Save The Change 1

Thanks just done that.

One more for this fantastic idea. Would be perfect to have an auto-rule to send money to a specific pot.

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Randomly, I have an old TSB account knocking about from when Lloyds was split (annoyingly, my credit card ended up at Lloyds whilst the current account was at TSB!) so I decided to give Save The Change a try.

Immediately annoyed at the lack of spending notifications, multiplied five-fold by all the ‘pending’ transactions stacking up but not changing my balance. Grrrr.

Hey
Would you be able to set it up so if you made a transaction Monzo would round it to the pound and automatically put the change in a pot of your choice? Would be great for saving.

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Hello, I’ve seen a few automated savings requests here already, but I don’t think anyone mentioned this…

save pennies to round to full pound (or nearest 50p) from each transaction. For example, paying £2.74 with Monzo would transfer automatically 26p to a savings account; paying 2.01 would transfer 99p (to the nearest pound) OR 49p (to nearest 50p) depending on settings.

What do you guys think? :slight_smile:

Thanks
Lukasz

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@j06 it does change your available balance to use if you look at the app. I am actually rather like the pending transactions and lack of messages for payments sent and the save the change is a nice idea.

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+1 I think this would be a great feature, especially now we have pots. Transferring the change to the pot would be a great way of saving.

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It might have already been mentioned but it would be good to have an option to round up your card payment to the nearest pound and add the difference to a savings pot. Not sure if that would be a single setting so it’s either on or off or if there could be three settings, off, on for all, on but given the option to decide after each transaction.

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I think this is a brilliant feature. I remember reading about Lloyds TSB offering this back when they existed. Think it was called save the change. Seemed like a handy feature.

Although I do find it a little funny that people on the forum of an all digital bank (myself included) would want a feature that imitates the real world (where I would just throw my change in a jar).

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Already suggested here:

Ha, I hadn’t thought of it like that but you’re right.

With the recent additions of Pots to Monzo I think it would be incredible if there was an option to automatically add to these Pots but even better would be a “rounding up” feature that would take whatever spent to the nearest pound and add it to a savings pot.

E.g £2.60 on say coffee :arrow_right:️ £3

Where 40p is added to the pot automatically. :moneybag:

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I would say this is a good “Nice to have”. How difficult would it be to implement, and how would that impact on existing functionality?

The biggest plus side would be to really bring the pots to life, as for now they are a bit static, and the feature I use the least.

Having a look into ‘spare change’ apps that take your £2.80 coffee purchase and round it up to £3 with the extra going to some saving or investment account.
Was think this would be great if it was automatically put into a pot. This type of automatic savings is just what I need. Not many purchases out there land on an exact pound but you would probably loose that 20p if it was in cash.

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This would be a great feature of Monzo’s pots… in the meantime, I’m using Chip, which I know is not what you’re proposing, but does take small amounts from an account and puts them into a separate account - and pay interest too!

(Kickstart your Chip journey using promo code MT90V9 to start with 1% interest. Save without feeling it, spend on what matters. :v:️http://getchip.uk)

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I love this idea! I’ve been using Moneybox which ‘rounds up’ purchases. The thing is, they only send the direct debit instruction every Wednesday, and then it doesn’t come out of my bank till the following Monday! So a transaction rounded up on say a Thursday 1st wouldn’t be taken out till Monday 12th. Which defeats the whole purpose of ‘rounding up’ transactions, if you’re just taking a big lump sum out of my bank every week, up to 12 days after the initial transaction. So I really do notice the debits.
So I’d LOVE to see a real time round up integrated with Monzo, where I don’t notice 20p here and there being taken out.

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FYI - This :bulb: discussed here previously;

Something I had turned on with my Lloyd’s bank account and I’ve never seen anywhere else was a function that automatically added money to my savings account after every purchase. It would round my purchase up to the nearest pound and take that amount of money and transfer it to my designated account. Say I spent 3.8 in a shop, it would transfer either 4/0.2 pounds into my account. Can’t remember much more than that but you get the idea! Would certainly help with the pots

Thanks

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Hey @Rowlandmarc Does Lloyds round up instantly? How often does it come out?

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Save the Change is now in early testing! Create a pot called Coin Jar and it’ll start rounding up for you :grin:

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