I completely agree with your issue with it not being instant.
I’ve opened a savings account because I love Monzo and want to help them develop. And there were a lot of positives. The process was smooth, loved the transparency about Monzo’s cut (0.15%). I like the plant graphic on the pot to show it’s a savings account. No issues with this. Still some BIG downsides in my opinion though that need smoothing out.
- £1000 minimum, I see where Monzo is coming from, but this is far too much, hopefully this will come down in the future.
- Only able to access your money next working day. Again major issue. I couldn’t agree with Seig more. Monzo is a bank for tech-savvy individuals. We want instant access to our accounts. For example, if I put my holiday fund in this pot, I’d end up booking flights from my current account, which would leave my current account very low whilst I wait to release the funds from the savings account. I might not even be able to book the flights depending on how much money I had in my current account until the funds were available the next working day. This limits the usage of the savings pot. I’m hoping this is a limitation with Investec savings accounts and not Monzo. If the 1 working day delay problem is on Monzo’s side, sort it out! If they’re on Investec’s side perhaps when other savings options become available this will be sorted.
I think it’s worth shining some light on pots in general too. There are quite a few outstanding issues with pots. I use the word issues here perhaps a little harshly, but when pots first came out there was a poll with all the extra features that users wanted to see added. Some have been addressed, but a lot are still outstanding. Let’s see some more iterative work on pots Monzo!
- There’s no transaction list. I move money into and out of pots to safe keep it. 1 month later I look at the pot and I can’t figure out why the amount is what it is. There’s no way to look back afterward and see what the pot ‘history’ was for want of a better term.
- You can’t amend a scheduled payment into a pot, only delete and redo it. This is annoying.
- On iOS you can’t reorder the pots on the screen. Again you have to delete them and then recreate in the order you would like. Again just annoying rather than a big issue. We need better management of pots. In this regard, the user interface doesn’t really work for a large number of pots either. I’m not sure about the horizontal scroll on iOS, everything else within the app is vertical?
- You can’t transfer between pots. Only back into your main account and out again. This adds unnecessary transactions to the feed. Again annoying, not a major issue. But hurry up and polish these things up Monzo!
- I should be able to set direct debits, standing orders etc… to go into and come directly out of a pot. This would be great for a ‘Bills’ pot. I’m not sure how they would do this, perhaps they’d all need account numbers. Get it done Monzo!
- I also want to ‘assign’ transactions to a pot. For example, I buy flights, I want to click on the flights in my feed and select my holiday pot and the money automatically be debited from the pot and put back into my current account without creating a big mess in the feed. This could also work for incoming payments, especially if pots had their own transaction feed that could keep track of all the comings and goings.
- Ability to add my own pictures to pots! The available options are a little limiting!
Anyway in general Monzo good work. Excellent progress. Still a lot of work to do. Let’s have some focus on pots development again please! (And then back to Summary, there is unfinished business there too)