I don’t know that they’re that far advanced in their thinking. They’ve said before that the current £1000 limit is a bit artificial to ensure they maintain a healthy enough balance sheet to enable their current lending. As account numbers (and balances, hopefully) grow then I suspect we’ll see a relaxation in these rules.
I understand the frustration that it isn’t an instant withdrawal, but I actually see that as a benefit.
I have a smaller pot with enough money in case I do ever need an instant cash injection. The 24 hour wait is a deterrent and so I will end up keeping that money saved longer.
I’m not sure if this has previously been mentioned, but scheduled transactions with interest bearing pots don’t seem to work as I’d expect if the transaction reduces the pot balance to less than £1k.
I put aside an amount over 1k in an interest bearing pot to be used for a bill later in the month, because why wouldn’t you? I then set a scheduled transaction to withdraw the money from the pot the day before I needed it. This would have reduced the pot balance to £0. Yesterday (the day the scheduled payment was due out) it looked like everything was working fine, the transaction appeared in the ‘upcoming’ feed waiting for the next working day. Today it seems to have disappeared from the list and I’ve had to go and manually delete the pot in order to get the money out.
Personally, I’d expect if a scheduled transaction drops the balance of a pot below £1k, then one of two things should happen. Either notify the user that the scheduled transaction hasn’t gone ahead, or delete the pot and return the money to the ‘main’ account.
I realise it’s a bit of an edge case, but I think it should be tidied up.
It’s a fair point.
If you manually try and withdraw money from a savings pot that takes you below the £1,000 minimum then you get the error below:
I wouldn’t want scheduled payments to be given the ability to delete pots but a message similar to above would be nice. Maybe as a warning a day or two before it is scheduled to be taken
I wish you could use IF statements( automatic pot withdrawals and deposits).
Then you could logically stick an IF statement on the savings pot that says IF withdrawal results in a pot total of <£1000 transfer x (x being the withdrawal from x from POT/main account).
But then it depends on what you are using the Pot for as interest bearing savings pot(exclusively for emergencies and any other purchase or whether it is for “Spare” money)
Sorry if I missed this question being asked but can’t seem to find answer, when does the interest actually get paid on savings? It says end of the month - so would that be today? Because I not received anything so far. Or it is once the end has ended - i.e 1st December
I think it’ll either be later today at around 3pm, same time as payments out from interest pots or on Monday
Only just noticed this notification.
Hopefully it’s soon haha, our joint account is basically our saving’s account.
I’m never sure what people mean by that emoji lol
Edit - Just to clarify, it looked like you were a bit annoyed by the “3 day delay”, but isn’t this normal on a Friday?
Yeah, I know. I’ve just hit something similar.
I have a transfer that comes out of a savings pot at the end of each month to fund a payment of the mortgage on the 1st of each month. This month, because of the way the weekend landed I’ve missed the payment by a few days (hopefully not an issue, but we’ll see).
Seems to me scheduled withdrawals should happen on a savings pot so that the funds are available in the main account at the time specified, rather than initiating the transfer at that time.
Received my first interest payment today at around 3am
Really awesome to see (actually, I only saw it in my feed - not in my notifications though I was pretty tired, I might’ve missed it ¯_(ツ)_/¯ )
Some feedback and a question
Like I said, it’s pretty cool to be getting interest paid into my Monzo pot but the feed item with “you earned £x.x of interest in November”, it’d be wicked if that item could be opened (like any other transaction) and would display all current interest, predicted future interest, etc.
And now for the question What do I do if I think the amount is incorrect? (Talking ~17p)
I used this calculator to work out how much interest I would be looking at each month and I’m certainly not on 17p of interest a day so it’s not the 1 working day delay for earning interest
That’d be amazing!
I’d contact Support and ask for a breakdown of the interest calculations. I’ve done that before for high street banks and got some daily statement type thing, breaking it all down.
Actually. That’s a point. You get paid interest (directly into the Pot) but it’s not on any statement that you’ve been paid that interest. Is that even legal?
Whether or not it’s legal, it’s a bad user interface! Although I’m sure I can work out how much interest I’ve been paid by going back through statements, what I really want is to be able to go to the pot and be told how much interest I’ve received in each tax year so I can fill in my tax return.
(More generally: a “statement” view of each pot would be very handy and I don’t know why Monzo haven’t already done this!)
From what I can see just now… your interest payment isn’t on any statement
That a glitch Tom, or have you got £400k in an account insured up to £85k?
Ah you’re too quick.
Massively agree with this, it’s not easy to work this out, I’d like a visible history or ability to request history