With the gambling block you can potentially transfer cash out to a different bank. With faster payments this is a bit of a problem because its always instant.
To get more control over impulsive purchases is a pot that has a 48 hour confirmation period may give someone more control with their spending, that isn’t tied to a type of merchant.
I think it would be cool if there was a pot you could easily put money in, but to withdraw some app type confirmation is required after 48 hours to move it to the main spending account. So you would need to confirm after 48 hours, not wait 48 hours for the transfer like in the older days without faster payments.
I imagine something of this type is only possible now, with banks like Monzo.
I was going to say that but this feels slightly different.
Locked pots nominate a date and time for opening after which access to the money instant. If I read it correctly, this adds a cooling off period for a withdrawal every time one is made, a bit like the day for the interest bearing pot.
Yeah pretty much, the locked pot is a bit scary because you never know when you’re going to need it. The cooling off period is a much nicer concept, you initiate then confirm again after 48 hours. That way its never an impulsive purchase, yet you can always access the funds without a set date.
A locked pot with a set date sounds more like a fixed-deposit to me.
Hi I find these forms daunting as I don’t know how to navigate them. I’ve seen the pot in my app would they be useful to save for holiday money, can you put money in and have it locked in till the day before you go on holiday, can you add to the “holiday pot” if you have extra cash… Thanks