Pots and Overdrafts

I think the fact that Pot balances are not included in overdraft charge calculations defeats the point of pots.

Overdraft charges should start if/when
(Balance + Pot Balance) < 0

We should not be getting charged for overdrafts until there is a true zero balance.

Otherwise what is the point of a pot?

Why on earth would you let yourself be in an overdraft when you have money in a pot?

The interest on savings will never be better than the interest on borrowing.

It has been this way forever and will not change. Pointless asking people to vote on it.


To segregate the money from your main balance so it’s not counted


To add to what has already been said by everyone else…

Savings pots are held by a third party so Monzo don’t have the money.

I have a pot to pay all my regular bills, some which come very late in the month.
So without a pot set up I would be overdrawn for a few days, with the pot I’d be overdrawn for longer despite those bills not being paid yet.

Is this true?, thats crazy, why?

It tells you this when you create one and the company logo is over the pot image :confused:

Use a bills pot and Monzo will take your direct debits straight from your pot.

Yes, but I want it to be counted when the overdraft charge is calculated. Using the pots to pay my regular bills is how I see what truly disposable income I have.

Effort and curiosity is a waste of time then?
Why so negative?
You don’t actually know that it wont/cant change.

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Are you US? Im UK and I haven’t seen this.

Nope UK, and has been a thing for almost a year now. More info here:

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It’s unfortunate that you’re going to always be overdrawn but maybe you should consider not using pots or at least not using them for the payments later in the month to save you some interest charges.

“It’s unfortunate that you’re going to always be overdrawn”
that’s an inaccurate assumption.

That would further defeat, what I thought the purpose of a bills pot was.

I guess I’m crazy for wanting my pot balance included when my (occasionally used) overdraft fee is calculated.

I’m just basing it on what you said and I was trying to word it without being critical of your situation.

So you have a bills pot and towards the end of the month your account is in a minus.

You have 3 choices;

  1. Don’t use a bills pot and pay a little bit of overdraft interest/fees
  2. Use the bills pot and pay a bit more of overdraft interest/fees
  3. Save/earn some more money so that your balance doesn’t go below zero

haha of course, why didn’t I think of that, simply earn more.

Have you considered going on tour? Has anyone told everyone else they just need to earn more? Because famously that’s as easily done as said.

If you’re using a bills pot, how are you going overdrawn?

The whole point of them is to put aside money for all your bills so nothing will be taken unexpectedly from your main balance.

Are your bills more than what you earn or are you going overdrawn from spending all your remaining money?

My bills are less than earnings, of course.
I made a large purchase recently, so I have been using the overdraft recently. Which why have only noticed this problem.

This is how I understand it, for the sake of round numbers;

OP has £500 in his account. £1000 in bills account.

OP spends £600 so he’s -£100, but there’s still £500 in his bills account.

So he doesn’t want to pay interest on the -£100 because there’s money in his bills account, until a few days later when that goes out too.