Hello everyone 
I’m Ant, an engineer working on savings. Today we’re introducing a new feature that we’ve
built - safety nets.
If you’re looking for the right place to start saving for your safety net, we’d love for you to try it out and give us feedback.
We’re launching safety nets
We believe everyone should have access to emergency cash when you need it, and our
plan is to support folks by helping them plan, save for, and maintain a cash safety net with
Monzo. So from today we’ll be making the feature available on Android (5.15.0) in Monzo
Labs. And it’ll be available on iOS from next week.
What’s a safety net?
A safety net is a personal budget set aside to cover unexpected bills and costs, just in case
you ever need it. We’ll help you plan how much you’ll need to save to cover 1 month’s
essential expenses.
How it works
We use data from Trends to analyse your spending over the last 90 days. This helps you get
a better understanding of what your essential spending looks like.
You’re also able to visualise how long it’ll take to reach your goal, and schedule recurring
deposits.
We’ll set up your safety net as an Instant Access Savings Pot earning you interest as a default. But if you choose not to earn interest, we’ll set it up as a regular Pot instead.
Don’t worry if you’ve already got an open Instant Access Pot, we’ll still let you earn interest on your safety net.
We’ve also added some light friction when you attempt to withdraw money to remind you why the safety net exists, but you’re still in full control.
How to get it
On Android, you’ll need to be on app version v5.15.0 which ships to the Google Play Store today.
Once updated, go to Settings → Monzo Labs, enable the safety net option, then restart your app.
On iOS, this will be launching next week with app version 5.16.0.
You can only have your safety net backed by an Instant Access Pot if you are eligible, otherwise you will be limited to having your safety net backed by a regular Pot.
although you’ll only be able to see the accounts you have access to when calculating your essential spend so we recommend sitting down with the co-owner of the joint account to ensure you are both aligned on what you consider essential.
I now don’t know how to set it up or where it lives
