Schedule payments into Pots!


#61

I posed the same issue and was advised “it’s coming soon” . :grin:


(MikeF) #62

Given that it’s an internal transfer, I don’t think it will ever appear under Spending. Mine are set for next month so I was wondering if they’d appear in the Pots area of the report as future transfers somehow.


#63

I wonder if another useful way of dynamically using this could be to allow users to set up a target saving amount in a pot and a target date and then have Monzo calculate the amount that goes into that pot dynamically each month/week/day based on data like what you’ve got in your account,your committed spending and your general spending patterns.

Monzo could then give you notifications/updates on whether you are likely to hit your target which means you can take some action ahead of time.

I’m seeing this slightly differently to setting up a specific amount yourself because in some months you may have more or less money due to the way you’ve spent and a fixed amount might not work for you.

It’s a way of linking “save x% each month” and “save £x by [date]”.


#64

Have been waiting for this. Thank you Monzo!!

Now my last wish is to be able to set direct debits and standing orders to a pot.


(Jack) #65

I’ve heard it’s definitely something they are considering :wink: so keep your fingers crosssed.


(kenny strain) #66

It’s great that you can now schedule payments into pots but without being able to schedule payments from the same pot this isn’t that useful a feature. Without the ability to pay directly from those pots this can’t be used as easily as a normal bank account for paying direct debits and standing orders.

For me what would make pots really work is the following:

  • ability to schedule payments into/out of pots
  • ability to track the funds coming into / out of pots.

At the moment I have a “bills” account that i transfer money to on pay day and all my direct debits come from that, what’s left is mine for the month. If monzo could sort out the above then I think i’d move everything to it but won’t as I don’t want to have a bills pot and then have to manually move money out of it and into the main account and then pay from that.


#67

I think Monzo need to add frequency as not all people get paid monthly or weekly…As for yourself 2 weekly & me 4 Weekly


(Mark ) #68

Definitely. That’s what I’d really like too to make pots work well for me.


(Jack Hall) #69

Although, you can schedule payments into a pot, a useful personal finance technique is to put a percentage of your pay away so that its directly proportional to your earnings. Typically this is suppose to be a minimum of 10% but desired to be 25-50% and I would love it if this was an option as this is something I do every month.

Cheers,
#bestbankintheworld
Jack


(Jack) #70

Hi @jackhall :wave: , I hope you don’t mind but I’ve moved your post here to keep all the feedback in one place about scheduled pot transfers.

I think what you’ve suggested is a great idea! Keep the suggestions coming :raised_hands: :slight_smile:


(Chris) #71

Great to see this being added. I look forward to future enhancements. Some great ideas within the community.

Could the dev team possibly consider adding this feature within the “Payments” section of the App too please? I instinctively went to Payments > Scheduled Payments > Add Scheduled Payment and couldn’t find the ability to add to a pot. I now realise it’s within the designated pots actions (Add to Pot).

Keep up the amazing work. Monzo really is turning into the bank of the future and acting surprisingly quick adding enhancements to their mobile app compared to traditional legacy banks.


(Jack Hall) #72

Hello, not problem at all and thank you so much for your feedback, it would be great to see it implemented. :grinning:

Jack


(Daniel) #73

Just been on with chat about this, they come out at the same time you set up the scheduled payment. Ie create the scheduled payments at 3:30pm and it will come out on your scheduled day at 3:30pm.


(Nick Slade) #74

I set up an IFTTT applet to do this exact task…

Would be good if I could also set up a transfer of funds out of a pot into my account on a scheduled basis! So far I’ve set this up using IFTTT


#75

Or ability to choose “Every X Y”

where X can be a number and Y can be days, weeks, months, years.

eg: for X=6 and Y=weeks it would be “Every 6 weeks”


#76

Now that I’ve just rolled into the new pay month I’ve realised scheduled pot transfers aren’t accounted for in the summary’s remaining balance so it’s telling me I have more to spend than I actually do.


(Nick Slade) #77

I find the opposite frustrating - I have all of the money for scheduled payments in a pot, and the day before they are due to come out I have an IFTTT recipe to transfer the amount due into my account to cover it.

Annoyingly, because the money is in a pot, it is not included in my Summary, meaning the app thinks I will run out of money when the payments come out of my account, as its not aware the money in the pot is meant to replace/fund this.

Suggestion for Monzo: Maybe we could choose to include or exclude a pots balance from the monthly summary??


(Ed Stubbs) #78

When you mean scheduled payments do you mean bills that are classed as ‘committed spending’?

If so, you wouldn’t need to put all that money into a pot because your summary would pick these up as committed spending and you would reduce your monthly budget accordingly.

The only time I use pots is when I have an annual one off payment such as car insurance which I will save a certain amount a month for into a pot. These payments aren’t included in my monthly budget. When I make the annual payment, I move the amount back into my main account and then exclude the payment from summary.

My budget is set up to deal with groceries, petrol, eating out, entertainment and general with bills being covered by committed spending each month as they are pretty static.


(Nick Slade) #79

Yeah that normally works, but annoyingly if I see the money in my current account, my mind see’s it as fair game.

Adding it to a pot is the best sure fire way to ensure I definitely have enough funds to cover it. I guess that’s the beauty of Monzo - everyone manages their finances differently meaning we have much more control over our money!


(Edward Robert) #80

Can anyone tell me what time a scheduled payments into pots comes out of your account? Is it 2am like standing orders? Thanks