Move money out of pots automatically!

Monzo Chat News & Updates
1

You can now move money in and out of pots automatically! :arrows_counterclockwise:

21 Likes
2

Noice.

3

Nice. Getting there slowly. I’m still waiting to do this based on events i.e when I get paid or when a direct debit etc

4 Likes
4

This is a pretty good feature :slight_smile: thanks Monzo :slight_smile:

5

Couldn’t you use IFTTT for this?

6

Only if I used a fixed date and there isn’t a trigger for direct debits to my knowledge :frowning:

1 Like
7

I’ve been doing this exact thing using IFTTT but annoyingly it doesn’t take pot amounts into account with the Summary.

Each month I am told I will run out of money even though I have enough to cover it.

By the sounds of it, this will help! :smile:

3 Likes
8

Yay, now you just need to allow these automatic pot withdrawals to show up on the summary salary selector :wink:

Liam

2 Likes
9

Very neat :sunglasses:

10

Great feature! What would happen if I scheduled the money to come out of the pot on the same day the direct debit is due? Does it transfer out earlier than the DD is due?

Would be nice to not have 3 peoples (2 x flatmates and I) rent sitting in my main balance :slight_smile:

2 Likes
11

Just asked the COps the same question, but for standing orders. They said that because the standing order comes out at 2am they thought the pot withdrawal would happen first. My DDs seem to be at 2am too, so the same logic would apply.

Would be nice to know for sure though.

1 Like
12

Definitely. If the pot withdrawal and DD could seamlessly happen whilst sleeping that be ideal. :raised_hands:

13

Yeah, I’ll be sticking to IFTTT for shuffling Pot money about for now - at least with IFTTT you can choose a specific time of day that transfers happen, along with “last day of the month” and other handy timeframes.

14

You could always retry the DD later in the day if it didn’t work first time around.

1 Like
15

You could also transfer the money the day before the DD is due to learn the time it happens and work with that

2 Likes
16

I read your mind and scheduled one for tomorrow to learn the time :upside_down_face:

17

You can use IFTTT for all automation (I currently have this announced feature set up using IFTTT) but I guess it’s easier to do it natively within the app?

2 Likes
18

Not bad but until you can select the time this is done also I will just stick with IFTT for now

2 Likes
19

This is good, but it feels like it would make more sense to assign direct debits to be taken from a Bills pot rather than doing a shuffle dance just to get this to work.

12 Likes
20

Also, sorting the ‘recurring payments directly from pots’ functionality would probably help with shared pots and taking bills from them.