I like to treat my savings pot like personal credit that I pay to myself and must pay back.
I think it would be helpful if you could set up repayment cycle like a flex card, but in a savings pot. You could even charge yourself interest when you withdraw from savings?
I know functionality is there to-do this manually, just interested to see how this might look if it had specific UI for it.
Can you please elaborate on why you must pay yourself back for depositing into savings?
Build Pot balance > spend Pot balance > repay Pot balance.
Say I have a £1000 savings pot i use for an emergency buffer, and I have a particularly rainy month, and have to withdraw £500.
Now I want to rebuild my safety net back up to £1000, but perhaps life gets in the way, other bills come up, you might not be inclined to top it up right away.
However, of you treat your savings like a line of credit that you pay to yourself, you might be more likely to top it up again more quickly.
So with Flex you have options like ‘pay in three’ or automatically pay the full amount on a certain date, or pay the minimum amount and get charged interest.
I’m basically thinking of ways of keeping myself accountable when I have to dip into my emergency funds.
It wouldn’t be down to Monzo to notify you when you spend your savings and build it back again. That is self control.