Schedule payments into Pots!


(Richard Cook) #1

:tada:


Percentage of pay into savings pot
(Dawid) #2

So happy this came on board. Is it configurable to hide the notifications of these automatic transfers from the feed? I would prefer to not see them and check every now and then and be nicely surprised.

Also do you think a feature to dynamically change the amount is on the cards?

I can see few ways of using it:

  1. 1p Challange - incremental value
  2. % of your current balance - if I have more money, means I can save more
  3. Stopping the transfer if balance under certain amount
  4. Only make a transfer if you receive certain amount (suggested by @cazzzac)

(Zac) #3

Great idea. It would be even better if you could schedule it only when your main pay enters your account. E.g. if you get paid somewhere between the 22nd-25th of the month, have the trigger for transfer be the incoming payment, rather than a particular date.


(Graham - Mental health professional) #4

An elegant update. Thanks team. :slightly_smiling_face:


(I'll flag any comment for 50p) #5

Would like to withdraw as well e.g. rent goes in on x rent comes out on x


(Lancelot Payne) #6

Yay been waiting patiently for this :smile: Nicely done :monzo:


(joekw) #7

Nice. Only improvements i can think of now is scheduled withdrawals and more specific schedules eg. every x days/weeks/months.


(Richard Bairwell) #8

Agreed - please can it be added (also as an IFTTT trigger), ‘On the first payment of the month exceeding £xxx.xx’ then I can set it to just below my monthly salary and have it automatically sent across: and, if for some lucky reason, I receive another batch of month over that amount the same month, it doesn’t move.


(Grant MacGregor) #9

Interest on these savings?


(JD) #10

Mentioned this in the IFTTT thread, but I’d love a % of an incoming payment too, so I can set aside my Tax money without having to do it manually and cry watching my Taxes pot balloon :frowning:

Don’t seem to have this feature yet – but scheduled Withdrawals would actually be more useful to me right now, since I’m already manually managing Bill/Taxes/Coin Jar pots.

IFTTT is a good workaround for now, but I assume most features that don’t use another IFTTT service will eventually be done natively in Monzo? :crossed_fingers:


#11

Am I missing something but hasn’t this been available for a few weeks? I have had a £1 going into my Savings pot every day for a while now?


(Ed Stubbs) #12

What times do scheduled payments get taken from the main account? On IFTTT I have them set up to be taken at 6.30am on the same day as my salary is paid in (paid in from 1am to 3am ish I think). If i’m to change from IFTTT to doing this via the app, I need to make sure there is money in the main account before scheduled payments are paid.


(Ed Stubbs) #13

Also, I actually think this would make more sense in the settings, rather than by pressing the add payment button.


#14

Love this!

I get paid every 2 weeks though - could this be an option for the frequency?


#15

Will scheduled pots payments be included in committed spending? If not, do people think they should be? It makes sense for me as regular saving to pots makes the money unavailable for spending in the main current account.


(Dan Morrissey) #16

Love these options. I’d also like to be able to automatically transfer anything I have left at the end of the month before my payday to be transfered out into a pot, could that be a thing? You already know which payment is my wages, so the maths should be simple?


(Stephen ) #17

This looks great, I’d love a feature where, if I’m underbudget for the month, I could move the amount I’m underbudget by to a pot automatically, either daily, weekly or monthly. I’ve checked IFTTT and I don’t think its available yet.


(Dawid) #18

Yes I even signed up for IFTTT as I have never heard of it before Monzo but I hope this will be useful for processes that can’t be build into Monzo, but not long-term because some essential features are missing (though I don’t think that everything is essential :slight_smile: )


(Daniel O Williams) #19

Another good thing would be the ability to do it the other way. E.g. Transfer 5 out of the lunch money pot into main account each day.


( related to Monzo CEO, Investor in Monzo ) #20

you can do this with IFTTT if you choose to :slight_smile: