Our all-new Savings Pot is here 🎉

[Revels]

If everyone stopped trying to explain it their own way or what they thought it was, there would be a lot less confusion.

[Carlo1460]

Init.

Dno how/why people are so confused.

[JIMMWX (Village Idiot)]

@Lewis_P

You guys are all over complicating the whole thing haha.

@Lewis_P

That’s it.

Which is fine, if that’s what it is! But we’ve had two different explanations (from Monzo) and they contradict each other

@Revels

there would be a lot less confusion.

Which I agree with (and why I’m going to stop trying to use examples to understand it)

@Carlo1460

Dno how/why people are so confused.

Because there’s no clear line from Monzo.

[Lewis_P]

@JIMMWX

Because there’s no clear line from Monzo.

The very first response related to this spells it out clearly:

@bukisule

Monzo Plus and Premium users earn interest on their account balance and regular pots (up to £2,000). With the introduction of Instant Access Pots, these Pots will also count towards this £2,000 limit. Plus and Premium interest is paid directly into their personal account on the first of each month.

Plus and Premium users will also be paid the agreed interest rate on the balance of their Instant Access Pots which is paid directly into their Instant Access Pot on the first of each month.

[michaelw90 (Michael)]

@coffeemadman

I think the only reason it’s confusing is because “Saving pots” are specifically mentioned as NOT being interest bearing by Monzo.

I don’t think that’s fully changed. I think it’s just now needs to be explicit that third party saving ports aren’t interest bearing.

[JIMMWX (Village Idiot)]

@Lewis_P

this spells it out clearly:

To you perhaps. It didn’t to me.

Anyway, I’m out. It’s a good pot, I think Monzo have done a good thing here and the 1.5/3 mix, whatever it is, is nice.

I’ve also deleted any examples I may have used to try and explain my understanding as on reflection this is probably not helping matters.

[panbar]

Still can’t see the new Savings Pots.
Would the fact that I briefly enabled and disabled it in Labs be the reason?

Latest version of the app.
I uninstalled and reinstalled it as well. No luck.
Anyone else not seeing them yet?

I guess I’ll need to contact Monzo support.

[Moddingfriendly (Kyle)]

Hey @panbar yep you will have removed yourself from the rollout

If you reach out to Customer Support they should be able to get that added back on for you (If you ask the Savings Team to tag Jack or me we will be able to get this sorted for you )

Edit: can you try now to see if that is fixed for you?

[npc_06]

Just dumped all my individual pot savings into this and got my spreadsheet on Google sheets so I know how much is for what. I like seeing the daily interest total in the “manage” tab.

Several savings pots would be nice but for the small effort of maintaining my spreadsheet I’m not that bothered.

[JJWILK088 (Jason Wilkinson)]

@bukisule have you guys considered doing LISA’s? Would be

[orphanscradle]

Erm. Hi, hey, hello any chance of those exclusive Instant Savings pot images being leaked released somewhere… you know those pick once and never get to see them again, even if you edit the instant access savings pot you created ones
I would really like to use them for other pots if possible… please, I’m totally not begging.

[RichardL (Rich)]

@Revels

stopped trying to explain it their own way or what they thought it was, there would be a lot less confusion

For me it was the talk of 4% / 4.5% further up, compounded by the constant examples that were given. Now that I’ve gone back to viewing these as two completely separate offers and payments it makes a lot more sense

I’m still not 100% sold on Monzo’s implementation, but at the very least it no-longer makes sense for me to hold my savings with Marcus, so everything’s with Monzo now. Will be keen to see if rates rise or fall with the market over the coming months.

[Lewis_P]

@npc_06

Google sheets

Just curious what this looks like? Have you just created a table indicating the subgoals for that pot or something?

We’re yet to see whether these interest payments will show up in the data export. Hopefully they do, but if this new savings pot was built off the system used for the 3rd party pots then it’s unlikely.

[PaulUK]

@Lewis_P

Just curious what this looks like?

I do this for all my savings accounts.

Column A is the account name, B the current rate, C the type, eg EA RA RS FT, D is the total, E is date of last activity on account, F onwards are the individual causes/reasons/pots that make up D

[panbar]

I can see it now, yes!
Thanks for sorting this out so quickly!

[grobinson (Gregory)]

Need sub-pots within a savings pot more than ever now!

Pots within a Pot (Savings or Normal) / nested pots

So I just had this idea where I think it would be quite nice to have pots within a savings pot. My thinking for this is that I have many long-term saving pots that all add up to over £1k but many are under individually. So these individual ones are not earning me interest. I could combine them but then that’s not such a convenient way of saving. Maybe having pots grouped by type and when you click into your savings pots that expands into multiple saving pots?

[Ashton]

How do you set something like this up?
I’ve been thinking about doing the same for a few days now but I’m awful at spreadsheets

[npc_06]

Mine is very very basic, here’s an example screenshot. I don’t track the interest as that’s shown in the “manage” feed of the savings pot in Monzo.

It basically shows the total per “pot” and what the total is at the bottom, anything more than that is interest I guess. I may add the interest % in future but I whipped this up in 2 minutes just for now lol.

[Peter_G]

The whole point of Monzo is to get away from spreadsheets like this - however nice and effective they might be!

I really appreciate the financial offer, but it seems dissonant amongst the wider Monzo mission.

Unless there’s been a change in strategy and I’m out of date?

[npc_06]

I do agree because before this I didn’t need the spreadsheet.