Savings Pots SLAs

In addition when you set up that pot, it literally tells you what the withdrawal rules and timescales are.

1 day wonā€™t make much difference, especially when you consider how much time youā€™ve spent (and therefore cost), by arguing about the fact youā€™re not happy with the terms you agreed to when you signed up.

If you wanted, you could withdraw a day earlier, and move it to a non-interest earnings pot to keep it out of your main balance to avoid being frauded.


Unfortunately, your post seems to be hinging on the demand for a set deadline for things to be sent over, thatā€™s not going to happen. You need faster access to your money, put it in a different interest bearing product, or withdraw it sooner.

:man_shrugging:

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Ok I see - but could Monzo not try and get a commitment from Investec or whoever the 3rd party is? It would be in Investecā€™s interest to increase customer base no? And monzoā€™s for that matter?

Good shout, I had this money in this particular savings pot due to the slightly better than shit compound interest rate available haha!

So, your argument for not moving it a day earlier, was to earn interest, which you accept isnā€™t worth it. So, yea, next time just remember the terms you agreed to.

If you think it should be withdrawn sooner/quicker, then a search on the feedback forum will identify other threads suggesting this which could be upvoted. :slight_smile:

ENOUGH CARPING AT EACH OTHER!

Please.

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Uh oh. They made daddy angry :frowning_face:

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This is just how the process works Iā€™m afraid.

We let each of our partners know at the end of the working day how many deposit/withdrawal requests weā€™ve received.

These are then processed by the providers and the funds are sent to us the following day as a batch. We then run the usual ledger balances and adjustments and apply the credits to customer accounts.

It would be very unusual for funds to be credited earlier than late afternoon as the process is the same each day. To change the way this works would require a huge amount of engineering time.

Weā€™re very clear about our SLA for these payments and therefore if you need the money on day 3 you should withdraw it on day 1.

If you need to make a payment for a specific purchase you can always make the payment early if youā€™re worried about keeping the funds in your account or move it to a normal pot overnight

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Fish puns in 3ā€¦ 2ā€¦ 1ā€¦ :tropical_fish:

(just trying to lighten the mood!)

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If this is for a house purchase, are you going to exceed your transfer limit? (Ā£10k a day I think?)

If you are, good to get that progressing with Monzo first so you donā€™t have another stumbling block. Although having said that, not sure if you can get the limit raised without having the funds there are previously Iā€™m sure people have had to move it out of pots.

Back to OnlyFins again.

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Er, it is clear. Itā€™ll be with you by 5pm the next working day.

Itā€™s not Monzoā€™s problem if you need the cash earlier in the day. If you needed the cash today, you shouldā€™ve initiated the withdrawal on Wednesday, surely?

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How much interest do you accrue in one day on, say, Ā£500k (a silly amount given max Ā£85k comp scheme)?

Ā£13.69 (or so) assuming a 1% annual interest rate.

Wow. Iā€™m not getting 1%. Is this a ā€˜Premiumā€™ feature?