Is it possible to schedule a transfer from a savings pot to my Monzo current account? I’m unable to pay a bill directly from a savings pot, so the next option I’m considering is scheduling the transfer. However, I can’t find the option to do this. I have a Monzo Premium account, if that makes any difference. Thanks in advance!
Hi @Twinklevic & welcome
You can’t schedule a withdrawal from a Savings account. I’d be doing exactly the same thing and using the Savings account as the Bills pot - but it’s a manual thing for now I’m afraid.
Hi Vicky. Welcome.
Scheduling a wthdrawal from a saving pot kinda defeats the point of a “savings pot”. It’s not supposed to be used for everyday expenses and bills. The idea is you are supposed to be saving money. Dipping into it should mean you are desperate or have an unexpected payment.
The way most of us are using them (myself included) is to use it as an extra standard “pot” to maximise interest, but this goes against what it is supposed to be, and against Monzo’s interest of making money.
So while I would want this feature too, I doubt it will happen.
Yes very true… per your comment, its maximizing the interest I’m after. I have a 0% credit card I pay off monthly from a savings pot as I want to accrue the interest on it for as long as possible. But I see your point over the limitation of this…