Savings Pots Feedback


(Dan) #284

Presumably you knew about this restriction before overspending though, right?

If I remember right deposits are returned at 3pm.


(Andy) #285

This is why I’ve not put all my funds into an interest pot to ensure I’ve got emergency funds just in case I need it in less than 24hours :tired_face:


(Duncan) #286

You should keep some additional money in a “buffer pot”.


(AllanW) #287

I don’t want to. I want my savings earning interest :+1:


(Andy) #288

You’re holding it wrong! :stuck_out_tongue_winking_eye:


(AllanW) #289

Of course I did. It’s different when it plays out in real life. That’s my point.


(Duncan) #290

It’s very minimal interest on a small float buffer :wink:.


(Nathan) #291

Nice to have all the same, id rather get interest than not get it if given the choice.


#292

Hi @enmasser,

Given you knew the “next working day” time frame on the savings pot, did you not think about putting them elsewhere?

I probably sound like a broken record now, but I’m struggling with the idea that someone would put their savings earning 1% interest and a “next working day” withdrawal delay, over an account that earns 1.5% interest (no minimum balance) with instant withdrawals and deposits?

The only reason I can think is that the person wants visibility over all of their money in the one app - Which is fair enough.

But then you have to accept the shortcomings of that, and I don’t think you can even contemplate blaming Monzo for a poor user experience, when they advertise their T’s and C’s very clearly before you sign up.


(Kenny Grant) #293

Yes, this is why I imagine for most. Convenient, in one place, reliable, don’t need yet another app. This is why the marketplace idea exists - convenience and perceived safety trump a lot of other concerns. Your conclusion that it has always been this way and always will be this way and must be accepted, is IMO flawed. If this problem of slow scheduled withdrawals costs Monzo more in support time and complaints than it generates revenue, it will probably be fixed. You present it as a natural consequence of being in the same app, not sure I agree.

This is a poor user experience, and it is Monzo’s experience. T&Cs do not excuse that, and it’s good for users to let them know so they can fix it - this is why we complain about it (hopefully not too much :slight_smile: ).

Not a good experience for customers though. We have the expectation nowadays that transfers are automatic and on the time scale of seconds to hours, not days, and this is reinforced by seeing it in the same app. Transfers which occur at a given time only within business hours are an annoyance and will generate complaints from customers as long as they happen, which will cost Monzo money and support time.

Monzo should IMO fix this, for this and future integrations - it feels like using a legacy bank.


#294

Sorry, I probably wasn’t clear.

I agree with you 100% - It’s a bad user experience, the whole Savings Pots thing isn’t great IMO, and it’s why I don’t use it.

But regardless of what you think about the functionality, Monzo are pretty clear with their T’s and C’s, and my point was in relation to…

I wouldn’t buy a Mondeo, and then go back to the dealer to complain that it doesn’t do 0-60 in 3 seconds.

Should we all complain that the current UI of the Monzo savings pot is bad? Yes, absolutely - If we can get them to improve it, we all benefit.

I just disagree that a complaint should come after the user has done something which they knew would cause an issue (unless they didn’t know of course, but I believe they did).

@enmasser should definitely get a Marcus account if they like interest and want instant access :smiley:


(Nathan) #295

+1 for Marcus, cant fault it

Instant Access :white_check_mark:
+0.5% extra interest :white_check_mark:

^^ Also a massive :white_check_mark:


(👨‍💻) #296

Plus you can open with a £1


(AllanW) #297

After 3pm and still not cleared. And it’s nice that the community is so interested in why I’ve chosen to save with my main bank :wink:


(AllanW) #298

I love my Monzo account and app so want everything in one place. Now that I’ve experienced it - it really does feel poor that if you remember on a Thursday to take money our your savings, you’ll get it the next day but if you remember on a Friday, you’ll get it in 3 days. It feels like old fashioned banking! Hopefully Monzo listen to customer feedback and look to improve their products :slight_smile:


(Chris Rimell) #299

Although the notification says 3pm on it, the money can arrive at any point during the day. I’ve flagged this up already because it’s confusing. It will arrive today though (so far my withdrawals were at around 1pm and 4pm when the money arrived back into my account)


#300

Do you get a notification when the money does eventually become available?


(Chris Rimell) #301

I don’t remember, sorry. I was eager for the money at the time


#302

It’s ok, I was just idly curious.

I’ll find out later today when I shovel my money back over to Marcus.

Edit: You don’t get a notification :roll_eyes:


(Scott) #303

Are Monzo going to look about putting just an everyday saving account option? The current offering is either having no interest or getting interest but with minimum of 1K are you
Going to have an option for say £100, or £200 minimum :face_with_hand_over_mouth: