Option to convert a regular pot to savings pot

Forgive me if this has already been suggested, but I searched and couldn’t find anything.

Especially with new announcement about earning interest in savings pots with a minimum of £10, if would be great to be able to convert a regular pot into a savings pot without having to manually close one and open another with the same value.

It must be a Sam thing :grin:

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:rofl:

This is probably only relevant as a one-time activity for people who now want to take advantage of the £10 floor on the savings pots but previously didn’t have enough in a given pot to have a savings pot.

However, I would like the ability to shift funds around between pots/providers. This route widens the scope a little and would be useful on a long-term basis. I do accept that Monzo may not want to make it so easy to switch providers though; unless somebody has enough money to need to split their risk between providers, the provider with the top interest rate will nearly always grab the entire Monzo pot fund!

I never understand this view, and it’s not a personal dig at you @anon83334443 so please don’t take it as that.

As far as I understand, monzo make a commission of 0.2% (or something like) on all savings pots by third party suppliers so it makes no difference if the consumer wants to move to a better rate. Unless, of course, I’m missing something and different suppliers give monzo different rates but from what I remember it was the same across the board.

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I think it’s more likely to do with the corporate relationships they have and what level of risk they take with that - if it was completely frictionless then there’s a risk new providers would hold off joining the marketplace; they could be flooded with too much money, or get nothing at all because all funds would be diverted immediately to the top-paying provider.

From a consumer point of view, I agree there’s no difference and Monzo are still making the same money - it’s just the usefulness of the marketplace to providers that comes into question.

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I suppose there might also be a liquidity question on the money held under the Monzo banking licence (as opposed to the third parties’). If Monzo makes it too easy for money to go elsewhere, then might they end up with balance sheet issues (not enough money for overdrafts, loans etc; not enough to meet regulatory requirements etc)?

They’ve already made it easy by allowing savings accounts with only a £10 deposit, but I see what you’re saying :slightly_smiling_face:

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Yeah, there is that. I was just wondering aloud if that was the reason - I’m all for making savings pots totally easy access / no minimums, as long as that’s not going to cause problems down the line!

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I would love a way to change a standard pot to a savings pot. I started a new IFTTT Save the Date on the 1/1/20 that’s locked until the 31/12/20. I don’t plan on touching it but for some reason i’m not sure of I didn’t make it a savings one and only just realised. Bummer

Make a new pot, change the IFTTT linked pot and delete the old locked pot

I know I can do that, But a way to just upgrade pots would be a nice QoL update, probably not worth the time investment though i’d guess

Only just found out that savings pots only require £10 to open now, so I looked to see if I could convert one, and sadly not. I mostly want this so I can avoid having to find the same picture, title, goal, etc. Hell, the ideal would be to have a transitive pot that is a savings pot when above £10 and a normal pot when below, but I guess having to show FSCS info is necessary when it’s essentially opening a savings account.

I’d also like to option to convert the other way… savings -> regular

Key point would be to keep the pot history/feed to see how much added etc.

With the change in rates id rather have them be regular pots for proper instant access

I have done exactly that to some of my interest bearing pots now.

Especially after requesting scheduled withdrawal for 1 May, only for it to initiate on 1 May and thus not reach my account until Monday 4th at 5pm.

Ended up moving money out of Marcus to cover the transfer that my Monzo money meant to cover, and then move it back Monday evening.

I would love this. It is one of those really nice UX things that just makes it feel really seamless using the app. Having to delete a pot, create a new one and add the image again etc is annoying.

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