Monzo Holiday Pot


(Dan) #1

Hey!

Been using Monzo for a longgg time now… however, I am going away soon on holiday! Great…
When I go away I hardly ever take cash, I take 2 cards with me, a debit card and a 0% credit card…

As I like to have a big spend up when abroad but don’t have the money necessarily right now… I put stuff on my 0% credit card, then pay it off monthly until it’s paid off… the only problem is…

  1. You use the credit cards transaction rate, not Mastercards, so can get a worse rate.
  2. It doesn’t show in my Monzo spending summery which I use daily.

So here is my idea…

Have a pot called Holiday… you can put money in the pot of course, however, it’s not like any other pot… so if you go away and put £500 in the pot before you go… Monzo now knows I am in Spain :+1: great… now any spending/ATM withdrawals come from my Holiday pot automatically…

Say I spend £750 while away… oops… however the pot now says -£250… my main account funds are protected, and I have X amount of time to pay off my Pot, maybe with a % interest charge so Monzo makes something out of it…

That way… all my spending is in Monzo, my summery is updated with my holiday fun and I am still in control without having to use a 3rd party credit card?

Sorry, this is kinda long… I was trying to find the best way to explain it!
Dan


#2

Incorporate the spread the cost feature to excess holiday spends? Would you have to apply for that in advance to make sure you were approved?
Could you not move all your non holiday money to a pot, put holiday pot funds into main and then use your overdraft?


(Dan) #3

Yeah a bit like that… but its all controlled via the Holiday pot so you know whats going on…

I haven’t thought that far ahead :wink:

You could, however when you get back from holiday and want to spread the repayments back over say 5 months… you can’t live in your OD for 5 months while you repay it back… it would be a logistical nightmare… and summery etc would get all confusing… its more about separating Holiday spend from day-to-day spend…

If its all in the pot, say -£250, when I get paid into my main account, I transfer £50 a month in for the next 5 months to take it to £0

Does that make more sense?


(Kevyn) #4

Wouldn’t it just be easier if Monzo just allowed multiple accounts and you can assign your card to whichever account you like? Then you could have a holiday account and the overdraft idea could work. A certain Dutch bank I mention a lot does multiple accounts where you assign your card to whichever account you like…


#5

…that wouldn’t be bunq by any chance :rofl:


(Kevyn) #6

I must be more cryptic in the future! :joy:


(Dan) #7

Interesting… there’s an idea… however how would summary work with multi accounts?