I’ve recently moved everything to Monzo as my main bank from Halifax. On the 15th my salary will be paid into my Monzo account and on the same day my direct debits will come off. This has been working well with Halifax.
My challenge is that I created a pot for my direct debits and have specified my direct debits to come from this pot. However on pay day my salary will go into my main account and not into the pots. As I understand it the Salary Sorter cannot be automated.
How do other people handle this? One potential solution is to offset the direct debits by one day, have them come out on the 16th instead.
I have most of my direct debits go out on payday+1, some go out on the day of pay, but that’s where the benefit of an overdraft comes in - it balances that payment until I’ve received my salary.
I think there is an official order of the times things should happen. So you should get your salary in before direct debits/standing orders go out.
You could set up an automatic transfer of the amount to your pot to happen on the 15th, but if they all go out before you’ve even woken up, you probably don’t need the pot.
Personally I have a few days grace built in.
Are you paid by BACS? If you are, you’d be able to claim your salary on 14th at 4PM. Then you could do the manual salary sorter to your pot and you’re all good for your direct debits the next day.
The D/D’s don’t get paid from your pot though. They get paid from the main account. A Bills pot simply transfers the amount to pay a specified bill (assigned to a bills pot) from the bills pot to the main account just prior to the D/D being paid, to cover it. You just have to ensure you move enough funds into the Bills pot in advance to cover this.
Your timescale of same-day-salary/same-day-bills seems tight though. Especially if you are paid by Faster Payments. If this is the case, the D/D’s could be paid long before your salary lands. But Monzo does give notice and from memory, you have until 4pm to put funds (salary) into your main account to cover the D/D’s already paid previously. Could be wrong here - it’s a while since this happened to me!
I don’t see much of it but I’m sure it’s 2:30, it’ll automatically attempt at that time if account is funded, or you can tell it to retry once the funds are there up until that time.