Hi all. First post here (Y) and looking for some advice on how I can best make use of Monzo’s features - and making my money work for me in general
I’ve just moved my salary into Monzo and have a couple of qs
Bit about me currently:
- Use Emma app as an aggregate viewer of all Current accounts, Credit cards and Savings accounts
- Salary is paid 28th of the month, and Credit Card direct debits (where I do my spending) is paid on the 1st of the month
- Manual payment to ‘Internal Transfer’ pot when salary comes in, to pay off Credit Card balance in full; direct debit comes out of this pot
- Scheduled payment to ‘Bills’ pot for committed spending each month
- Pay the rest into Savings accounts (LISA, high interest savings account) while leaving a small amount in Monzo as emergency fund (since do all spending on credit cards)
I am wondering how I can better make the money, that waits in pots to eventually be collected via direct debits and standing orders, work for me
I am also wondering how I can better make the money work for me that is sitting in Monzo as an emergency fund
For both of these I was wondering if it is better I open a Savings Pot in Monzo, and if so, which one? I can’t discern the difference from the ‘Easy Access Saver at 0.93%’ and the ‘Flexible ISA at 0.93%’; both provided by Investec and both allowing for next working day withdrawals.
Maybe it is because I am new to personal finance and not sure what the difference between the two is - sorry if it is a silly question!
Since the money that goes into this Savings Pot will be temporary (i.e. until the time comes that it is used to pay of credit card direct debit, or to pay off bills) which one am I better off using? Or do you think I should take a different approach?
I am looking to not have money just sitting around in current account not doing anything for me, basically, even if they are going to be used to pay bills. But I’m not sure what best practices are
Any advice or criticism is welcome! Thanks and sorry for the long post