A new type of Pot is available for everyone: an emergency fund Pot, to help make life less stressful for you when things suddenly go wrong.
As Scar from The Lion King said, “be prepared!” For what, you ask?
For all of life’s surprises, from a broken bone to your car not starting when you’re already late.
An emergency fund is money specifically set aside for unexpected expenses. With an emergency fund Pot, your money will be kept separate from your everyday spending money, so you only use the money when you really need it.
How does it work?
- Set a savings goal based on your Trends in the last 90 days, or enter your own.
- Choose how much money and how often you want to move money from your Monzo account into your emergency fund.
- We’ll create the Pot and automatically move money based on what you told us.
If you try to withdraw money, we’ll remind you why it’s there, but you’re in total control if you do need it. You can also deposit money from an external account, or change how much and how often you want to set aside.
From the Account list (tap your profile photo), tap “Create Pot” then tap “Build an emergency fund”.
There’s still more we’d like to do to help you save for emergencies and beyond. Comment below to let us know how else an emergency fund Pot can help you be prepared.