Making Monzo: Locked Pots


#61

I just had a fun/responsible idea.

So the money can still be unlocked by staff

But also you can nomiate a fellow monzoer be it a friend/other half to have to authorise the pot to be unlocked through their app. (instead of it going through staff)


(Peter Nobbs) #62

How about locking a pot until a set target has been reached?


(SA) #64

Or… Locked until target reached???

That feature would also be great. If I save for my new laptop quicker than u thought then I don’t want to have to wait until the locked date.


(Adam) #65

I think people need to have access to their cash rather than locking it away completely.

What happens if they need to access it in case of emergency?


#66

You can contact support to unlock it early


(Adam) #67

I was more chipping in about nominating another Monzo user to unlock it.

I think having some kind of friction is fine, but the money needs to be accessible enough that in case of an emergency you can get to it in a reasonable time (whether that’s 30 minutes, 1 hour or 1 day I guess is up for debate)


#68

I’m not fussed about “locked pots” on the basis that I won’t use them (I’m struggling to see a real world case for them for someone who isn’t classed as a “vulnerable customer”).

They seem to be an extension of the gambling block, catering for people who perhaps can’t control their spend (by their own admission), which raises the issues of “what if they needed their money immediately”?

In this situation, I’d say the smart move would be to have an emergency fund in a bank you don’t use very often (perhaps cut up the debit card, or put it in a savings account with instant access), and then you can use the Monzo locked pot as a day to day deterrent for impulse spending, yet knowing you have an emergency backstop if you really need it.

I can’t imagine why someone would want to use the locked pot for simply storing their money?


(Adam) #69

I’m planning on using them… I’ll give my specific example.

I’m terrible at self-control. I see that I have £100 in a savings account and I think “I’ll just dip into that”. I joined Monzo in October and set up pots for annual spends I’ve never budgeted for in the past (car insurance, TV licence etc.) I plan on locking these for the months that they won’t be required whilst putting in a 12th of the cost each month.

hopefully this will be enough of a deterrent to stop me dipping into stuff.


#70

That’s absolutely fine - I’d argue that if you are in that situation where you need that extra support from your bank, you could be classed as a “vulnerable customer” - Plenty of research has been done on the challenges of self control with money, and it’s great Monzo have the option for people like yourself :grin:


(Richard) #71

I’m similar to @adinus here. For me I want to save a little bit of money each month for special occasions and if I am struggling for cash one month, or I am drunk (which doesn’t happen often anymore so when it does I’m a complete lightweight!!), then I would dip in thinking that I’ll reimburse down the line. A locked pot would stop me doing that.

Yea but then there would be nothing to stop me using my app to move the money across. For me Locked Pots is the way to go but only for some money not all. I think locking away all spare cash could potentially be very dangerous in case of an emergency.


(Adam) #72

Something I’ve never really thought about, but quite enlightening to hear someone who doesn’t know me call me that! (in a good way).

Ironic when I’m paid well and in a responsible job. Defintely doesn’t equate to being responsible with money. :joy:


#73

Haha - It’s not a bad thing!

A vulnerable customer doesn’t need to be how it sounds (a poor defenceless person) - It covers a massive range of people.

If people have a serious problem with self control, I’d love to hear an argument for why they shouldn’t be classed as a vulnerable customer (in the same way a gambler has an addiction).

Surely in those situations you’d just use your emergency cash? Again, this is all on the assumption that someone really can’t control themselves!


(Richard) #74

:flushed::flushed::flushed: You’ve actually got me on that one…I didn’t think that sentence through :joy::joy:

I’d be useless in a debate team!


(https://youtu.be/5DmYLrxR0Y8) #75

What if someone just wants to lock some money away in a place that’s a little harder to get to without having to open a new account?
It’s not a massive leap of imagination.
Comes across a tad dismissive to say that you can only imagine those classed as vulnerable customers would have use for it.


#76

I’m sure there are plenty of examples, none of which I can think of for my own uses, hence asking what people would use them for.

What example would you use it for?

It’s not being dismissive at all, simply looking for opinions that aren’t the same as mine to get a balanced picture is quite the opposite of being dismissive :wink:


(Rob) #77

I’m sure most people will use this feature to help them save as it will help take away some of the temptation to easily dip into their savings. personally I’ll probably use if to save for Christmas and a holiday.

From your previous messages it sounds like you are very good at saving and wont need this feature so well done you. Unfortunately most people aren’t that good at saving which is no doubt why this feature was a popular request.


(Andy Slater) #78

I havent read the whole thread so apologies for any duplication.

I think a useful feature of locked pots would be that on creation, you set a timeframe for early release. So if you set it at 1 dsy, you can click ‘release pot’ and its available in 24 hours, that way different people could use it for their own purpose. One day would be enough to combat impulse spending if thats your goal, setting no early release terms would lock it away til the date specified. This would save customer services the trouble of getting involved every time somebody wanted to access their locked money


(Splodf) #79

It is Jaegerbomb season…


(Richard) #80

Every sesh is Jaegerbomb season…


#81

Hello!

I would be using it so put money away until bills are due. Atleast try to use it that way anyway. Much like a Squirrel replacement. (Check out that service if you havent).

Also to give myself weekly budgets (week 1, week 2 etc) throughout the month.

Jamie