Now in Labs: Safety nets

Hello everyone :wave:

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

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.

:running_woman: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.


What happens if I already have a IASP?

Hey @Revels if you’ve already got an instant access savings pot we’ll let you open another for the safety net.


Great news!

Second question, will this work on the JA?


And if I open my safety net before opening an IASP will I still be able to get a “second” IASP or will the safety net overrule it.

It sure does :smile: 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.


You’ll still be able to open an Instant Access Savings Pot (IASP) after opening a safety net, we aren’t taking that away from you :smile:


What’s the light friction? :eyes:

Probably a pop up/screen


I’ve just enabled it in labs. I have the ‘safety nets enabled - tap to find out more’ feed item. But when I tap it nothing happens :frowning: I now don’t know how to set it up or where it lives

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Going off the screenshots above, it’s on the Pot creation screen


Seems a workaround for getting a second 3% interest account for me which will be my main use


Ahhh found it thanks!

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Is there a reason why someone will chose not to earn interest on this?


I can now answer my own question :smiley:


Hey @Ordog, the current entry point is alongside the existing create pot entry point where you choose the type of pot you’d like to open.

The feed item announcing that you’ve enabled the labs feature should now point directly to this screen for anybody that enables this from now on.


Some religions prohibit one from earning interest - might be for that reason.


Hey @Yinka there are certain scenarios where folks may choose not earn interest for example religious reasons e.g. Riba


What a great idea!


Thanks @antkennedy

So far so good. I’m all setup.

  • I really like the slider and how you can see the more you deposit each month the quicker you’ll meet your goal.
  • I like that it (optionally) accounts for bills in your joint account too.
  • Above the pot it’s nice to see ‘0 of XX days saved for’

This should be a big help for those who are frustrated that they can’t have an overdraft too.