Savings Pots Withdrawals

Hi @AlanDoe

Maybe this is something you could help with. I have some questions around the savings pots withdrawals.

  1. Why isnt there a notification when the money hits your account? This is basically a transfer to your account from an external account so surely monzo would be able to generate one? Be a great help if they could.

  2. Can you share some details on this process? Is it automated? Doesnt seem to be, if not why isnt it? Personally I think some regularity to it would make it alot more professional in feel e.g. you make the request before 10pm and the amount will be in you account at 4pm next working day or something along those lines

EDIT: Now when i think about it maybe i should have moved this to a new thread, are coral crew members able to do this? :thinking: if so can you please do this? thanks @Peter_G

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Thanks @Peter_G much appreciated.

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Heya @nathanthomson8 :wave:

Great couple of questions, I’m living over on the Savings Pots / ISA side of things now so let’s see if we can get this answered :wink:

  1. The honest answer is, I don’t know why :eyes: but I’ve asked our lovely engineers if it’s something we can work on - we’re making some tweaks to Pots generally (to tidy up some of the wording and make pot closures more straightforward) it’s something relatively simple to implement - we don’t have a timeline on when it’ll be added but it’s certainly on our radar :hot_coral_heart:

  2. Like almost everything I can think of at Monzo, this is entirely automated :robot: no manual intervention needed :raised_hands: There’s no specific ‘withdrawal time = landing time’ to Pots - when you make a withdrawal from a Savings Pot, it’ll hit your account by 5pm the next working day :honey_pot: There’s no way for us to speed this up or cancel it but the second the money reaches us (it needs to travel back from the savings provider :yum:), it’ll be in your main balance & ready to spend :+1:

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Most of the time, the funds are available at or soon after 11am the following working day. On a couple of occasions though it’s not been available until about 4pm.

It doesn’t appear to make any difference at what time you process the withdrawal.

Thanks marcus thats nice to hear, please do update us when you get more of an idea on timelines :clap:

As for part two i can think of another way :eyes:

#GetWithdrawalsEarly

Similar to monzo taking the temporary hit for bacs they could take the temporary hit for pot withdrawals.

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No worries! :raised_hands: Will be sure to give you a shout if I hear any more on the topic :mega:

Instant withdrawals is something that’s been spoken about before :blush: but that’s not a quick or easy project, as far as I know - not sure if it’s actively being worked on either, as I’ve not seen any updates recently :innocent:

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Ahh @nexusmaniac just noticed another horrendous thing and i suppose maybe you could clarify on why its the case if like you say…

Why can’t i cancel a withdrawal?

Didn’t realise today was a Friday and did a withdrawal from a savings pot not realising itll take 3 days to come out, which is ok as i dont need it before then but i now miss out on 3 days interest (again not a massive deal but still poor from a service point of view)

Why can’t I cancel this automatically keeping the money in?
Does it really take 2 working days for a transfer to the Monzo trust account?

Being so used to Monzo Faster payments savings pots seem so archaic in comparison.

As you can probably tell with all these questions i think savings pots need an awful lot of work or clarification.

To be honest i think im just gunna bite the bullet and use Marcus 100% from now on due to all these weird conditions but i suppose i feel like im my mystified others will be too :laughing:

My theory on why you can’t cancel a withdrawal is because it involves a third party. When you request a withdrawal Monzo pass this over to the savings provider and it’s then out of their control.

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