Yeah does this on Android.
If you pop to the pot you want to pay from, youāll have the button to set it up there.
Yeah does this on Android.
If you pop to the pot you want to pay from, youāll have the button to set it up there.
For a first iteration it works really smoothly and brilliantly. Glad it now takes out of the summary and left to spend.
The only thing wanted now for me personally is pot total. Like how much is predicted to need in the pot to cover bills and cover subscription costs like Netflix.
Finally got to play with this so have a little feedback already! (Iām on iOS and we donāt get as much love these days )
Firstly, I love this idea and how I can now separate my essential bills from the none essential. A lot of people have different bank accounts for their joint bills, their personal bills, house bills, food bills it goes on so this will hopefully bring more people over to Monzo and grow the bank even more!
So hereās the two things I think would help.
One thing we need to see if how much is projected to come out of the Bill pot for that pay period. By having this info we can easily look at the pot that pays for Netflix, Apple Music, Patreon, Prime, (insert subscription) so when weāre in a squeeze we can have more of an overview of how much we could save each month cutting down in a certain bill pot.
DDās are usually updated 3 days before so a notification that the DD is less, Monzo could offer to move some money back into your main account. Alternatively, if the DD is more it could suggest topping the pot up. Just to make sure we donāt get any unexpected withdrawals from out main account, sending us into our overdraft!
Great work by Monzo again! Itās crazy how you bring out a great feature almost every month. Didnāt we only just get āget paid earlyā and now this?
Keep up the great work!
I had that but it went away when i created a pot (i only had savings pots before - i think it has to be a regular pot).
This caught me out too,
Hereās how to use it;
Either create a new pot (letās call it bills) or have a pot that exists you want to use
Select a scheduled payment - it has to be DD it seems
Select āSet Payment from Potā
Select the Pot āBillsā that you want the payment to be taken from
Sidenote: I think this is a great idea, but itās not intuitive. In the same way you can indicate a pot as a roundup when editing it Iād suggest you can also indicate it as the bills pot
Quick FAQ that might be helpful for new folks finding this thread
Weāll update this as appropriate!
1. Whatās a Bill Pot?
Bills Pots are our brand new feature that let you set your Direct Debits and Standing Orders to be paid from any Pot!
2. Does it only work with Direct Debits?
For the moment, yes. Weāre staff testing Standing Orders, so barring any unforeseen bugs those should be available soon too.
As of 18th Sept, the feature now works with both Standing Orders and Direct Debits! Further down the line, weād like to implement recurring card payments (like Netflix, or Spotify!) but we havenāt fully scoped this out yet
3. Is it available on both and ?
Yes!
4. How do I enable it?
Go to your Profile, then Settings, then scroll down to Monzo Labs and youāll be able to enable it in there. Then, simply tap on any Direct Debit in your Scheduled Payments section, and youāll be able to select a Pot for that payment to come from.
5. What happens if thereās not enough money in the Pot?
In that scenario, the payment will simply come from your main balance instead. If thereās not quite enough in the Pot, weāll remove the remainder from the Pot first.
6. Can I lock or enable Round Ups on a Bills Pot?
Yes!
7. Is it just one Pot?
No! Itās up to you which Pot the Bill comes from and different people will use it in different ways. Some people may want all their bills in one Pot, some people may want to separate different bills into different Pots. Have a play with them and find a system that works for you!
8. Does this work with the third-party interest-bearing Pots?
Unfortunately no, due to the fact that withdrawing from these Pots isnāt instant.
9. Does it work on Joint Accounts?
It certainly does!
10. Can I set Monzo Loan or Monzo Plus repayments from a Bills Pot?
Not at the moment, but we hope to include these in the future.
With this, say if you have Ā£20 in your bills pot and your DD is Ā£22, will it take Ā£20 from the pot and Ā£2 from the main balance or the full amount from the main balance?
Iām sure I read that itāll move the Ā£20 out of your pot, and then take the whole Ā£22 from your balance
All very helpful thanks!
It would be great to work it with repeating payments too, glad thatās on the list.
Thanks @anon99402360 and @JIMMWX - knew that myself but thought there was a missing introductory screen or something, as thatās what I figured āfind out moreā would suggest! Now to play around with itā¦
Potential Bugs
If you spot any, please let us know and weāll update this post.
Editing a standing order amount may remove the Pot connection.
Status: Investigating
Some Direct Debit names on Android may show in red text instead of black
Status: Investigating
Can you link a sole pot to a joint account and a joint to a sole?
Iāve set up a few bills to come out of different pots and look forward to seeing work out in the coming weeks.
@simonb you mention that payments will be taken from the main balance if there isnāt enough in the pot. Do you know if it will be possible in the future for some to be taken from the designated pot and the rest to come from the main balance?
Done & Done. Excited for next week when all of them come out.
To remind me how much I have coming out, Iāve set the name of the pot to āBill Pots - Ā£xxā so I can easily transfer it in without having to remember.
Great tip!
Another way to do it is to set up a recurring scheduled payment into the pot just after you get paid.
The only thing to consider is if the usual total of D/Dās will differ by an amount which is large enough to cause trouble. If there is, transfer some more into the pot to cover it and adjust the recurring payment so that next time it is correct.
Or you could also set the amount as a pot goal?
I did consider doing that, but I get paid on the 15th unless itās a weekend. So this month, I get paid on the 13th, and I just know that Iād rather shift it as soon as I get paidā¦ā¦ Be nice to have a scheduled pot transfer trigger for when salary gets paid in
The pot is emptied of what it contains before the DD is taken so the main balance only pays the difference.
Iāve just set this up to give it a try, although I donāt think itās something Iād use permanently going forward.
It means I now have to calculate how much I should have in the pot each month which I canāt be bothered to do (this is because my credit card statement varies a fair bit).
If my DD were fixed it would be easier as Iād setup a reoccurring pot transfer.
I guess now that open banking APIās are a thing it would be good if monzo could move the correct amount for my Amex statement into a bills pot on payday.
For now I find it easier just leaving everything come from the main account, but I can 100% see the benefit of this for people.
I believe an auto calculator button/rule is coming soon to help with that.