Cue the āMonzo wouldnāt let me access my savings and I couldnāt feed my childrenā posts.
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So was locked pots, didnāt stop it happening.
Not every single product can be exactly to someoneās precise requirements.
If you want instant access, itās going to be instant.
If you want some friction for whatever reason, then use a different product.
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Oh I donāt think that would matter for some people. Opt in or not, when emergencies hit and you need the money now I guarantee there will be those complaining despite setting the delay up.
This is an instant access saver. Clue is in the name. Need a delay? Get a different saving account (still within Monzo and currently at a higher interest rating). I donāt see the issue.
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Iāll comply if theyāre holding a knife to me. But regardless of how far fetched it is, the possibility exists in my mind and that will stop me from depositing large sums of money into my Monzo account that can be accessed at an instant. Monzo can either ignore that, or build something into the product to appease people like me.
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Itās going to be the former, so then you vote with your feet and save elsewhere.
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This is great. Itās tempting to transfer all savings pots into this one so they can all gain interest but Iād lose the handy categorisations and visual of separate pots. Would there be a way of creating partitions / splitters / pots within pots? This way all savings could earn the 3%, but within the pot you could see the different amounts for different goals. Does that make sense?
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It wouldnāt be my preferred approach (as you say, it might introduce some issues), but I suppose asking for a lower transfer limit is an option.
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Will you be releasing a fixed deposit saver? 12 Months will be nice.
Happened to me in 2017. Passing under a bridge near a cannel and got threatened.
I complied with their demands and they stole my phone and wallet after the event.
All the funds got transferred out, My credit card was used to withdraw cash to its max ( I guess they used my ID to get the pin )
The people who did it to me got arrested and charged. The credit card withdrawals was set as fraudulent and removed from the account. The transfer was refused to be refunded by RBS multiple times due to it being an app transfer even though their were crime refence numbers and multiple people was found guilty. After 18 months of letters to the financial ombudsman I managed to get it refunded.
It was difficult to cancel them as it was 2am and had no phone to call the bank although it was done within the hour so I would of still been on hold.
Friends blamed me for walking in a area like that at such a late time in darkness. I guess theyāre right.
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Well this is quite the thread. I think this is where the strategy of everything being a pot is starting to harm the perceived benefit a little.
I always saw Pots as things for different things. So you would have a pot for a new bike, holiday etc. And I initially considered them to be different to savings accounts. So when I came to Monzo I had pots for fun things, (bikes etc) and a connected savings pot for my savings.
So Iād expect to have one savings pot for touchable savings, one for long term etc as I did at my legacy bank along with the fun pots.
Hereās where I think itās got a little confusing. If Monzo had released this as a savings account, with itās own account number and sort code, I might have considered it as such and used it for that, and kept using pots for the little things.
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I automatically assumed it would have its own dedicated account number + sort code like other savings accounts out there.
I still canāt complain as itās 3% which is great for me.
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I see what you mean, it would be nice to be an actual account rather than a pot, however this way still works perfectly fine for meā¦ as said previously, the interest is nice and Itās nice being in house rather than with another provider
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No new pot for me yet, still seeing only the old options with partners. Looking forward to moving over so that my money is instantly accessible!
go to monzo labs in the settings of the app and you can activate the monzo savings pots.
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Oh for sure! It is a great product and I have no issues with it. Great to see it happening. But, it might (or not) explain the slight dismay some users may have about there only being one
Can we have a reasoning behind the decision to only allow one pot? Seems like it might affect how much people bring over to yourselves. I understand not wanting to let everybody have 20 pots with a Ā£100,000 limit or whatever it was, but why not let that limit be shared across multiple?
It doesnāt matter too much for me right now as 1 is fine, just seems like the biggest issue in the thread thus far
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Very happy with the new pot. Was busy moving money from Starling last night, forgot Starling password for transfer - some poor sod working the 2am shift had to suffer a video of me reciting a passcodeā¦ recorded in my bed. theres probably a law against that - oh well. Any chance of a similar pot in the Business Account?
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Nice, really happy to see more stuff being brought in-house.
Slightly disappointed that youāre limited to one instance of a Monzo savings pot though. Iād like to have brought over all the third-party pots in one go.
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Oh yeah this is 100% true being limited to one for personal account and one for joint account
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Spot on, I donāt think there are many people with 100k in savingā¦ I mean I could be wrong
5 with a 20k limit would be nice though
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