 working day to withdraw Vs Monzo locked pots which can be withdrawn instantly just by speaking to customer services.

Please consider a 1 working day time lock to unlock the pots once requested via CS chat.