Now in Labs: Safety nets

I assume the recurring deposits will continue even when the goal is reached. It would be good if you could set it to stop depositing once the goal was reached, and resume automatically if you dip into it.

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I like this - it’s a good way to help people build a safety net.

Curious to the thoughts behind this though. I appreciate that different people save in different ways but isn’t that the whole point of having savings in the first place. Seems almost counter intuitive to me, as that’s what my savings are now.

Genuinely interested to see the use case and how this pans out.

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I have another question @antkennedy :raised_hand:

How do I view or edit how much I’m depositing per month? It seems I can only amend the savings goal amount?

I don’t think most people have savings for emergencies and the likes. From reading on here over the years, it seems that people rely on overdrafts or loans for this.

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I’d love this feature to do a “sweep” too.

I’ve been trying to create this myself. My bills are £yy and I put in £xx into the bills pot. At the end of the month, if what’s left over £zz is moved to the safety net that’s gaining interest, that would be great.

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That’s entirely possible - different people will do things differently.

I think it’s a cool idea, but still curious as to why think this way. I’m guessing that the team had some insight or thought that drove this direction.

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I really hope this is how it works. If so this is a great feature :+1::+1:

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Hey @Ordog this lives in the manage tab of the Pot, there should be a row with the title Scheduled payments If you tap that you are able to create and remove scheduled payments into the safety net.

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This makes it look like there’s no scheduled payment at first glance.

Hey @JMH, yes for now we won’t stop your scheduled deposits when you hit your goal.

Thank you @antkennedy. The above from @robsug is what I see.

When I tap this it takes me through the steps to schedule a new deposit. Will this be in addition to the one already there? I still can’t see what the original amount is either.

I feel like this is just a savings pot if that’s how it works.
I’d love for it to stop when the safety net is full, and refill using the set monthly deposit amount when it goes lower or is emptied etc.

I’d love for this to happen too.

On setup you calculate how many months it will be before I hit my goal so the scheduled deposit could/should stop then.

Seems like a way to bypass it, but if I use Monzo on my android to enable this, will it show in the iOS app so I don’t need to wait until next week :smiley:

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This is great. Agree with the above that having the option to stop transfers into it when full should be an option.

I also think once it is full it would be good to allow people to increase to a three-month or six-month net (or whatever they want beyond the one month I guess). Would be good if there was a slight bump in the savings rate for this to encourage people as well.

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When you tap into the Scheduled payments row you should be show all of the current payments that have been setup for the safety net.

You should also be able to see these on the Payments tab under Scheduled. If these have been setup and you aren’t seeing anything it might be best to reach out to COps who can dig into this for you.

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Definitely not there. Unless I’m being completely blind or looking in the wrong place - which is a possibility :sweat_smile:

I don’t want to bother CS with something so trivial, so I’ll wait to see if anyone else flags it on here or shows more detail to allow me to work out where I’ve gone wrong.

@antkennedy How does this handle increases in bills/new bills? Will it prompt me when it detects that the bill category has gone up and suggest that I increase the scheduled payments?

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Hi @BristolMatt, for now you won’t be prompted when your bills increase but you can go in and edit your Essential Spend any time you like through the Edit button on your pot

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