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).


#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…


(Is Santa here yet?) #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.


(Andre Borie) #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?


(Is Santa here yet?) #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: