It would be nice if I could receive an app notification when the money withdrawn from the saving account becomes available on the current account
Monzo’s own savings pots are instant access and you can’t schedule withdrawals from them (which is a pity) so that feature isn’t needed.
As third party savings pots can no longer be opened, I can’t see Monzo adding that feature (although it’s something I wish they’d offered for those accounts).
I have an easy access savings cash ISA. It takes 1 business day to withdraw from it. I can also schedule withdrawals.
Yes, you can. But that will be with a different (third party) bank, not Monzo. I can schedule withdrawals from these too.
However, savings pots from other providers can no longer be opened from Monzo so I can’t see them adding this functionality as the pots are no longer available, and the numbers will dwindle as people close them and can’t open new ones.
Why can i schedule payments from my current account, but not transfers from deposit to current account?
It’s needed because I need current account balance topped up to meet obligations at certain times
Monzo’s own savings pots don’t let you schedule withdrawals. They say it is to encourage you to save. In my opinion it just makes it harder to optimise your savings and to manage your budgeting.
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I totally agree. Scheduling optimised savings as I used it to specify in advance the withdrawal dates that correspond with my large yearly/bi-yearly/¼ly etc bill payments. That way I didn’t have to manually recall the days I needed to put the money into my CA for the corresponding bills. The scheduled money would pop in to my CA and I would go ‘oh - there is a bill to be paid’.
With no scheduling from Monzo’s own saving pots my solution has been:- 1) to remove chunks of savings from Monzo pots to other institutions that give me scheduling. 2) to not close the remaining external savings pots I still have via Monzo because I can still schedule with them.
(The interest difference earned per year isn’t significant, about a tenner after tax).
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Unfortunately they’ve force closed savings with 2 external providers already, and it is only a matter of time before the rest go.
In which case some of my savings will move to other providers too. We can only vote with our feet (or keyboards) and hope Monzo take notice.
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