Savings category for current account

(Simon Tomes) #1

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 :open_mouth:). 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”.

What do you think?

Spend tracking and exemptions
(Hugh) #2

+1

Totally agree and would make for an interesting extra metric :smile:

#3

I’ll add my ‘yes please’ to this!

(Paul) #4

I was just about to post the same, so +1 - yes please.

Also, along the same lines, an ‘Investments’ category.

I’d like to categorise when I send to my savings account and also when I sent cash to fund an investment like shares, etc.

(Simon Tomes) #5

I realise I forgot to add another reason for a “Savings” category. I’d like to set a monthly target for savings I transfer to another account.

(Brandon Billingham) #6

100% need this. I want to be able to look back and easily see each month how much I send to my ISA.

(Thomas O'neill) #7

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!

(Simon Tomes) #8

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.

(Kenny Grant) #9

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):

(Brandon Billingham) #10

Certainly not the case. Pots gain zero interest so I still have to frequently move money into my savings account.

(Adam Robertson) #11

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!

(Stiven Skyrah) #12

Totally agree on this too. Savings category is a missing feature.