Depends how you do it. Taking your car insurance example. If able, split it by 12 (if paying yearly) and put that away each month for the lump at the end. Avoiding the temptation to use it for something else maybe the challenge
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FWIW… I’m not sure what part of the above message was flagged, but I don’t have a problem with it.
I’d much rather someone came out and said their opinion directly (so it can be countered if needed), than make snide remarks in other posts.
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Everyone is still talking about getting payday early. Are you forgetting that this is all BACs payments?
Who wouldn’t want to get a refund, cashback or tax overpayments back in their account quicker 
If for some strange reason you don’t want it, you have a choice. So I don’t understand how people are spinning this to be a bad thing 
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This is EXACTLY what happened to me! My payslips say BACS on them, nothing about Faster Payments in-app, however when I contacted Monzo via in-app chat they confirmed it was sent via FP.
I’m not sure why it was flagged. If it caused offence to anyone then I apologise, it certainly wasn’t my intention.I’ve said my bit now anyway.
Money can be a very personal subject, I just believe that it should be down to the individual to be responsible for their own affairs and it is their right to do as they please, even if that means making a mistake. Hopefully they learn from it. If they don’t and continue to bring their payday forward to make ends meet then they are effectively back to the same pay cycle and only their first was shorter.
Later folks.
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If you scroll to the bottom of the payment, if it’s FP, it should say it there:
as BACs payments would look like:
Definitely doesn’t on mine!
But Monzo insists it is, which would explain why it never shows as greyed out prior.
Ah you’re on Android.
Just had a look at both payments on my Android phone and they are displayed differently. Was unaware there was a difference in information shown.
The FP will contain the bank details from the incoming payment. Assume you have an option to ‘Send money to X’ ? If you do, that’s a FP and not a BACs payment.
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This is fair, I probably should have, but then again I’m normally fine with one of these type of purchases per month, it was the fact that I had multiple forced on me (phone breaking) that threw off my budget this month. Had it been just car insurance I would have been OK. I think it’s the unexpected ones in months that makes getting money a day early quite useful. For example, next month I know I have my yearly squash club membership to pay as a lump sum, and will be fine with that one larger outgoing, but if my car happens to break down I know it’ll be a tough month! (But this is why I have emergency savings to dip into).
I do, yes! I obviously believe it’s FP as Monzo looked into it and confirmed, just wanted to let the other poster know it’s not the only time such a scenario has played out.
I’d still love to know why my payslips all say BACS though! 
I don’t think it’s a bad thing. But I do think it’s significance is overblown. It’s nice to have and I could see how it could help people occasionally in a tight spot, but it’s no panacea for struggling to budget properly on a monthly basis / being in real financial hardship.
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I budget extremely well and I am fortunate to earn a good salary, so I live comfortably month after month.
My first experience of this feature was getting £70 cashback on Friday which was 3 days early and before the weekend. This money was earmarked for a baby bouncer for our daughter (because we budget well). Sure, I could have waited until Monday but why?
Getting it on the Friday instead of the Monday meant that I could get the bouncer at the weekend instead of waiting a further week until the following weekend. Now my daughter can start learning and developing her ability to walk sooner.
You might see it as insignificant and associate it with people in financial difficulties but sadly you’re wrong. I know my example might be rare but it clearly shows one of many great use cases for it 
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They might outsource it (BACs to the outsource and they FP to you) or it’s legacy text and no one has been bothered to change it. The latter sounds more plausible.
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I just kind of see it as it’s my money. I’ll have it now please.
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Much shorter and better, I like it! 
(don’t ask me why I picked this gif 
)
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That gif symbolises when you have a greyed out pending payment in your feed but have to wait til 1am to get it
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This is a great example Ordog, thank you for sharing!
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Horses for courses buddy. I’m not saying that it’s not occasionally useful (or nice), just that it’s not going to suddenly solve people’s finances troubles.
It’s genuinely great that you got your bouncer a few days earlier. But then I’m sure plenty of people would just use a credit card, or wait the few extra days.
Hope your daughter enjoys the bouncer 
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Literally no-one has said it will. The only people to have mentioned this disagree with it. The rest of us are just slightly bemused and wondering who they’re arguing against 
I keep forgetting that this covers other payments too. That will be handy if I ever get any but other than that it’s a short term cash flow benefit for me, on the odd occasion that’s useful.
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I see it more as Monzo upgrading a legacy system.
Like they participate in all the MasterCard clearing cycles unlike most banks that only do 1 or 2 , they are just doing something better
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