Does anybody use Monzo purely as a saving tool? I do, I find creating a psychological barrier in terms of money has helped me save in ways I’ve never done before.
Can you elaborate on what you mean when you say “purely as a savings tool” please? Do you mean just deposit money in and leave it there?
Yes that’s what i was eluding to
Why not open a Marcus account and get a little interest on your money?
Do you keep them in interest earning pots?
You can lock pots, even ones which earn interest which will stop you from spending it until you hit a particular date.
They are also working on the ability to hide pots from easy view.
I don’t. But by emphasising the benefit of the savings marketplace to those with very large cash savings (screenshot below) it looks like Monzo may be trying to get some of that market and are at least in part positioning the savings marketplace as a rival to the likes of HL Active Savings and Raisin.
Not so much a “saving” tool, more a “not spending” tool. Money tends to accumulate quickly in my Monzo account thanks to the friction, as you say, and the roundup feature, but I soon move it out to savings or investment accounts held elsewhere.
Pots are great, but there is friction of a different kind in moving money around. I like that my other savings accounts have their own account numbers, so I can move money in and out directly, without having to go through my current account and have to manually exclude them from my summary.