Multiple Savings Pots

I believe the Instant Access Savings Pots offering 3% interest, which is great. However, it would be better to be able to open multiple of these for different purposes. (eg Rainy Day, Holiday etc).

I wouldn’t mind if the total across all pots is limited or you couldn’t configure direct debits out of them or something like that.


Monzo are well aware, it’s been mentioned a hundred times in the thread above.

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Hopefully this will be one of the things they implement ASAP.

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:

Regular pots aren’t obsolete, as you can’t have a direct debit from a savings pot.

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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


I disagree. Direct debits and payments with a virtual card can be paid from regular pots, this wouldn’t be true for savings pots so both have very different use cases.

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I hadn’t thought of this, I bet that’s why. Otherwise people will have a bills pot and then 19 non-bill pots gathering interest for their holidays, cars and haircuts.

So? If you keep track of the money in your savings pot you can do that anyway. That’s what I’m doing with a simple spreadsheet.

I even started keeping my “monthly spends” in it and I’ve been flexing everything then I’ll pay it off end of the month after getting a months interest on the cash.

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.

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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

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The savings interest pot has made my other pots pretty redundant. Sure, I’ll leave money in my bills pot, but the other pots where I put money aside each month for clothes, gifts, stuff for the house, repairs etc have now all been moved to the savings pot because they were starting to get chunky.

This was a really important functionality for me to manage money and now I’m back in spreadsheet land which is ok but a shame.

Please can we have pots within our saving pots or some other sensible solution?