I think it may be problematic for monzo to allow multiple instant access savings pots as it makes regular pots obsolete.
I think a roundabout way of achieving a similar effect would be to raise either the interest rate/cap associated with the Monzo Plus/Premium interest. That way you;
increase the appeal of using non savings pots
increase the appeal of Monzo Plus/Premium
In addition, I think Monzo need to think about ways to treat larger sums of money in a meaningfully different way so that the money in an instant access savings pot feels different to regular pots. Like I talked about here:
Things will change, but you do have to give any new product feature a bit of time, see what the user research is, and then iterate from there, fully expect that’s what’s being done, along with all the other savings and investment work going on
That’s fair, I hadn’t considered the direct debits. But some people have been requesting that scheduled withdraws and direct debits should be a feature of the instant access savings pot, which would muddy that water even further.
If Monzo can afford to let everybody just have one savings pot accruing 3% interest, then maybe they should raise the plus/premium interest instead of allowing multiple instant access savings pots. Don’t get me wrong, I’d love to have multiple instant access pots, I’m just trying to put myself in Monzo’s shoes and consider it from their perspective.
Regular pots should be for organising your day-to-day money, so having DD, virtual card payments and scheduled withdrawals makes sense.
Savings pots should encourage saving, so I like that there’s a bit of friction to withdrawing it. I’d even go as far as giving an option to set a grace period for withdrawals to deter impulsive withdrawals, but I guess that goes against the ethos of an instant access savings account