Monzo Labs: Bills Pots 🍯

Oh they’re insane. Every time you add a Barclaycard to Apple Pay they send you the T&Cs booklet through the post.

As someone that used to do a lot of messing with iOS betas and test devices for various things, I ended up with a stack of them.

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I noticed something yesterday regarding DDs that came from pots, in that if the DD amount changed I comparison to the last time (e.g. paying the minimum credit repayment each month which alters from month to month) it interferes with the summary, as in it confuses the summary into thinking you don’t have the money even if you pre-empt the amount needed which is already in the pot it’s due out from.

The other thing that throws the summary out is if the DD amount isn’t yet known (e.g. a new DD), again, even if you already have the amount needed in your pot ready for it.

Both DDs scheduled yesterday for today wiped my “available” balance in my summary to nearly nothing (despite having it available in my pot the DDs were due out from) and now that they’ve been taken today the summary has rectified itself because of withdrawing the money from the pot it was scheduled from.

If this can be sorted (only because I panicked yesterday when I saw a much lower amount available on my summary :sweat_smile:) then it would be tons better! Nevertheless, it’s still a fantastic feature and look forward to standing orders and subscriptions being added in the future :grin:

Got this on my bills pot when trying to withdraw, it would not let me, and yes there is money in it.

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Yeah, the problem seems to have come back since this morning :thinking:

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The joys of Lab/beta testing :joy:

Managed to get it to show correctly after several attempts of killing the app, and going between payments and feed tab.

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Even happens in the Schedule Payments section just had this now

Fix should be out today by the looks.
https://community.monzo.com/t/monzo-for-android-teardowns-deep-dives/58518/417?u=ar2018

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Yeah, 2.65.1 fixes it :tada:

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What about the 1.5% interest given if you have Monzo plus?

They don’t offer it anymore.

It’s only staying for legacy plus users.

I’m a legacy plus use so that’s why I’m asking

It will stay as is for you then. You are paid interest on up to 4k for any money held in Monzo, be that normal pots or current account.

Looks great and I will use this when it works with standing orders. Will I be able to use this with interest-earning pots, and how would that work with the one working day notice for withdrawing?

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See FAQ from Simon

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For me this is a great feature as I have always used pots to ring fence money for my monthly bills, and now can pay from this pot.

However, as I have raised previously I still feel that the scheduled deposit feature for pots has not been fully developed.

An example (prior to the new pay from pots) functionality… let’s say I save £100 per month in a pot named Xmas. I set up a scheduled deposit to put £100 into the pot each month. Then I have my summer holiday and want to skip a month, I can’t amend the scheduled deposit. I have to delete the whole pot and then start again.

Now with the pay from pots functionality it is worse still, if I have set my scheduled deposit as £2000 per month into a pot that I will use to pay my bills/DDs (committed spending) and one of my DDs finishes because I have now paid off a loan, then I am unable to reduce my scheduled deposit by the amount that would have paid the DD for the loan. If I delete the pot I then have to set up a new pot to pay my bills and then set up which bills are paid from this pot all over again.

Please look to build in the ability to amend scheduled deposits into pots. It would be a most welcome feature!

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Hi & welcome :wave:

Why are you deleting the entire pot when you want to change (or remove) a single scheduled payment into that pot?

Simply delete the scheduled payment to get rid of it - or - add another one for the required amount. There’s no need to delete and rebuild the pot.

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Thanks David - I have now found that I can delete a scheduled payment by going into payments and then the scheduled tab. :flushed:

I do find this a bit counter intuitive though, as all the add/withdraw functionality is in the pot itself and the scheduled deposit shows with a due date in the pot as well (albeit greyed out as if not editable).

It would make a lot more sense to be able to click on it there and be linked through to the equivalent item in the payments > schedule tab to save newbies like my self having to go hunting for this functionality.

It wasn’t immediately obvious to me that this is the way I should have gone about it, and having worked in customer experience and development teams on a mobile banking app I don’t normally struggle to navigate my way around these sort of things!

Also, the ability to amend the amount rather than have to cancel and re-create the scheduled item would be welcome.

Thanks again for the help,

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It already does this - I’m using :android:, are you on iOS?

Agree 100% - this would make the UX far quicker to use when adjusting amounts to meet the differing weekly/monthly changes in bills and becomes even more important with Bills Pots, unless the also-requested feature ‘auto-top-up’ appears :bananadance:

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Yes. I’m on iOS.

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Ah, OK - this could be another platform difference then :frowning_face: