Pots advice

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1

Hi, I’ve just gone Full Monzo! And just have a query about pots. Hopefully I’ve got the right place.

Basically I’ve made a ‘bills’ pot, but obviously card payments and direct debits aren’t able to be taken from a bills pot (boooo, hopefully this can be done soon?)

If I put all my money into my bills pot, what would happen if a direct debit or card payment I’d forgotten about was to be taken? Would it take the money from my bill pot? Or would it bounce?

I know if something is due to go out a bills pot and there’s not enough it grabs it from the main account, but what about the other way around?

I hope this makes sense, I’ve tried to word it best I can! Thanks

2

Hi.

You can have direct debits from a pot, select the payment and you can do “pay from pot”

If there isn’t enough in the pot, it will take it from your main account.

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3

Oh, I’ll look thanks! Still no card payment option though?

Yes I’m aware if there’s not enough in a bills pot it’ll take from the main account, but what if something is taken out of the main account and there’s not enough, does it dip into the Bills pot for the rest?

4

Not for recurring payments like Netflix etc.

For card payments you have to it after the fact with IFTTT

No, it won’t go the other way. So if there’s not enough in the bill pot, or the main account, it won’t go looking in your holiday pot for example.

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5

If there is not enough in your main account, it will bounce.

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6

Strange, I would have thought it did. But it makes sense not too.

I’ve looked at IFTTT but it all seems a bit too complicated for me, I’d end up making a mistake :joy:

Thanks guys :+1:t3:

7

We use two pots. One is a bills pot for the things that do work (standing orders, direct debits and scheduled BACS payments). The other is for expenses that are recurring card payments, like Netflix. We just manually move the money out of the second pot once the payment has been made. Yes, if you don’t have the funds in the main account, the payment will bounce, but fortunately the amounts are small compared to a mortgage or rent payment. Alternatively, if you are eligible for an overdraft, you could use that. As long as you notice the payment and move the money out of the pot the same day, you won’t incur any fees (and the fee is pennies even if you miss it by a few days).

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8

Still think this is a major flaw of the bills pot. As others have said no it will just take it - or attempt to - out of the main account. I like the idea of the secondary pot with manual transfers

9

What do you mean?

10

I was referring to the idea someone posted above of having a bills pot and then a secondary ‘bills’ pot which they put money for bills aside and then manually transfer as the month progresses

11

We actually have three bills pots - a third one is for annual expenses, like insurance etc.

12

It’s no massive issue, I’ll just keep a little bit in the main account and transfer the equivalent across from my bills pot when the card payments go through. A minor inconvenience really :slight_smile:

Thanks everyone

13

I’ve just figured a little ‘work around’ in which you can set a scheduled payment from the bills pot to main account, so I’ve set one up to go the day before a card payment is due to go through. I’ll keep an eye to check it works before though.

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