Monzo Labs: Bills Pots 🍯

Brilliant, I can’t wait for this on iOS

Quick feedback as I have a DD due on Monday. The message pops up to warn no funds in the main account. This might already be on your radar, but if not:

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How will this affect Open Banking and your Oauth API, will dd’s from pots show as normal transactions?

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Very excited for when standing orders are added as rent is by far my largest payment

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My first Bills Pots payment went out in the early hours. I have feedback! :stuck_out_tongue_winking_eye::grinning:

Overall, this was amazing. All set up, then everything happened behind the scenes. I deliberately fed my designated pot with just less than the DD amount, too, which it coped with elegantly.

A few thoughts:

  • when I activated it in Labs, tapping feed entry that says "Tap to find out more just took me to the Scheduled Payments screen. No introduction, no instructions. I was a bit lost for a minute - a bit inelegant, I’m afraid.

  • I’m going to be one of those people who are going to want a pot per direct direct (rather than just one Bills Pot). Now that we’ve got the new navigation (well, :soon:), perhaps the upper limit on pot numbers could be relaxed. I’m gonna be scraping it soon!

  • Perhaps something for the future (maybe linked to Budgeting, @bruno?) but the Scheduled Payments screen could do with some love. It’s driven off recurring spend from Summary, but really could be clearer about different categories etc.

  • absolutely agree with others that standing orders and continuous payment authority support would be the icing on the cake here. (And, if that’s the icing, then the cherry is spend for a merchant or category assigned to a pot!)

  • the more pots are used in this way, the more I think that a fundamental think about whether they are separate from the current account, or are part of it, is going to be important. Especially for things like statements (if they are separate, we’re gonna need statements for them too; if not, then statements shouldn’t show transfers between pots…)

But these are minor points, really. First go worked perfectly, seamlessly in an expected way.

Bravo! :tada:

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I got an Emma notification yesterday to say that I didn’t have enough money in my account for an upcoming direct debit. I know Emma can see the pots (which show up as savings accounts), but I don’t think it has the concept of this new functionality and I’m not sure whether the existing API would support it?Screenshot_20190906-093738

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Both to these will be fixed by the time we ship this to everyone :confetti_ball:

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All worked perfect last night for my first direct debit.

The money was taken from my Bills Pot into my main account and the Direct Debit was taken from my main account all in the same minute (instantly)

My only small issue and thought though is I now have 2 entries, In & Out for each direct debit/Standing order, and if you have a few at the same time it could become messy, where if the payment was taken direct from a Bills Pot (as a separate account etc) this wouldn’t happen :man_shrugging:

Worked well though :+1:

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We are working on more accurate warning messages that take into account your bills pots :slight_smile:

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This is false. (legacy) Monzo Plus has interest on main balances and regular pots.

It’s likely we will looking into the double payment on your feed at some point in the future as we agree it can look a little messy

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Yes, this really does need looking into and improving, as if payments are taken all together on a set date i.e. 1st of the month, it will fill up the feed with all the double payments and it really won’t look good at all.

For the moment, until this is fixed I’ll stay with my current system which is cleaner and works well as it only has one payment showing from my bills pot

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I was discounting that (even though I still get it) as people will be losing it over the coming months.

Hi Dan. Welcome back to the community

They are already staff testing standing orders, but left that out of this Labs version in order to let us get on sooner with customer testing

So they will be supported :soon:

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Swings and roundabouts, isn’t it? Because not being quite about planned features only to have them not work out and be changed and cancelled has bitted Monzo on the butt more than once.

I, for one, am happy to have this surprise feature drop. As I already have one credit card linked in Monzo, and having been using a pot to put money aside for paying it manually, I’m now delighted to be able to try setting up a direct debit and seeing if the feature works for me. :slight_smile:

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Indeed, but I think this time showing some slow but steady progress worked a lot better than “yay, staff testing” and then nothing

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Up to 12 months, which is a sizeable amount of time. So the question makes sense.

True. I’d made the assumption, rightly or wrongly, that a portion of people are through several months already and/or are going to cancel/move to the new bundles when given the choice. That aside, that interest applies to both you main balance and the bills pot so it doesn’t matter which it is in.

(Edit) but to be honest, I’m not really sure of the scenario of the original question that would cost people money

Set up and testing! Good job :monzo:

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Is anyone able to answer this yet? Any users able to share the results?

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