Monzo Labs: Bills Pots šŸÆ

Making Monzo Monzo Labs
22

Is there any way to set either:
a) set a pot to automatically pull in enough money from your main balance to pay for any attached DD/SOā€™s on a date of your choosing or the push of a button, or
b) to have it set to collect enough money when your salary is paid in? Just trying to think of ways to make it easier so that I am not constantly having to adjust a standing order of money into the pot as/when bills change, additional direct debits are added etc

Hope that makes sense? It is more of a question for future development, not necessarily how it is set up now.

Very excited to try this out on iOS!

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23

You read our minds. Watch this space :wink:

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Whatā€™s the delay like between the money moving from the pot and the Direct Debit leaving your account?

Is it an hours or so or is it almost instant?

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How would that work on payday with variable direct debits? Without knowing how much the future DD will be, the app canā€™t predict what to transfer.

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Its almost instant :zap:

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One suggestion Iā€™d have is itā€™d be useful in the ā€œScheduled paymentsā€ section if the items that Iā€™ve assigned to come from a pot were identified in some way. At the moment I have to go into each one individually to see if itā€™s marked as coming from a pot.

I did notice that the Pot detail itself (Iā€™m only paying from one pot for now) shows this in the new ā€œPaid from Potā€ section (which is great!), but I think itā€™d be useful from the other side. Somehow.

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Fantastic - the faster it is the less likely people are to accidentally spend their bills money while it is temporarily in their main account.

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That was the only thing I wasnā€™t sure about! The worst case scenario is it takes a bit from your main balance though I guess. Or it could be set to take a buffer into the pot as well.

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On the scheduled payments tab there will soon be a small icon next to your merchant logo showing the pot that it will be paid from :slight_smile:

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@SimonAmor

Any clarification on this?

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32

@SimonAmor Silly question but will this work with locked pots. Say I lock a pot for added friction will it still be able to be used?

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You wonā€™t be able to pay a bill from a locked pot, or lock a pot with a bill coming from it.

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You can however select a locked pot for a direct debit right now, which will presumably blow up a bit later

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35

I assume not, but what about interest-paying pots?

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This is fab, really easy to set-up too.

I have a Direct Debit coming out tomorrow, so really good timing, itā€™ll be tested overnight and Iā€™ll submit any feedback here :+1:

Well done Monzo :mondo: and all the hard working staff :clap:

Update: All worked perfect. 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.

My only small issue 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 wouldnā€™t happen :man_shrugging:

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You can not pay a bill from a savings pot at this moment sorry

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Sorry. Bit of miss information. You can pay a bill from a locked pot :confetti_ball: So you can lock away your rent money and it will come out automatically when its time to pay.

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39

Will this feature be available for iOS in TestFlight before Tuesday? Keen to try in next day or so as next DD isnā€™t due for a couple of weeks.

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This is on my todo list - we currently donā€™t adjust Summary for Bills Pots payments but Iā€™ll be fixing it soon!

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Created a new pot, added in all my direct debits to it, set up a scheduled payment into it for after pay day and added in just enough to cover the remaining two direct debits for this month

All very slick. Congrats to the team

Only suggestion based on the above would be that an expected total for the pot would have saved me cracking out the calculator

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