Charity Pots

the system is crazy. In some areas some people get Universal Credit but others JobSeekers Allowance. And you can be on Income Based JSA or Contribution Based JSA or start on Contribution Based and then transition to the Income Based. It is a confusing mess :wink:

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We are now a UC area and will all get changed over eventually or if a change of circumstances.

Would they pay tax for me as JSA is £74 a week? Works out less than 4K per year taxable income so it’s well under the tax threshold

Yes and No. They are technically your employer but due to low earnings and a personal allowance they don’t need to pay tax if your allowances offset any taxable amount.

However apart from income tax there is also national insurance, and you are credited with national insurance contributions to ensure continuity of contribution while you are out of work and hence retain certain pension benefits when you reach retirement, as they based on total years of contribution.

You can always ask HMRC for a statement of national insurance contributions. This will show what years have full contributions, which have part and which have none. This is useful as there is about a 5 or 6 year period to catch up on any shortfall by paying voluntary contributions towards your pension entitlement. Individual’s circumstances may vary and it may depend on how close to retirement you are, for some it makes sense paying any shortfall but for others it does not.

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What sort of enhancements would you suggest?

Anything that the community has asked for really. I’m sure I’ve missed it but can’t remember seeing anyone suggest a charity pot. If I could chose it would be the chance to cover direct debits, cheques and standing orders up to a certain point in the day, like most other banks do and which is something a large number of people have requested. M.

My post/suggestion is based on a customer request. Turns out, they made a thread about it, too.

Really good idea
I usually use JustGiving - when you donate they ask whether GiftAid should be claimed or not.
So hooking up with them or similar organisation would be the easiest way to get started.

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I’m really pleased this is coming in. I would really like to be able to combine charity pots and rules, so that every time I spend on my monzo it rounds the price up to the nearest pound and puts the spare change into the pot. Kind of like an electronic version of the charity collection boxes on shop countertops.

Like I said, sure I had missed it but my opinion is still that other features deserve more dev time.

Revolut have just done a (somewhat biased) poll on this feature:
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I love the idea of combining pots, with a charitable donation of my choice. Got money to spare? Just hit the “donate to charity” and nominate which charity should receive it. In my case, it would be the MS Trust.

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Hello Monzo !
What about partnering with charities (such as WWF, Cancer McMillan etc…) which the customer would choose and for every transaction made on a Monzo card, 0.01p would be gifted to that charity. When looking at the space digital payment has taken in our life that would be more effective than knocking doors to doors or running thousands of miles in sport sponsored events.
How much transactions are done in a day at Monzo ? If we are 500,000 users by assuming 10% of us would enter that scheme and we roughly use our cards a minimum 3 times per day that gives you around half a million charity pot …
what do you think about that idea :bulb: ?

Thanks
Jean-Baptiste

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Hi @JBAPTISTE ,

Great idea! A lot of forum users have also requested such a feature. My guess is it will be looked into once the monzo marketplace is up and running / they have a lot of the core features out the way.

I’ve moved your post here where there’s already an ongoing discussion :slight_smile:

I would say the starting point to all this is a “gift & donation” spending category :innocent:

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I find having a charity category would be beneficial since it tends to be relegated to the general option.

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The likelihood of monzo adding a category any time soon is probably zero, unfortunately. The community has been asking for more categories for a while and so far to no avail!

Maybe give EMMA a try

emmaprod

Maybe without my screen filter :slight_smile:

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This appeared in the recent Making Monzo Email:

Donate your Pot balance to charity

As part of our No Barriers To Banking campaign, we’re looking at ways we can support financially excluded groups directly, and by working with other organisations and charities.

Soon you’ll be able to donate money to charity from a Pot! We round up the change from your spending over the course of the month, and you choose who to donate it to from a shortlist of charities.

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Been seeing charity pots in the API for some time now so super glad to see our first actual screenshots of it in action!

Initially some of my questions would be:

  • What is the list of supported charities, and will there be an option somewhere to choose your own registered charity?

    • I’d love to be able to support local and smaller charities who are unlikely to be in a shortlist like this.
    • Possibly some mechanism for community suggestions for extra charities?
  • Is gift aid automatically handled by Monzo and giving that little extra to charity?

  • Is Monzo looking to make a profit off of this implementation? Maybe in a similar vein to the % of Gift Aid mentioned here: Gift Aid on contactless donations - If so, what amount?

  • Not something for the MVP solution, but I’d love to get an option to select multiple charities and have an equal split sent to each of them at the end of the month! (Especially as I sense some people will use round ups, which can only be on one pot)

  • Is the donation attributed to the person, or does Monzo collate all the funds of everybody donating to X and send as one packet “from Monzo”?

Looking forward to seeing how this proceeds! :heart:

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