It would be brilliant if within your main account you could set aside an amount of money to pay direct debts and rolling payments, and then have your disposable income with would update as you make purchases as normal
I use an account with a different bank for direct debits as well as monthly contributions towards big payments like car insurance. That way all I have left in Monzo is my disposable income.
I agree, it would be handy to have a ‘set aside for x company’ feature.
Is this not what summary and committed spending is aimming at? The balance in the Summary tab would show a total that has removed committed spending such as standing orders, DDs and recurring online subscriptions.
Of course, the ability for it to get ring fenced in its own pot would be a nice feature.
And hopefully this will be largely automatic.
Not sure how it’s going to work with Direct Debits that vary in value each month/week. Moneybox DDs can vary and lottery DDs vary each month. I imagine there would need to be communication between the two platforms. I expect the initial committed spending to be pretty basic.
I believe Monzo are currently working on letting people pay direct debits and standing orders from pots.
Oh that would be brilliant
Yeah, once this is nailed im all in the monzo world.