Question OR Great IDEA for Monzo!


(Tom Marlow) #1

Hi,
I’m new to Monzo. I have a couple of questions if anyone could help?

Can other people pay into your Monzo account. (ie) - do you get a sort code and account number?

What I would really like is for my Monzo account to automatically divide any incoming money into separate accounts. For example, 30% of all incoming funds get put directly into a ‘tax account’, 30% of all incoming funds get sent to a ‘savings account’, and 20% gets sent to a pension or investment account etc, and you’re free to spend the remaining 20% without any worries! This would make money management such a breeze (obviously the user is free to choose what percentages get sent where!).
If this isn’t possible, I hope someone from Monzo would see this idea and implement it. It would help so many people stay on top of their finances.

Many thanks!


#2

It’s a bank account so yes you get a sort code and account number :grin:

Once new triggers are added to IFTTT then it would be possible to do that by moving it into pots but not into different accounts (except maybe the savings pot, which might be technically a different account, but full details haven’t been announced for that yet)


(Tom Marlow) #3

Thanks for your speedy reply!
Ok great about the sort code/account no!

Are these ‘pots’ part of your Monzo account? Can you tell Monzo to automatically send percentages of your incoming funds to your old bank for example?


#4

Yes and No! On some screens and some totals they are included, but when charging for an overdraft they are excluded


#5

Pots are like ring fenced funds. You separate them from your account so you can’t accidently spend them, transfer them back in when you need them.
You can set up automatic standing orders to other accounts but you couldn’t do a variable percentage. So send £200 is fine but can’t just say 10% of income


(Tom Marlow) #6

Ok thanks. Just like all other banks. I was hoping Monzo would be different :disappointed_relieved:


(Tom Marlow) #7

I’m a freelance worker, so my monthly income is variable so setting up standing orders wouldn’t work for me (and all other freelance workers).


(Jai Sullivan) #8


#9

Using IFTTT should be able to separate it but not out of the account without some kind of approval as that could potentially cause problem with liability in case of missing funds or fraud. We don’t know what features will be launched next with the integration though :woman_shrugging:


(Alex Sherwood) #10

23 posts were merged into an existing topic: Removed posts 26/6


#11

Monzo does have IFTTT integration (which in turn works with Stringify, which can enable you to chain actions and triggers iirc). I remember seeing on the “Monzo & IFTTT - Share your creations here!” thread that someone did magic with spreadsheets to make a dynamic daily budget. If it’s possible to use spreadsheets to make a widget display a set proportion of available funds, you might be able to get it to calculate a percentage of all incoming payments.

No idea how you would implement this, but it could be possible; though you can’t use IFTTT to automate transfers to another bank, only to a pot (which is almost like a linked savings account in terms of how it looks, but it’s not a separate account with its own number.) This can reduce hassle in terms of logging into different bank sites/apps to see where you’re up to, as it would all be within the one app. You can’t spend the money in pots by accident, it’s kept separate from your “active balance,” so to speak.


(Tom Marlow) #12

This might be ok. At the end of each month, I could just empty each pot into the bank accounts that I desire without having to do all the calculations myself!


#14

I’m just sorry I can’t give more specific information, since I’m sadly nowhere near the level of pure genius of the guy mentioned in the post I linked to. It could be a good place to start, though. I hope you find a good solution for this either way! :+1:

It would probably take a fair bit of work to figure out and set up, but once it’s done you can basically set it and forget it.

If you have any other questions about :mondo:, feel free to ask and I’ll answer to the best of my ability. :smiley: