Pots

I really hope this is some top drawer CEO reverse psyhcology. Monzo have already built all of this and you are just throwing out that statement getting a bit of community support and releasing it in a test flight update tomorrow!!!

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Maybe some kind of prepaid card? :wink: seriously though, dedicated plastic for short term use? I would have thought this could be done with bill sharing on steroids or adding a ‘Group pot’ transaction category tag, where all group spending shows as a running total in the pot.

The ability to share pots would be fantastic if it was possible - I could then for example share the shopping pot with my wife, or a group of friends could save for a holiday with one, or even pay for rounds of drinks (monzo is instant, after all).

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Please call this the ‘Kitty’ card and make the card in the shape of a kitten … :eyes:

joking

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I hate to be an environmental party-pooper, and although I love the practicality of this idea, in a world with so much disposable plastic would this not be pretty wasteful?

unlesssssss - what if there are cards developed for the most part with biodegradable plastic? Wouldn’t be so bad if they were to go through the wash since they’re only temporary…?

On the other hand, I love all these ideas, and they are definitely ones which I’d fine super useful.

And the kitty cards - If we’re going with temporary cards, I’m totally not joking that is a top idea!

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Agreed. I’d prefer to see the option to switch which pot my existing :monzo: card is linked to. In this scenario, when on holiday, I simply link my Monzo debit card to the group trip pot, and :boom: my card is now the group trip card.

I think this should be what they use for all cards. :wink:

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Yeah, I guess this is a good alternative to temp cards. I personally would find it more preferential if you could have a quick toggle (e.g. a home screen button with IFTTT that lets you toggle between a selected pot and your main account) so that you can quickly choose before purchases. I would make more purchases from my own funds than kitty funds when on a group trip.

Totally! It’s great to know that a couple banks do this already so existing banks can have something to work off. Although I appreciate that from the :monzo: perspective a large priority is keeping costs down so that they can continue to keep their services free/low cost for as long as possible, and this might raise a costing issue to develop cards like this. Hopefully it’s a real possibility to expect complete distribution of biodeg. cards only within the next like 10 years or something.

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That would be excellent – and of course, Monzo knows what my direct debits are on average per month, so that could feasibly be entirely automatic. That would be an extremely valuable feature for me.

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My main lever to influence product direction is to galvanise the Monzo community :wink:

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Represent money held elsewhere as “pots”. Eg, a Nutmeg ISA, money held with FundingCircle etc. Or even negative balances - my mortgage or student loan could each be a pot with a negative balance that slowly moves towards zero (hopefully). I’d then be able to see my entire financial life within Monzo.

This x100! I’d love a tool to help manage debt. One of the reasons I’m so excited about Monzo is to help me budget and slowly dig myself out of debt. It would be great to see the whole picture within my Monzo account.

One of the really useful things I’ve seen Squirrel.me offer is getting paid weekly. Maybe have a pot for this that automatically moves money into your main balance each week.

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If Monzo wants to really show itself to be a new kind of bank, then on the question of savings/allocated funds/pots, could I suggest that Monzo talks to a couple of charities like StepChange that help people with financial problems and budgeting? I suspect they would be an excellent source of information about how people want to be able to ring-fence budgeting necessary spending from free-to-use funds.

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I like the name Jam Jars. But only because this is the best thing ever written on the subject…

Rob’s Easy Money blog

Think I’d prefer “Vaults”.

Or different names depending on how they’re used.

Vault: Large amounts - long term savings account, can be transferred out but not accessible to normal payments - if a payment is attempted from this Vault and the funds aren’t available, it is declined.
Envelope: Smaller amounts for specific things - like bills, loan repayments, again can be transferred but not accessible for normal spending - if a payment is attempted from this Envelope and funds aren’t available but main account has enough, draw from there or from ‘Pots’.
Pots: Saving for specific, but disposable - like a new gadget or birthdays, if a payment is attempted from this Envelope and funds aren’t available, it is declined (if a payment needs to be made from your main account or ‘Envelopes’ but they don’t have enough funds, they will draw from these if available)

Or just one name, but the ability to have this sort of configuration (eg. ‘allow main account to draw from here when funds are low’, ‘allow this to draw from main account when funds are low’, ‘allow the following to draw from here when funds are low’, etc.)

This an excellent and really thoughtful idea! Of course, this might constrict usage to location, i.e. would US users be able to access this?

Almost like a digital piggy bank so you can put money towards something, for example a new bike.

Like this?

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Are you referring to the most recently comments or this whole thread?

Because you just referred those of us discussing this thread to the original post of this thread…

Sooo, not sure how many of you guys follow the trello cards, I’ve had a quick looksee up the thread and haven’t seen anybody post this update before, but the pots have been moved up the queue on the product roadmap! :ghost: (From medium term 6-9mo to near term 3-6mo)

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Danny posted that link in reply to the post above his which was a standalone topic. It got merged into this which is why it looks slightly out of place.

I think that is the one feature they are putting a lot of time into at the moment. Aside from the CA, of course. I am really looking forward to it arriving too :raised_hands:

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