Scheduled Savings Account Withdrawals

Hi All,

I scheduled a withdrawal from my savings for yesterday - but it didn’t actually withdraw the money until today. Does Monzo not put in the request until the scheduled day or is it just because of the bank holiday weekend?

IIRC if you’re withdrawing from a interest-paying account, the withdrawal process is actioned on the day you scheduled, but the process takes a day to get the money from Investec (or whoever) to your Monzo account. If you want the money in your account for a specific date, you need to factor in the delay inherent in the process.

Yes - I have been caught out by this before. It doesn’t help that Monzo show the item in the feed incorrectly informing you it will be in your account the next day. This actually just means they’ll then start the withdrawal and you’ll get it the day after. This creates an additional feed item which looks like a double withdrawal.

I now just manually remind myself to take the money out to avoid any confusion.

I thought that might be the case, thanks for the confirmation. It doesn’t feel like a very intuitive solution to me - I think they should automatically request the transfer the working day before so that it goes through on the day you’ve specified…