So I set this up yesterday. Some thoughts:
- Firstly, this is excellent. Just the sort of thing I’m looking for from Monzo.
- I think it could be smarter, though. Driving it off the standard categories gives off results, especially for advanced users. I’d hope for something that identifies all recurring payments, rather than off of categories.
- I know this is just in labs but I worry a bit about discoverability. It feels like this is a critical part of the Monzo offer but driving it off (only) the pots screen feels like the wrong place. I’m thinking a nice guided process about managing money from emergency funds through investments.
- It would be cool to be able to specify a longer period emergency fund - so being able to specify 6 months or so as the goal.
- I know the commercial side is to keep money in Monzo, but it would be super cool to be able to point this at existing connected accounts or savings pots and see how much of a safety net you have.
- This is from memory so I might have got this wrong, but the “see how long it’ll take to reach your goal” screen doesn’t take into account any up front payments.
- I’m not sure I like the new non-customisable approach from Monzo. Your own pot image? No. Multiple savings pots? Definitely not. Sadness.
- It would be fab to have the option to either continue funding the pot until you reach your goal, or to over fund it (and see that you’ve e.g. 23 months in reserve)
- It doesn’t have the goal progress indicator like other pots do. Consistency please!
- Finally, this would work excellently as a pot under the Savings as accounts plus pots idea!
But thank you, this is excellent!
I’m seeing great potential in replacing the existing goals functionality with this, so you can set up funding schedules automatically (when they work)!
The icing on the cake, though, would be for the pot to be funded automatically on receipt of salary…