Savings Pots Feedback


(Richard Cook) #1

This is the place to share your feedback on Savings Pots! :honey_pot:

Here’s what we’re testing out at the moment:

We’d love to hear feedback from those of you that already have access to Savings Pots. And a quick reminder: we’re not adding extra people to the test group at the moment. So please don’t ask :slightly_smiling_face:


An update on getting interest paid on savings
Making Monzo: Savings Pots
An update on getting interest paid on savings
Making Monzo: Savings Pots
An update on getting interest paid on savings
An update on getting interest paid on savings
(JoeO) #2

Received the " You can now earn interest with Savings Pots!" email but the app looks exactly the same to me. i.e. trying to create a pot (or modify an existing one) doesn’t give me any options to designate it as a Savings pot.

Something I am missing or is it just a timing thing?


(James) #3

I’ve got the same. If I follow the instructions there’s no on boarding Investec page and it just creates a new standard pot


(Keir Davis) #4

I’m also getting the same. I’ve updated it to the latest version in the Google Play Appstore and still no dice.


(Tristan Thomas) #5

Ooops, sorry! It’ll be available in the next half an hour for anyone who doesn’t see it right now.

(we can explain our mistake once we’ve fixed it :slight_smile: )


(Jami Welch) #6

@James32 @KeirDavis @Trash Can you DM me the email addresses you use for your account? Then we can test the fix with you to make sure all is working. Thanks!


(JoeO) #7

Actually I just tried it again and it is working now.
Let me know if you still want me to DM you.

Cheers


(James) #8

Looks to be working for me too now. Thank you


(Jami Welch) #9

Great! all good. Let us know if you have any issues!


(James) #10

Thank you, easy and clear on boarding and look forward to seeing how things progress when interest is applied.


(Marco Slater) #11

I had a pot for savings before this, so I just deleted that and moved the money into this.

The process seemed quite simple, very quick to set up the pot and get going. Let’s see how this works going from here. :smiley:


(Scott Newman) #12

Got the email and had to manually update the app (which isn’t the usual case) but once updated, the options were there as said.

It’s a really smooth process, very quick and nice to do. Really clear on how it works and manages expectations. The clarity on what Monzo earn from it is refreshing too - that is something I hope continues with everything you do.

The only downside to it is that it isn’t instant. I would completely understand that interest only applies to the balances there at the end of each day, but being limited to 9-5 Monday to Friday is just completely against the reasons I have switched.

My big requests, and requirements for sticking with Monzo are around transparency and immediacy. The delays in this are a big issue for me. I hope it is something that is changed going forward.


(Stephanie Cherrill) #13

Moved over everything apart from a back up float in case of emergencies into my investec savings pot. Kudos for clearly explaining exactly what happens and now what Monzo are getting out of it. Really appreciate including a little bit of technical detail (legally e.g. bare trust), enough to let users make an informed decision as to whether to participate.

Hope the pilot goes well so more people can do this. I had been considering getting a separate savings account - it’s one of those things that will help people use Monzo for everything!


#14

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)


An update on getting interest paid on savings
(Scott Newman) #15

This was exceptionally eloquently put, and I couldn’t agree more with all your points (although I’m Android, so had no view of iOS issues)
Only addition is the same pot developments put into joint accounts as well.


#16

I’ve given it a try - seems like an in app update was occurring when I first tried to enable it because there was no option but a force close and retry sorted it out.

I made a deposit and it’s a seamless process it works very well. Decided to close it today though and swap it to Marcus instead for the extra .5 but overall it’s a nice addition.


An update on getting interest paid on savings
(Nathan Steer) #17

I know this is off topic, but I like this point. I think I would prefer a carousel-esque control for viewing my pots.


(Daniel Rivers - Proud Current Account Holder) #18

How can’t be part of the test?


(MikeF) #19

There’s nothing you can do. It’s apparently fully random so you either have an invitation or you don’t


#20

I’ve just received a notification today but when I create a savings pot it looks like a regular pot - nothing to take me through to Investec.
But also does this imply a larger scale rollout as I didnt t get the notification previously?