Ever wanted that cool feature that lets you round up your spending and saves the extra coins on the side?
Something I think would be amazing to have in addition to Pots would be an additional opt-in Pot that would allow you to round your spending and save the extra money automatically. A ‘Magic Pot’.
I feel this is a feature that not only I would appreciate but something a lot of my friends and the community would also like to see. It’s something I think Monzo could only pull off correctly. I know it’s been done before but that doesn’t mean it’s been done the perfect way.
How I would envision the feature would be implemented …
Customers can create an opt-in ‘Magic Pot’.
A new Pot is created to the left of Monzo Card under Account to distinguish it from other Pots.
When a transaction is processed, for example, £2.65 on a coffee, a ghost transaction follows (no notification) that rounds the transaction up to the nearest pound and deposits the rest into the ‘Magic Pot’. For this example, £0.35 would be added to the ‘Magic Pot’.
This ‘Magic Pot’ would work exactly like other Pots except for the ability to manual top it up. Possibly even have a feature to dump the savings into another Pot at the end of the month.
Why I think Monzo would be the best place to implement this feature …
One standout feature that I think only Monzo would be able to achieve would be the ability to filter what transactions roundup.
For example, if you catch the tube and grab breakfast every morning and you wish to have these transactions rounded up, you could add the retailers to a ‘white-list’ of round-up stores.
Customers would be able to select stores from recent transactions to add to the white-list of retailers and view the full list from inside the Magic Pot. With other providers who offer this kind of service, it’s an all or nothing approach.
By default, the feature would round up all transactions but the ability to white-list certain stores would be extremely handy.
You could even apply it to a whole genre like ‘Groceries’ or ‘Transport’.
I’m sure this is something nobody else but Monzo could achieve.
Would love to know what the community thinks,