Savings Pots Feedback


(Devan) #347

Do you mean more information about the trust or about the US tax reporting?

I understood from this disclaimer that my money would then be placed in a trust by Monzo, and I would then be an owner of part of a foreign trust. (I don’t really know much about trusts so not sure if this is how it works…) As for the US form requirements, here is some information on it. The IRS loves knowing where all of our money is… not 100% sure if this form would actually be required based on the limited info I know, but if the form is actually required to be filed and it’s not, the penalties for me could be quite hefty ($10k), so would rather not take the effort/risk.


(#savetheseabass) #348

I think it means it’s in a trust account, as in one held on behalf of Monzo with pooled money rather than a trust in the investment sense of the word


#349

This is the bit I don’t understand. I don’t know where Investec is domiciled, but it’s UK regulated and FSCS protected, so I’m not sure it found be classed as foreign.

As for the trust part, I think that just means that its Monzo’s money ring-fenced in Investec’s books. My original query was where the notion of a trust fund came from, but I think your quote above answers that for me! :+1:


(Devan) #350

Oh right - “foreign” meaning non-US. The IRS makes it very difficult for us to invest internationally sadly :frowning:


(Watson) #351

Not sure if others have noted this, but I realised earlier that when you schedule withdrawals from a savings pot it starts the withdrawal on the day you set, but it doesn’t complete till the next working day.
Now I know that’s how savings pots work, but I think it would be better, when scheduling, to put in the date I want the money back on

(Guess who scheduled the withdrawal for a friday)


#352

Does the interest that is paid from the Investec pot each month not show as a transaction on the home feed? I was looking back at last month and cannot find it on my feed anywhere (I was paid interest though).


(Tony, Secret Lemonade Drinker) #353

@monzo2018 yes it does, but it’s a dismissable item, you might have done that.

Edit: Mine was on 3rd December, just FYI.


#354

Ah ok, thanks :blush: I must have dismissed it then! Hope it won’t be too long until we get a history of money in and out of pots!


#355

Can you withdraw money at any time back into your Monzo account from a savings pot?

  • I get student finance in a couple of weeks, and our university also gives us a bursary based on household income. Therefore, I’m seriously looking into setting up a savings pot as I think the interest rate is pretty good, and I think the seamless integration with investsec looks pretty slick.

(#savetheseabass) #356

Yeah. It takes a working day to get back to your account and you need to keep the balance above £1000 to keep it as an interesting pot


#357

Ahh thanks! :slight_smile: - Is interest paid monthly or annually? - I know it says 1% annual for the rate.


(Jack) #358

Monthly


#359

Remember a working day, so if you withdrew on Friday it would arrive Monday (with the current iteration).


#360

Thanks everybody for your input :slight_smile: I’ll definitely be opening a savings pot when I can.


(Paul) #361

I know there are some changes coming to pots soon. Today I got my first interest payment on the savings pot and it would be great to see a list of savings accrued over the months as well as transactions within this (and all pots), rather than having to scroll through the home feed


(Colin Robinson) #362

That’s why I’ve kept my feed messages:


(Paul) #363

That’s a good work around. Hopefully better Pot info will come soon.


#364

May already be mentioned but an option to convert existing pots to a Savings pot would be useful? I’ve had to go through a number of pots, re-create them as SPs, re-create monthly standing orders into them etc, re-check which one I wanted to be my “round up” pot, etc etc. Just a thought!


(Jeremy) #365

Like others I have been caught off guard by the working day rule - would be good to make this clear when choosing the pot type, maybe as part of the blurb that pops up when you click on make a new pot. This way you’re aware of the need to keep a buffer either in your main account or a regular pot.


#366

It already does clearly say “You’re free to take out money whenever you like, but it’ll take until the next working day to get back into your Monzo account.” when opening a Savings pot.