Savings Pots Feedback


(Chris Rimell) #102

1% isn’t bad, but it’s far from the best available. However it does offer some extra ease of access from within the Monzo app (a lot of my savings are currently with Virgin and they don’t even have and app :exploding_head:

Looking at investec, their standard e-saver account offers upto 1.15% but for balance of a £1000 it is just 0.1%, so if you happen to have some savings at the lower rates with them already it is a no-brainer to move them.


(Chris Rimell) #103

Anyone know if IFTTT still works with the new savings pots (for both withdrawals and payments)? My new pot shows up in IFTTT so I’m assuming it does work… withdrawals would work interestingly :face_with_monocle:


#104


((╯°□°)╯︵ ┻━┻) #105

It’s not invite only anymore, they’ve rolled it out to everyone.

Check your device notifications and you will also find it in app too. This is on the ‘home’ tab mixed amongst your transactions :slight_smile:


#106

I know they have said it will become available to everyone, but I don’t believe it’s actually live for everyone yet.

I think they are still rolling it out to batches of people.


#107

Using this is a no brainer for me, I have an existing pot for home repairs with over 1k in it.

I went to create the new pot, clicked all the way through, and then I can’t create the pot because I don’t have 1k available balance. So I back all the way out, go in the old home repair pot, empty it all out. Now I have to remember the amount that was in there, go all the way back into the create new pot work flow, and add in that exact amount.

Then I go back to the old pot to find the amount of my scheduled transaction, but there’s only an option to add a scheduled transaction, not to see the amount of the existing one. So I go to the main transaction list to find the transaction, remember the amount, go back to the new pot, make a new scheduled transaction.

Then I went back to the old pot to try and get rid of the scheduled transaction there, but couldn’t figure out how. Eventually I realised I could just delete the old pot.

Job done (finally)!


((╯°□°)╯︵ ┻━┻) #108

Maybe… They announced it on all their social media channels a while ago so I would expect everyone to have it by now.

Sensible thing would be to keep an eye on your phone notifications and in app notifications because if it has not landed yet because it will very :soon: :slight_smile:


(Lauren) #109

I saw this when I created the pot but just want to clarify - the fee is paid for by Investec, not the customer (me), and the amount is calculated from the amount in my flex savings pot?


((╯°□°)╯︵ ┻━┻) #110

There is no fee.

When you create a savings pot you will generate interest on the money you have in there. You will get 1% APR paid monthly into your account :slight_smile:


#111

Savings pot really intuitive to use I thought.

One issue that I am seeing is that following joint accounts and now savings, the account limits need to be updated. For people that have gone full monzo, the limits for moving money between your own accounts/pots should be much higher.


#112

Was there a link to the community feedback thread when the invites were sent out?

Awful lot of new users giving their feedback on it (which is great, but unusual).


(Is Santa here yet?) #113

Yes, on the email


#114

Awesome, hope they stick around and offer more feedback.


((╯°□°)╯︵ ┻━┻) #115

For all the newbies:

:rofl:


#116

:joy::joy: Brilliant.


#117

Hmm, I have nothing in my feed and when I go to create pot just have the normal pot creation flow…

Nothing for me yet :clock1:


(Marcus Nailor, Hot Coral Detective) #118

Day 1 Thoughts of Monzo’s Savings Pots :tada:

I’ve been eager to move my savings away from my legacy bank… I’ve got a wonderful ISA with an almighty 0.20% interest rate :expressionless: But it’s tax free :wink::sweat_smile:

There’s plenty of options, I could drop it into Marcus (the bank :joy:) I could open a Nationwide account and have yet another bunch of security hurdles to jump through to access my savings OR I could holdout with my amazing 0.20% interest until Monzo deliver something amazing! This has been in the workds for a long while, I remember when APK teardowns revealed the inner workings of a pot with some kind of interest. Over the months more and more work has gone into this and with the Big list & some more blog posts - Savings Pots were becoming closer to reality! :eyes:

As of today that reality is here! :tada: I wasn’t fortunate enough to be in the early 44,000 customer trial but that’s not the end of the world :grin: I’m thrilled that Monzo have rolled out their first true marketplace ‘plugin’ :tada: It’s truly exciting!!

Is 1.00% market leading? No. Is it better (for me) than 0.20%? Yes! Is it a sensible rate to offer? Also yes!

Monzo are making 0.15% in exchange for offering me (and everybody else) the following:

  • Really easy access to a savings account! No forms to fill in, no details to send off, no faffing over approval and waiting for a letter in the post with some numbers and other nonsense. Just a really solid looking savings account (pot)!

  • Next day withdrawal. This has been met with some grumbles… But really? I don’t see the issue with this. It’s not a fixed rate saver where your money is ‘locked’ away for several years. 1 working day isn’t exactly ages and considering it’s all managed within the Monzo app despite the money itself residing with Investec, I think 1 day to shuffle some funds, figures & ledgers, seems reasonable! (IMO) :grin:

With that 0.15% I’m sure they’ll be moving gradually towards being a profitable organisation, hiring more staff, etc. You know? The things businesses tend to do with profit :wink:

There’s not a great deal more to say about something like a savings pot :see_no_evil: It’s awesome to have! I’m happy and I will continue to use it until something better comes along in the Monzo Marketplace :slight_smile: If I can invest in something via Monzo I might check that out, likewise if “supplier B” comes along and offers me >1.00% interest then I’ll almost definitely move over to that :grin: But in the meantime I’m very happy to be using Investec’s offering via Monzo to store my savings in :slightly_smiling_face:


Some improvements?

  • An in / out log of funds, it would be very awesome to see this on a pot-by-pot basis in general. But it would be especially useful for something paying out interest :smile:

  • Converting a pot from ‘regular’ to ‘savings’ would be great! I messed up initially just trying to open a pot, it hada minimum of £1k which was in another pot but not in my main balance :man_shrugging: my bad :joy: But it would be nice to convert / switch an existing pot :slight_smile:

    • It’s a shame because I lost my total & average deposits into a pot which has been running since pots became a thing :wink: Granted, it’s a minor niggle but something worthwhile (IMO)
  • Locking the pot, a trivial layer of protection to make it less easy than “withdraw”. If there was some mild resistance to this just to dissuade people from taking money out because it is very easy to do so (compared to it being in a different bank / different app where you won’t look at it as often as you would Monzo)

  • See a projection / calculator for interest or how much the pot might grow with. (There are 3rd party tools which can accomplish this but it would be awesome to have it all available at my fingertips :stuck_out_tongue:)


(Julian Heath) #119

Got the message earlier today, cheched my rate with RBS which was 0.25% so I have now done the swap. I am now officially 100% with Monzo :stuck_out_tongue_closed_eyes: only comment so far is that it seems to double count the money at the moment. I.e. I made the transfer from RBS for X then sent X to the savings pot but my summary still shows X in my current account as well as the savings pot so it looks like I have 2X in total. I imagine that will sort itself out tomorrow but not ideal


(Miguel Moragues) #120

Does anyone know if the interest generated is subject to be taxed?


#121

That was simple :+1::+1:

Just echoing some of the thoughts above: would love a way to convert a normal pot to a savings one. The next day access although not awful just feels a bit legacy.

All in all very cool. Looking forward to similar features!