6 months is my target, I’m not there yet. But I agree that this pot seems to be for encouraging people to start an emergency fund, and not for those that already have an emergency fund that they were hoping to be able to earn interest on.
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I’m just about there with six months’ worth of bills. If I needed to I could keep the roof over my head and the lights on for that period. I’d be drawing on other savings to actually live though, hence the need to keep saving.
Luckily my job is not going to disappear in a recession, or takeover, or company insolvency. But I could always end up in hospital…
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Perhaps Monzo could tweak this over time… Let’s get you to a one month safety net… 1 month target reached, would you like to try for 2 months / 3 months / 6 months / user-selectable number of months.
Have to say even in its basic form I think it’s a great idea and might be the nudge a lot of people need to start a rainy day fund.
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When using trends (Spending) it is impossible to tell which of the two safety net accounts is which when selecting which accounts/pots to include.
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Gamifying saving!
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Yep. I’ve just gone through the process and absolutely 100% set up a regular deposit and OK’d every screen. My pot is now showing no regular deposits set up.
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This would be really cool - 6 months seems like a mountain to climb so reaching the target to cover 1 month, then 2 and so on would feel more manageable. That’s how I’ve set up my emergency pot at the moment - the goal amount is currently for 2 months and the pot name also reflects this. 6 months emergency savings is far off still 
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Another form of saving. But I do like the idea!
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Love this!!
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Morning, thanks again for reporting this. Can I ask if you made an initial deposit from the final screen? Or did you close it without depositing?
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I did set the initial deposit to 0, but did confirm the scheduled deposit. There was no ‘closing’.
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I did the same as the above. So that helps me understand why I don’t have a scheduled deposit too 
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Thanks very much 
this is really helpful to the team in investigating
Exactly the same here. But no scheduled deposits showing.
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Do you have to set a scheduled deposit?
I over-pay my bills pot currently, I would like to use this feature so that my extra money gains some interest and move the excess over at the end of the month.
Is it as simple as transferring to the savings account?
Same here as well!
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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…
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Needs to have a sweep on salary receipt feature! From the main account or from another pot!
(Edit, that was meant as a reply to @Revels’ post but it looks like I’m talking to myself 
)
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I guess this is to remind people this is a safety net, not that Monzo can stop you spending on what you want, but if you changed it to a picture of a beach or a car or a Dominos, you might be more inclined to spend it on those things.
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That’s fair enough, but I think the answer is a bit more friction rather than imposition.
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