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 āMagic Potā.
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. Itās something I think Monzo could only pull off correctly. I know itās been done before but that doesnāt mean itās been done the perfect way.
How I would envision the feature would be implemented ā¦
Customers can create an opt-in āMagic Potā.
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, Ā£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 āMagic Potā. For this example, Ā£0.35 would be added to the āMagic Potā.
This āMagic Potā 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 ā¦
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 āwhite-listā 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, itās 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 āGroceriesā or āTransportā.
Iām sure this is something nobody else but Monzo could achieve.
This is exactly what I would be after. I had this on a previous Lloydās current account, I think they called it āround upā. Look after the pennyās and the pounds will look after themselves!
This is a cool idea. I think it would definitely make sense to disable this for some categories. Eg I donāt want to round up for expensed items for work!
Maybe it could work like categories now, where you can opt in for transactions (retrospectively etc) and the app āremembersā that merchant in the future for rounding up to the Magic Pot.
Some form of monthly Magic Pot report (similar to the Spending report I guess?) to highlight how much was saved, and what % of total spending was saved, would be excellent also, a great moral booster!
I know what you mean, but as long as it was rounding up the difference into your pot and you had the receipt from the transaction to give to work with the purchase amount then it would just mean accidental saving, not you loosing anything
Would be a great feature. I have recently started using Chip (savings account) and Moneybox (ISA) that do something like this by tieing into your bank and reviewing transactions. The downside of using the external services is that it isnāt done in real time, therefore, you have a larger sum taken out on a weekly basis so more noticeable Something built into a current account and ring-fences the money immediately would be great.
It is a good idea but an imperfect implementation with Lloyds / TSB.
The way in which it should work perfectly with Monzo is that the 50 pence is rounded up and move to a designated pot immediately that I spend Ā£2.50 on a coffee, for example. None of this waiting to the end of the day / overnight stuff.
Once Monzo introduce this feature ā¦ and I think they will, maybe they could make it have a little more customer control rather than the way it was laid out in the original post.
What I mean is make it so that you would be able to set the cut off point of the āpenceā that gets moved across.
For eg.
You opt in to the Magic pot.
You are given a sliding scale of 1p to 99p
Say you select 75p, then all purchases that end in 75p or more, the remainder is moved across. Those that end in less are not.
The reason I think this would be better is that many purchases are under Ā£10. Coffee, magazine, tickets etc.
So for example in the original post, if you regularly purchased a coffee at Ā£2.25 then 75p would be moved over, thatās 33% of the sale. Your account would soon be depleted if you automatically moved a third of your cash in to the new pot
Just a thought.
Like a few others on here I manually move over the change to a pot regardless of the amount so if it is at .02 I move .98 Iād prefer that myself for every transaction as itās a faster way of saving.
