Overdrafts: take regular pots into account

Call me stupid, but I prefer to go negative when I am nearing the end of a salary cycle even if I have money in other pots. I think it’s mentally good to understand that I overspent (by exactly how much) and that I will need to be a little more frugal next month (by exactly how much).

Monzo allows this, great…but…it comes at a cost of 50p per day.

I know there are reasons that Monzo wants pots to be “seperate”, makes sense for future plans. That said, I would appreciate it if we were allowed a single pot you could assign to be the one that will counter any negative balances and effectively act as a self granted overdraft. I would put in say £500, and if my balance went negative (but above -£500), this balance would cover it so I’m not charged 50p per day. If I did go below -£500 and the Monzo granted OD was £1000, then I would incur charges.

This could end up costing Monzo a lot of money in OD fees - so I could see why there would be hesitation to allow it, but it just feels long-winded to keep moving money in and out of pots.

I remember having long, protracted discussions on here about this when ODs first came out.

I doubt it’ll happen. If you need it, I believe Starling offer this.


Initially I thought you were asking for a pot that would “auto-withdraw” back into your main account to cover any deficit which i’d dislike (that’s what I get for skim reading :smiley: )

I agree though. I budget every month down to £0 and there may be a rare occurrence that I might go negative even though I’ve got enough money spread across pots (all 30 of them :neutral_face:) to cover it.

As long as the pot is an instant access one I think this is a good idea. However, at the moment I would get the notification and instantly cover the amount and make note of my expense that has tipped me over. If this was regularly happening then I’ve budgeted wrong somewhere.

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Yes, my thought is it to be just a single, no interest pot. And it is precisely because I am so poor at keeping within my budget and how varied my spending is month to month that I go negative often a few days before my next pay.

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