Pots

Yes, they’re on the roadmap here :slightly_smiling_face:

Cool thanks for the info

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This is perfect and exactly what I came on here to search for. With my Santander accounts, I would transfer all my bill money in to a savings account so I could see how much money I actually had free to spend in my current account, then move the amounts back in time for my DD to come out. Would really love to be able to set my monthly outgoings aside on Monzo too.

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Currently I’m using my old bank as a billing account. I get paid into my monzo current account then transfer enough for bills back to my old one. I’m a freelancer so the unpredictable pay cheques make planning for bills a bloody nightmare hence why I separate them.

Would be amazing to have the monzo notifications and transaction history for my bills so YES YES YES to this. :smiley:

This is definitely something that I want to see available in the future :tada:

It’s already been mentioned, but I also use squirrel.me in conjunction with my :monzo: prepaid card (by topping up my Monzo card on a Monday morning following Squirrel transferring me my weekly spending money.

For similar functionality to be included with my Monzo current account, I’d be able to manage my finances exactly as I wanted in one place!

Can’t wait to see this in the future having received my current account and debit card today!

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I love this idea! Perhaps they could integrate a notification saying “Do you wish to round up your spend of x and send y to your [assigned pot] pot?” or something like.

EDIT: I’m aware this may also be a different issue and will look for a thread on this after, but if they ever introduce re-funding of what’s on a Monzo card to your Monzo current account (as I will be using both, one for bills and one for weekly spending allowance), it would be greate to be able to say chuck all this spare money (lol, good one) that I didn’t spend this week back into my current account, but put it in my tattoo fund.

EDIT 2.0: I’ve just checked, looks like this isn’t a thing.

So I guess my next suggestion would be this:

When transferring money from another account, it would be really cool if you could have a key word that you could put in the reference to make it automatically go into that pot!

So, for example, I’ll still be keeping my existing current account as I’ve a mammoth overdraft that I’m working on paying off, so if I want to put £10 towards this pipe dream tattoo of mine, it would be really awesome if I could transfer it, put the reference as “Sik Tatt” and then it would automatically go into the pot? Of course, I’m being super lazy here and my paranoid self would be checking anyway, but it’d be cool. And Monzo seems to be very into what’s cool :slight_smile:

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I love it, definately an interesting take on “different accounts” Pots is a unique idea, and the UI looks clean

I’d just like to confirm too, if I was to put X amount into a pot each month called for example “Spotify”, when a payment for Spotify goes out, would it be taken from the pot, and how would it work if for example I added one called “Greece Holiday” what would define to remove money from that pot?

Could I also setup “Pay-Day Pots”, For example, I get paid on the 26th and most Bills go out on the 1st, but some on the 8th, the day I get paid, I’d like ‘W’ to go into Food Shop - ‘X’ to go into Rent, - ‘Y’ to go into Spotify, - ‘Z’ into Netflix, and the the money removed from their respective areas upon that payment being complete.

I also like the idea from @codolod of using the reference to assign things to pots, I occasionally get sent money by family to pay for split bills such as Spotify Family, therefore when I recieve a payment from them for that amount, it could be referenced “Spotify” and it could assign the pot.

Edit: Also, would I be correct in saying that ALL money is still in ONE account, (the current account) however VISUALLY you’re separating the money into “Pots”.Therefore when a payment is made, it just comes from your normal current account, however then behind the scenes works and you see that X has been removed from pot because it was spent on Y transaction?

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What would be cool is the option to make ‘saving pots’ in which you can add monthly or ad-hoc payments. For example lets say you have a holiday coming up, you can make a new pot, “Holiday Summer 2018”, and then make a standing order to that account of say £100 per month.

This will take the money out of your current account balance so it is clear how much money you have left for regular monthly purchases. Also it helps you know how much you have saved for the holiday without the need to have everything marked down on an Excel somewhere.

This would be useful for all sorts of large infrequent payments, like car insurance or phone upgrades. Furthermore, it keeps everything in one place and one app.

I understand it’s not earning “interest” as you would from a savers account, but this is for a slightly different use and the pots really shouldn’t be used for large savings purposes that lost interest is a big deal.

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I’ve moved your post here as this feature is on the way :tada:

I can definitely see myself wanting to manage my money in a similar way so hopefully the functionality to enable this will be included / developed..

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Good idea as long as it’s not possible to remove money from the pots till the target has been reached.

I think it would be important to have either option, you wouldn’t want to be saving for something like a new car or a tattoo, something that you don’t need but want, only to have your kitchen ceiling fall in and find you could really use that extra £100 you had put away for the thing.

Perhaps you could have the option when you set up the pot? If it’s for something you can’t do without saving for (like a holiday you’ve already booked) you can choose a ‘secure’ pot, if it’s for something you want but don’t need then you can choose to be able to take it out when you want. Ultimately, I’d be annoyed if they told me I, the owner of my own money, can’t have the money I’ve put somewhere if I change my mind or my needs have changed.

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I love this idea, I’ve tried to do this in the past by opening up 5 savings accounts but it’s a real mess doing it like this.
I think the idea of having separate pots is a great way to save… Got this idea from T Harv Eker, but found it really hard to implement trying to keep track on which account is for what

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I would prefer a combination of closed or open pots. I separate spending money, fuel money, savings into four accounts and bills etc so having them closed would be annoying for the fuel pot. I need to add and subtract as I need.

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While we wait for pots, I can recommend Folio for this purpose.

It let’s you set savings goals with a date by which you aim to achieve it. You can pause the goal, or withdraw at any time.

You can also choose how frequent the direct debits are.

It’s fairly basic, and I can’t wait for Pots as it will be nice to have it all within Monzo, but this is far easier than managing multiple savings accounts.

Folio - Save Money Automatically by Folio SMS Limited

If you are keen to check it out, feel free to use my referral code on the rewards page: EPBDJP

(Not even sure what the ‘reward’ is)

Yaaaaaaaas!!! Yaaas! Yas! :tipping_hand_woman:t3:Bring it now!

6C1A69EB-ED07-4B73-89C0-DBB8ECA47524

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This comment on there app has me worried me;

The secure transaction of your money is our top priority. Your funds are kept in a pooled client account with our partners Barclays PLC. Learn more about our security on our website.

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I like this and being as Nutmeg do a LISA that’s really useful!!

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This looks really good for the smaller goals, right now my savings split into ISA / LISA.

I’m going to bear it in mind when I need holiday money, presents etc (Christmas is done :evergreen_tree::gift:).

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Now I’m using the current account, I could really do with pots. Looking forward to it!

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Probably wont be here until next year.