Round-Up ‘accelerator’


(Jaxx18) #1

I’ve a Revolut account as well, and their round-up feature has an ‘accelerator’, allowing for faster saving.

eg.
1 x Accelerator
£2.70 transaction, rounds to £3, 30p saved

3 x Accelerator
£2.70 transaction, rounds to £3, 3 x 30p = 90p saved

I imagine this feature will probably be quite easy to add into the current Monzo Round-Up operation - the fact that Revolut has it is just about the only thing keeping me using them as my main account spending (awwwwwful customer service).


Better round ups
#2

Is that a typo, or am I missing something?


#3

I’m guessing the premise is that the accelerator takes what you would round up to get to the pound. In this case 30p and multiply that by the accelerator to get the amount to save. So 30 * 3 = 90.


#4

I thought that, but surely your balance would then not be a whole number (which is the point of “rounding” up isn’t it?)

Unless it was used as more of a subtle saving type of thing, and people didn’t care about whole numbers on the app.


(Dan) #5

I like this idea :slight_smile:

Roundup doesn’t take into account things like Direct Debits and Direct Credits so my account is never a round number anyway…


(Only available in amateur ) #6

Don’t you just transfer it to the pot yourself? Can’t stand seeing it unrounded


(Dan) #7

:rofl::rofl: I don’t have time for all that :stuck_out_tongue:

…but since Coin Jar was launched I have managed to save enough to buy a new suit for a wedding coming up… being able to put a multiplier on it would make saving much faster and I still wouldn’t notice the difference in balance…


(Jaxx18) #8

I don’t really care about seeing numbers being rounded, just the rate of saving money without making a conscious decision to do it.


#9

I think you can do that with IFTTT.


(Punit Mannari) #10

Sorry to hijack this…saves me opening another thread…if in a pot I save a goal…would I be correct I will not be able to withdraw the money under any circumstances even If I need it urgently unless the goal is met?


(Only available in amateur ) #11

No you can withdraw it whenever you want. Lockable pots in the future will stop random withdrawals


(Paris Kemanes) #12

Oh, I just came in to suggest a same idea, od pots having an “aggressive” saving mode, similar to Moneybox. I think sometimes if it’s £69 they round it too £70 too. This feature would bee very helpful in saving money quickly


#13

Damn I was going to ask about whether direct debits get rounded up automatically or not? How come they dont? Thats a shame!


#14

Agreed! Definetly a good idea that Monzo should add.

Starting Bank also have this option.


#15

Vote from me for this! Although let’s get pots for joint accounts as priority number 1, then a round up mulitplyer as number 2 :grin:


(Matthew Dickinson) #16

Starling allow you to multiply a round up by X1 X2 … X10. My friends find this really useful so they can save up faster. Could Monzo do something similar?


(Stuart Walker) #17

+1 for this. I had this on my starling round up pot. Means I’m able to save something meaningful at the end of the month.


(Nathan) #18

I’d also really like this but id rather it on a tiered system rather than a switch to “boost-round” every transaction by x times.

I’d like it to be in the pop-up possibly? That way i can hit boost by 5x on an amount less than say 20p and then boost by 2x for a round up of around 50/60p if that makes sense


#19

Sounds like you want to save £1 per transaction?

If so, you can use IFTTT to do that.


(Nathan) #20

Not a full £1 per transaction necessarily more so just a general boost I can choose to apply depending on the the amount rounded up:

Purchase: £3.30 --> Roundup: 70p --> Boost: x2 = £1.40 in total
Purchase: £1.99 --> Roundup: 1p --> Boost: x10 = £0.10 in total
Purchase: £43.40 --> Roundup: 60p --> Boost: x5 = £3.00 in total

And so on and so forth… so depending how far out from payday i am and how much the initial roundup is i can select on the transaction how much I’d like to boost it by :slight_smile: