Our all-new Savings Pot is here šŸŽ‰

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 theyā€™re 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 Iā€™d 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.

Hereā€™s where I think itā€™s got a little confusing. If Monzo had released this as a savings account, with itā€™s 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 canā€™t complain as itā€™s 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 Itā€™s 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 doesnā€™t 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 youā€™re limited to one instance of a Monzo savings pot though. Iā€™d like to have brought over all the third-party pots in one go.

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This would be perfect, keep the limit but spread it over however many pots.

Iā€™d rather have 5 pots with 20k limit per pot than 1 pot with 100k limit for example.

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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 donā€™t 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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I wouldnā€™t keep more than Ā£85k with ANY single provider :man_shrugging:

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I used 100k and 20k just for simple maths. :joy:

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Fair point :joy::joy: nice whole number

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Another valid point

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Exactly this :point_up:

Immediately transfers all savings back to Monzo :smiley: Great job!

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If you got a joint account you can only have 1 account as well! Disappointingā€‹:sob::sob:

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