Overdraft Pot

I’d like to setup my own overdraft but interest free. I don’t want it to show as a balance though (i.e. still show negative if I dip into it).

Could you develop a new pot type so that effectively people can pay real money in and out of the overdraft Pot?

If you are serious about changing banking then this is a great place to start as interest charging overdrafts are financial craziness!

Overdrafts on the other hand are important.

Say you go shopping and have the money in a pot…but there is no internet to transfer. This is the most annoying Monzo issue but an overdraft fixes it. You can pay and transfer from the pot as soon as you get internet back.

But why can’t my overdraft just be a pot of my real money? It should not be a product, it should just be a standard feature of a bank account; come on Monzo, let’s change banking in a positive way!

Why not attach a virtual card to your overdraft pot and spend that way?

Or just transfer the money to cover your overdraft later?

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What is a virtual card?

Regarding just treating the balance of say £100 as zero. In theory you can but it is better if it is an overdraft from experience…it is easier not to be tempted and puts pressure to clear it.

As part of plus or premium you can attach a virtual card to a pot, add that to apple or google pay and use that as the card you pay with

But are those all not chargeable services?

I’m suggesting that in effect everyone should have the ability to effectively run their own overdraft as standard for free.

If you research the advice money help organisations give out you will see that it all revolves around avoiding banking products that get them in trouble.

The suggestion I’m making would promote good financial disciplines. Ultimately Monzo and other banks can do what they like but if they are serious about creating a better financial world then this is an idea of one way they could help make the world a better place.

Anyway, it’s just a suggestion so I’ll leave it there; thanks for your replies :slight_smile:

Hi! I’ve voted for your suggestion, I like it! I’d suggest you do the same!

I do think this sort of thing has been suggested somewhere on here before though, so may be worth voting on those too! Here’s one of them:


This sounds like the sweep facility available on Virgin Money accounts. It sweeps money from your savings account to top up your current account when the balance is low.

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Really this shouldn’t need to be a thing.

If you’ve got £1000 in a pot and your main balance is -£999 then you’re not borrowing from Monzo and shouldn’t be charged interest.


Starling don’t charge interest on your overdraft if you’ve got enough money in your spaces (pots) to cover it.


I’ve moaned about this before but that’s how Monzo should do it.

They pay interest on money whichever pot it’s in for Plus/Premium, so they should help people who are in their overdrafts a bit too.

Imagine you try and reduce your debt by £50 each month. It would be good to get paid, put that £50 in a pot and then spend the rest. You’ve not spent everything and you’re reduced what you owe. But the Monzo way is you have to keep it in your main account where it becomes more likely you’ll spend it.


Not if you reduce your budget by £50 each month