Owning multiple Monzo accounts

(Excited about Christmas) #23

You would be way better off using Summary to do this. It deducts all bills from your balance - super cool.

(Jack) #24

This :raised_hands:t3:


But does it prevent you from overspending? E.g at the start of the month I pay in £1000, £800 for bills and £200 for spending. Would I then be able to walk in to a store and purchase something for £999, assuming no bills had already been paid out at this point? I’d like a way of having a dedicated pot for spending money, that I can’t overspend from, separate from the rest of the money in my account , perhaps with a dedicated physical or virtual card linked to it. This way I can ensure I don’t overspend before all my bills have gone out/spend any money I’d saved during the course of a month before putting that in a savings pot at the end of the month.

(Excited about Christmas) #26

Yes, but why would you do that? If Summary shows £200, that’s all you should spend, but if a bill comes in a little higher, or you need cash and don;t have your phone, you have the £200 there ready. You could use Pots for what you are asking, but personally I wouldn’t.

(Keith Digby) #27

I like the idea of setting direct debits and standing orders up from from pots.

With my current highstreet bank I have two accounts, one for direct debits and standing orders which I transfer a fixed amount into each month. The other current account is effectively fun money to spend as I please.