I like the name Jam Jars. But only because this is the best thing ever written on the subject…
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?
8 Likes
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! 
(From medium term 6-9mo to near term 3-6mo)
12 Likes
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 
2 Likes
=
How about virtual cards? For instance, if I wanted to only spend money in my ‘Amazon’ or ‘Shopping’ pot, I would only link the virtual card details for that pot to Amazon/said shopping website, allowing me to limit my spending as well as giving people peace of mind re: online fraud.
7 Likes
There needs to different levels of pots, one which could isolate funds for fixed monthly expenses, another for holidays, and lastly pots which are a little bit long term, like an ISA etc
It would make it easier to move money to Atom Bank, etc. if a pot ‘rabbit hole’ could pop up with the correct account and sort code configured during the 7 day funding window.
External Regular saver account reminders with remaining allowance, etc.
This would help the single pane of glass with some interactivity. Would these be marketed as external/3rd party pots?
1 Like
Ah, makes more sense now! Thank you 
Yes! Brilliant feature! 
Yeah, it’d be ideal if they could roll this out either soon after or even before they stop the pre paid cards!
3 Likes
At first I felt like for the money coming out of the right pot automatically this could be unnecessary, it might be easier just to set a default pot for your favourite merchants and then you can move psyments from pot to pot, but I was impressed by the implications it could have for online fraud.
However, on second thoughts, you could actually have multiple pots/cards set up on, for example, your amazon account and then just choose there and then which pot you could take form, so now I really like this idea.
The only thing is, how much does it cost Monzo to have the card (virtual or no)? If it costs them money for every card number produced this might not be such a great option 
1 Like
I’m not too sure whether it would cost Monzo to create virtual cards. I think (my knowledge is limited on this) that AndroidPay/ApplePay payments work this way anyway (i.e. new card number is generated). If there is no/negligible cost involved, I think it would potentially make sense to do this.
I do also like your idea of assigning specific merchant expenditure to specific pots though, that would really help keep on top of spending. What would happen if said pot’s money had ran out though, would payment automatically be taken from the main account? I think a lot of people would benefit from having that hard-limit of a payment failing if insufficient funds are available, otherwise ‘targets’ already achieves this level of budgeting/functionality for us.
1 Like
I’m not entirely sure exactly how payments work or if things would work fast enough for this to be feasible (I imagine potentially given Monzo’s instant notification), but maybe the payment could be temporarily halted, you get a notification asking if you would like to take x/chosen (slider?) amount from another pot or if you’d like to just not go through with the transaction. You could choose in the settings for the pots if you’d like it to be restricted amount or if you’ll allow for over-payments to be taken from other available funds?
I worry that all these ideas to simplify spending and budgeting are over-complicating things haha.
1 Like
To stop the use of another card, would it be possible to have a holiday pot that worked like SplitWise (https://www.splitwise.com/).
So if you buy something for the holiday you could change what it is, as you do now in terms of "entertainment, holidays, groceries etc., and it would show that you paid for something towards the holiday and it comes from the money you put in the pot?
Would that work?