Savings pot with its own sort code & account no

[JTug (Jack Tugwell)]

So, I want to start putting money away for my child, as do other people. Great that we can have the ability to lock pots, but for family members that want to set up standing orders to put money in for my son too, it would make life so much easier if the pot had its own sort code and account number. I believe other banks offer this? Would be a huge help

[Revels]

Pots aren’t separate accounts so this isn’t possible apparently, it’s been mentioned a few times. I think it’s based on how the account is created on the back end. Pots are sub accounts effectively. Other banks are giving you a second account, just displaying it differently.

It’s probably best to create a bank account for your child in their own name?

Impossible to have sort code and account number for all pots?

Forgive me if this has been discussed before. I was wondering about pots. We current have the ability to do scheduled payments into a pot, and we have the ability to do scheduled payments to a numbered account (sort code, account number), but pots don’t have an account number so certain combinations aren’t possible - like sending externally to a pot (sure, you can send to your main account and then scoop it up with a scheduled pot, but there are other examples where you might want a sort code an…

Second account / Pot with its own account number and sort code

Before I came to Monzo, I had two main accounts: for day-to-day expenses (with a card) for salary, rent and bills (no card, managed online only) The reasons: safety - since second account doesn’t have a card, it’s much more difficult to lose that money convenience - after all direct debits and standing orders for rent and bills, which are all done at the beginning of a month, I can easily see how much I have available this month references - when moving house and having to prove that I pay …

Money to the pot

I was just wondering if it was possible to just have the pot of not the card so when I transfer money it just goes straight into the pot

[j06 (Jamie)]

Think it would be better to open an account in your child’s own name. Should the worst happen to you it will still be there and separate, rather than becoming caught up in your estate.

[davidwalton (Award Winning Hot Coral Analyst)]

Hi Jack & welcome

As @revels and @j06 have said, it’d be better to open an external bank account.

You can set up a repeating scheduled payment to the external account from Monzo easily and you can also supply the sort-code/account/name of the account for family members to be able to contribute too.

Alternatively, choose a bank that is Open Banking compatible with Monzo, so that you could (with a Monzo Plus or Premium tier) move money between the account very easily, and also see the balance of the external account from within the Monzo app. With this option, have the family members pay contributions into your Monzo account and you move it across to your son’s account using Open Banking.