Real life experience - Standing Orders and Summary

Hello! :wave:

I thought I’d share a real-life experience of using Monzo with another bank account (no, I’m not leaving, there’s a good explanation!)

Last month, I opened an account to basically use as savings. I funded it with the maximum amount to accrue interest and planned to just leave it there. But there’s a minimum funding requirement, so I set up a standing order from Monzo to the new bank to leave on the 1st and another with my new provider to come back to Monzo for the same amount on the same day. Essentially this would leave both balances unchanged. That was the plan. :world_map:

Let’s fast forward to the 1st (today). No plan survives first contact with the enemy…

I can see that the standing order has left Monzo - yay :raised_hands: but the one coming the other direction hasn’t :cry:. It’s set up for the first, but #becauselegacyrust (copyright @anon23935806) it has decided to only send on the 3rd, after the weekend.

Because of all this, Summary is also a bit wonky. It’s showing as £0 left to spend, but (presumably because it’s early in the month) it doesn’t show the “your committed spending is x greater than your balance” line. And there’s no easy way (without a calculator) of finding out how much I’d be short by. (This is all largely academic as the money is coming back, but I was sad to find that Summary wasn’t as helpful as it might have been).

So, background over, I’ve learnt a few areas where Monzo could be super (super) helpful:

  • Have the ability to set up standing orders to process on working days only. I know that this is emulating the behaviour of legacy - and it absolutely shouldn’t be the default - then it would help with cases like this.
  • It would be great to see expected payments in on Summary, too. I move money around quite a bit, so it’d be good to know that my incomings are salary amount, amount from savings, dividend income (I wish!) etc, broken down like outgoings. I’d be happy to manually enter these - or select incoming transactions to flag them as recurring like we do with outgoing ones.
  • On the Summary screen itself it’d be really good to have the line about how much you’re overcommitted by visible at any point in the month - it’s super helpful to know how much money I need where.
  • If this isn’t possible, then under the Committed Spending section of Summary, a really small but neat tweak would be to have the upcoming total below the total of the section (like is done for each category). That would save me from having to manually add up what my remaining commitments for the month are…

I know this is a bit of an edge case, and lots of these points have been raised before, but I thought it might be helpful to walk through how some of this stuff works in real life!

(Flagging @Jami for Summary info goodness).

Or if anyone has any suggestions on how I could better manage this, I’m all ears! :ear:



:nauseated_face: I don’t think we want to perpetuate bad behaviour. :joy:

The summary screen is is top notch in many ways. :ok_hand: But it is suffering from the unfortunate fact that it’s only useful when it is aware of essentially everything that’s going on. Have one big recurring transaction like this that it doesn’t track and suddenly the summary is useless. :sob:


Ha, yes, but there are times when it’s useful. As I say, never the default, though!

I wouldn’t say useless - and it will balance itself out. But I think being able to anticipate incoming payments is the missing piece of the puzzle!

1 Like

Can you cancel the standing order and send it back using FPS?

1 Like

Being able to set a standing order up to transfer funds x days after Summary payday would be useful, easier to implement and I think it would solve your issue.

That’s what I’ve done - skipped the month’s recurring transfer and done a faster payment. Nirvana is this all happening automagically for me, though! :wink:

1 Like

I’m being sleepy on Saturday morning - how would this work? I get paid on the last day of the month, so I set up the transfers to happen on the 1st - I’m not getting my head around how this solves the legacy problem of not transferring standing orders on the weekend, though? Basically, I want them to both happen on the same day… Could you spell it out for me? (Sorry :frowning:)

I just experienced a similar problem with a standing order from Barclays to Monzo scheduled for the first day of the month which didn’t go through today, I suppose because it’s the weekend? I don’t understand why this is still a thing, when Faster Payments are available. Just another reason to switch full Monzo really!