I’m enjoying using the current account. So simple and familiar.
There’s a new use case in town!
I now have a need for a “Savings” category. I didn’t have this need during the pre-paid era.
Each month my salary goes into my Monzo current account. Each month I like to transfer some money to my old savings account (with my old bank ). I’d like to categorise that transaction as “Savings”.
I’m looking forward to “Pots” as this will help me split my money in my Monzo current account. However, I don’t think this solves the desire to categorise savings transactions that go elsewhere, as “Savings”.
This. Would like it not to show in the spending tab. I.e for me I’d like to see:
Recurring Spend
Discretionary Spend
Savings
Maybe too cluttered for some users? At the moment I am mentally subtracting my bills from my total as i want to compare to pre monzo current account spend figures which didn’t include bills!
UPDATE: Since Pots turned up to the party, I no longer have a need to transfer money out to another account and categorise it as Savings. Goodbye old bank, it’s been emotional.
Pots is a fantastic feature, thanks Monzo! I look forward to being able to set targets for my Pots.
I still need this, because Pots have negative real return, so they’re not really suitable for saving on a timeline any longer than a few months. I think a lot of people when using the CA will want to save to ISAs and savings accounts with interest, so it’s still a problem than Savings are counted as Spending. I did a little poll on this recently and Savings was near the top (just under Income being classified differently):
What would be good is a way to pay/transfer money directly from Pots. So one use would be to have a ‘Bills’ pot and pay out gas/electricity/water/Netflix etc from that. Not sure how easy that would be, but would be such a life (and budget) saver!