From the get go I have utilised Pots. A great feature, genius idea and take on such a simple idea, however could benefit from a slight few tweaks to really elevate the experience:
Be able to transfer money from one pot to another
Move pot location in the line.
Set a direct debit to automatically be paid from a pot. For example the 1st of every month my phone bill is paid. I have a pot called “Three Network” however before the 1st I move the money back to my Monzo main account. It would nice if you could direct the payment to be taken straight from the pot.
I would 100% backup this idea. 100% agree with moving money from pot to pot and swapping the position along the line, simple stuff but useful. For the point #3; I know the budgeting tool it’s the way to organise how you are spending your money. However for people like me (who normally need to spend all the money available on the account until it gets to zero!) having a budget is not enough, this is when the pot becomes a control barrier for avoid spending what is actually not yours. For example, locking away money for groceries, this allows me to know how much money is actually available to spend without touching the “grocery money” which is important not to touch, or locking away money for fuel. It will be really helpful if you can connect the direct debit or a categorised transaction, for example a transaction for fuel, take it off from a pot called “transport”. Basically means using the pots in a different way controlling how you are spending the money instead of building money of them. I actually use the pots on both way.
Whilst this should hopefully help for most people, I can see why it won’t work for everyone. If you don’t have the money in your account but do have it in the pot the balance will bounce. So I would still love to see this implemented properly.
The IFTTT integration though is still useful to help supplement these kinds of things.
Like this idea. I would also like a pot to be set up to do a bank transfer when a pre-defined limit is reached.
For example, it would be great when my round up pot reaches £25 it initiates a transfer to NS&I (with my ref. number) to buy Premium Bonds, or to make an overpayment on my mortgage.
I think that would be very useful. The whole micro-investment idea is interesting and knowing it’s going into something safe and where I can get the money back is a definite reason why I used Premium Bonds to save at present.
