I’m wanting to open up a Fixed Term Pot, but to make it easier, I’d love to have an option where I’ve got an unlocked Pot with some savings in, and a certain amount can move to the Fixed Term Pot without going to the Current Account, and then going to the Pot as it currently stands.
It cuts out a step here and makes it much easier - are there plans for this?
Yeah this is a nightmare and many people including myself don’t like the multiple “transfer to pot” description in and out of the current account as it’s unnecessary. At this moment in time everything moves through the current account until monzo figure out how to copy starlings system of doing this . I just stick to my main account and transfer money out to a bank that has better savings. The good feature is that monzo calculate all my direct debits from my current account so I actually know what I have left to spend - so Monzo don’t change this feature as it helps with my finances and knowing what I have left to spend
Pot to Pot transfers are well needed but it will still have to pass through the current account before landing in the destination pot otherwise it would create legal issues as a pot isn’t actually a bank account but more like an extension or partition of your current account.
However they would be able to do it nevertheless but on the transaction list you’d be able to see money transfered out of a pot into your current account and another from your current account into the recipient pot, however you just perform one action.