Making Monzo: Locked Pots


Lock money away in a pot for a set amount of time to help you save!

Check here for progress updates as they happen! Follow along on Twitter or in the app, in your Help screen :grinning:


Are there any benefits to locking it away for a long time period such as a higher interest rate?


This is a great idea. When can we expect this?

Locked Pots are more about putting some friction in place to make it more difficult to impulsively withdraw money from a Pot; so you’d need to contact customer support if you wanted to withdraw it instantly, which could be enough friction to make you decide you don’t want to withdraw it after all - ultimately helping you save :slightly_smiling_face:


Ok, I can understand how that would be helpful to some people. However, how much friction will there be if you wanted to withdraw money? Its easy to get in touch with monzo via in app chat, they should reply quickly (hopefully in the near future), and I can’t imagine customer services really pushing back too much if a customer was asking to withdraw some money. Would it be as simple as messaging and saying “please unlock the fixed pot” and then customer services unlock it?

It would! We’d never make it difficult for you to withdraw your own money from a Pot.

But we’d hope that the act of needing to contact support in the first place would provide just enough positive friction to stop you from withdrawing money on a whim, and ultimately help you save :+1:

I should caveat though, this is a peek at an in-development idea, so it’s totally possible that the final thing might be a bit different in how it looks/works!


This would be amazing for me!!!

Especially on nights out…

1 Like

This is a nice idea, but having to get CS to unlock it may be a sticking point.

It is taking up to a day for CS to respond at the moment due to their workload, wouldn’t this just add to it and make it worse?


Great! This has been requested alot on the forum.

Glad to see its being worked on and dare i say it near ready :slightly_smiling_face:


This would be amazing! I’m bad with saving so this would be really helpful!!

I really like the idea but unless CS was working to near real-time response I’d be concerned about using it in case of an emergency


I think this is a cool idea for those who genuinely struggle to put savings away and not just keep dipping in!

The CS concerns are a valid one and I think it’s all about balancing the access times to intentional friction. If CS took 1 minute to unlock my pot then I honestly wouldn’t see too much value in this feature?

Just typing “Hey, please unlock my pot as I need access to the funds” and having to wait 10 minutes is not here nor there for me really.

It’s whether they do something like gambling lock or invest pots where you’re forced to wait 24 hours after making the request. (Correct me if I’m wrong on that)

I would also add that please never lock all your funds away, things happens.


It’s not something I’d ever use - But I’ve seen countless people mention about adding more “friction” to their savings…

So Kudos for giving them the option :smiley:


It would be good if they could automate this.

As in if you say a certain preallowed phrase in the chat window it kicks off an autosys job or something that will automatically unlock your pot, that way it saves the cops time and the users time


I’m not sure you’d get away with saying this in public…

“Hey Siri… Lock away my Pot…” :joy:


I can understand the positive friction element of Locked Pots but would be wary of increasing Customer Service workload. Perhaps there could be a 24 hour delay countdown timer each time a Locked Pot withdrawal was attempted? This could be cancelled anytime during the 24 hour period, and bypassed altogether by contacting CS. For me, 24 hours would be enough time to put a stop to any whimsical purchases.


Really looking forward to this, will help putting money aside for next Christmas :christmas_tree:

Like the idea of 24 hours unless you contact, best of both worlds


Interesting idea! The current CS response time would be my only concern though.


This was my thought.

I would hope with the new Monzo chat that they can implement an AI chatbot that would do this without a COP actually needing to deal with it


I wonder if we’ll see auto-locking pots for fixed-term savings products when the marketplace rolls out…