Multiple personal current accounts

#1

Is there any scope for multiple Monzo accounts? I’ve got a personal account with Monzo, and a second joint account with my other half - but this isn’t enough for my style of banking.

I like to have a personal account (where my salary is paid), a shared account for my bills and direct debits, a shared account for meals out and holidays, and a shared account for running a car. I like this way of banking because if I go on a bender of a night out, my bills account and car account are unaffected (and vice-versa).

I know pots exist as an abstracted virtual account, but they’re not quite what I need.

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#2

Hi @hf8ki, you’re unable to have another account however work is currently underway to allow you to create a “committed savings post” where bills and direct debits will be taken from which will allow you to do what you’re talking about.

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#3

How will spending work in this setup?

If I merge my existing car account, holiday account and bills account to have £3,000 (£1,000 from each) in a single account, and in a fit of madness spend £2,000 on a few bottles of Dom Perignon one holiday weekend how does that effect my car and bills “pot” which should have a £1,000 in them each?

#4

Money in pots is separate and not spendable until you move it out of pots so your money in car and bills pots will still have £1,000 each and you’ll have £1,000 available to spend. The other £1,000 will either decline or if you have an overdraft take you in to overdraft.

((╯°□°)╯︵ ┻━┻) #5

For more info on pots you can read their announcement: https://monzo.com/blog/2017/11/20/pots/

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#6

Yeah, I read that a while ago and I think the future plan is missing something I’m looking for.

Currently you can move money into a pot where it can’t be spent as its been set aside. This is good for saving for something long term like a holiday or a new car. That’s fine, but not what I need.

In future, it looks like Pots will further become a saving pot where standing orders and direct debits can be paid from, but I don’t think I’ve read anything about ‘live spending’ from a pot (like one would an actual bank account).

Is there a feature (today or in the future), where I can divvy up my total cash into various ‘pots’ or ‘accounts’ and know that if I go into a Shell garage I will be paying for my petrol from my ‘car’ allocation of cash (either with a different Maestro card or some sort of logic that knows it’s a car payment)?

[I’m loving the fast replies here, too - 10/10 service]

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((╯°□°)╯︵ ┻━┻) #7

Spending from pots is on their roadmap so yes it is coming.

If you wanted something similar now you would integrate your account with IFTTT and do it this way but it is a little limited in some aspects. It depends on how complex you’d want it.

Edit: Here is a link to read briefly about Monzo and IFTTT: https://monzo.com/blog/2018/06/07/monzo-on-ifttt/

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#8

It seems like a lot of hard work for a feature that already makes sense using multiple bank accounts.

What’s the reasoning behind developing Pots instead of just regular bank accounts? Is it cheaper to maintain?

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#9

There’s just no need for multiple accounts when you have pots and use the budgeting tools basically.

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((╯°□°)╯︵ ┻━┻) #10

^^ This

Once these features are released it will be far more intuitive and I imagine much more scalable.

This is another rreason why I’m full Monzo so I can help with feedback to shape the future.

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(Sean) #11

Not a fan of this, personally in my ideal future I want to have one account where I can set aside money for DDs that doesn’t show in my spending balance and somewhere I can put savings earning interest all in one account.

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(Jamie 🏳️‍🌈) #12

Both of these examples sound like they’d be better put on a credit card where you could take advantage of the 56 days interest free period to settle up, after you’ve enjoyed the night and with a clearer head.

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(Antoine A.) #13

100% behind this too.

This is the last feature which prevents me to go full monzo and makes me stick to Barclays: I don’t want rent and bills / commited spending to be mixed up with groceries and stuffs.

Multiple accounts are essential to keep things apart. Artefacts like “budget”, “commited spendings” and “pots” are simply not enough for many styles of banking. We need a way to pay bills from separate accounts/pots. Cards are not mandatory for these, but they need at least a sort/account num so we can setup direct debit.

I like to keep things apart, distribute my money across bills/shared/saving/current accounts each month, and stick to it. This is much more organised than one account with everything out of it.
I want to know exactly how much I have left to spend, and I want to struggle at the end of the month If I’ve been incapable to stick to the limit I’ve set at the beginning.

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#14

The pots route is pretty pointless. Multiple accounts would be a lot easier in all kinds of ways. And you can add all the features that are being put into pots into accounts too.

Just look at bunq

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(Sean) #15

I disagree with this personally. I really want a committed spending pot where my DDs are taken from with optional config available to determine how the money gets into the pot in the first place and what happens when the pot is empty but a DD attempts to be withdrawn. I don’t need to have multiple account numbers to achieve this.

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#16

Having thought more on this topic (since starting the thread), I’ve become more confused - almost disappointed really - with the direction Monzo is taking with Pots.

There already exists a system whereby money can be segregated, jointly owned by others, a source or destination for transferring money, ‘ring-fenced/frozen’, assigned to separate plastic cards, and other features.

It’s called a bank account; they exist entirely in software, don’t cost anything to spin up beyond a line in a database. The cynic in me says Monzo is going down this non-standard, proprietary route because it makes leaving Monzo harder. No other bank would be able to interpret what a ‘Pot’ is, but they could if they were actually bank accounts.

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(Emma (still not the app)) #17

Why would it make leaving harder? If you CASS the pots would still be counted in the money transferred

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(Tony, Secret Lemonade Drinker) #18

:eyes:

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(MikeF) #19

No, I couldn’t compare the two. I can make or destroy pots as often as I want. There’s no way I either would or could do the same with current accounts. Pots take moments to craete, current accounts take days.

Would I create a current account to gather £20 a month for Christmas spending? Not a chance. I agree that I could, but I never would and in many banks I’d be charged a monthly fee if I tried.

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((╯°□°)╯︵ ┻━┻) #20

You need to do a little more research because you couldn’t be further from the truth with this statement.

Pots are being overhauled though, so watch this space :eyes: