Finally - itās here! This means I can close our final legacy account, which we use to ring-fence all our bill payments
Some feedback from me so far:
Iām still reliant upon API integration to split my salary into bill pots, as we donāt have a repeating date of ālast working day of the monthā, this recurrence option would complete this cycle for me.
itās be useful to know, either here as a post, or somewhere in the app as a reminder, in what order transactions occur for those of us with scheduled payments occurring on payday. For example, in what order do BACS payments, pot transfers, standing orders and direct debits get processed? Itād be useful to know, to avoid paying into pots that have already been taken from.
Standing orders would also be welcome, but itād be nice if you could assign merchants or merchant groups to pots too. For example, I try and limit those coffee shop purchases, so knowing a specific merchant is going to be paid using a certain pot, would be useful (again, at the minute Iām relying on web hooks + api integration to make this happen).
I think this is a great start but until I can pay all my bills from a bill pot it wonāt be something I can use. I donāt want to confuse things by having some bills paid from a bills pot and others from the main account.
Any eta on being able to pay my subscription bills from a bill pot?
Having had a look at the times my DDs, BACS pay and pot transfers happen it looks like:
BACS hit my account at 1am
Pot withdrawals occur at 2:30am
Standing orders occur at 3am
Pot transfers occur any time between 3am and 5am
DDs come out any time between 3am and 6:30am
Nowā¦ Iāve no idea about how backend banking works so forgive me for my naivety here, but in terms of money moving order it would make sense if the following order took place, the next step not starting until the previous finished to ensure money is in the right place at the right time:
BACS comes in
Pot withdrawals occur
Pot transfers occur (including filling up bills pots)
My solution to this has been to isolate specific funds. Instead of a generic bills pot, Iāve got pots specific to a type of bill (utilities, council, insurance, etc).
Agreed with this point Pot Transfers need to happen before any S/O, DD processing otherwise i can see some issues for myself especially as I get paid and bills go out the same day,
Works for most situations but what about it you have a SO from CA (where salary comes in) and JA where rent comes out by SO from bills pot, just as an example, the bills pot transfer in wouldnāt have had the funds available.
For reference my CA to JA SO happens around 02:30 and my external SO happens around 02:50 so this appears to be catered for.
Agreed that it would be nice to know the timings just so there arenāt any gotchas.
Hoping that they integrate subscription based bills to be spend out of the pots. My direct debits like my phone contract and gym membership both work. But when I try and connect tidal or Netflix it doesnāt allow me too.
Other then that itās great to see monzo changing the game as always
Adding to this so slightly, could we get this working for standard transfers as well as standing orders?
My example is paying for child care. The problem is the amount changes each month so while Iād like it to be a standing order it canāt
So it would be nice if the bills pot could be applied to contacts as well so however much I send them gets pulled from a pot.
(Edit) another example - my local garage for when my car goes in, it always comes out of my big bills pot which I have to manage manually after I transfer the money
I enabled the feature yesterday and moved all my Joint Account direct debits to come out of a bills pot. Two of them were due this morning (including my mortgage, eek) but they went through fine.
I have noticed however that I now have duplicate entries in my āSubscriptions and Direct Debitsā and Iām not sure if this happened before or if itās a result of the bills pot functionality?
Edit: Also, it would be nice to see that a payment came from a bills pot when I click an item in my feed for more details of the transaction, rather than having to go through to Payments -> Scheduled.
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:
My first Bills Pots payment went out in the early hours. I have feedback!
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, Iām afraid.
Iām 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 weāve got the new navigation (well, ), perhaps the upper limit on pot numbers could be relaxed. Iām 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. Itās 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 thatās 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, weāre gonna need statements for them too; if not, then statements shouldnāt show transfers between potsā¦)
But these are minor points, really. First go worked perfectly, seamlessly in an expected way.
I got an Emma notification yesterday to say that I didnāt 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 donāt think it has the concept of this new functionality and Iām not sure whether the existing API would support it?
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 wouldnāt happen
.
), perhaps the upper limit on pot numbers could be relaxed. Iām gonna be scraping it soon!
