Second account / Pot with its own account number and sort code

(Jaroslaw Pawlak) #1

Before I came to Monzo, I had two main accounts:

  • for day-to-day expenses (with a card)
  • for salary, rent and bills (no card, managed online only)

The reasons:

  • safety - since second account doesn’t have a card, it’s much more difficult to lose that money
  • convenience - after all direct debits and standing orders for rent and bills, which are all done at the beginning of a month, I can easily see how much I have available this month
  • references - when moving house and having to prove that I pay my rent on time, all I need (and nothing more) is in once place
  • legal / proof of address - when having to prove my address it is convenient to have an account used regularly, but which has only a few transactions each month (I am not sure how this one would work with Monzo since I rely on paper statements for this)

In Monzo that would mean giving a pot its own account number and sort code. Probably on request only, not by default, as otherwise we would run out of account numbers pretty quickly. Also, it probably shouldn’t be possible to delete such pot as I could have given those details to someone to transfer me money (e.g. my friend or employer), there should still be possibility to rename it and change image. There might be a restriction e.g. max 1-2 per user.


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(Jamie 🏳️‍🌈) #2

:monzopride: Monzo’s plan is to do all that you want in the main account with pots paying out your Direct Debits and holding back other expenses that the system learns you want to keep separate.

But they’ve designed it so you don’t need a second set of account details. It’s essentially ringfencing portions of money in the one account.

Tom has also talked in the past about reinventing things like needing to provide paper statements, collected monthly, just to prove address and financial competence. Because, what’s the point? Surely it’s better to build something that companies plug into to ask Monzo directly if you’re good to go?

(Alex Sherwood) #3

You’ve done a great job of explaining your use cases here :fire:

You don’t need to worry about that, you’ll be able to claim money back that’s taken through fraud (assuming you stick to the T’s & C’s) & you really want, you can keep money in Pots to stop it being spent on your card.

The Summary is designed to make this easy to do & it’s steadily improving.

I expect you’ll be able to filter your exports for this sort of thing :soon: & you could simply highlight the transactions on your statement in the meantime.

Monzo can provide paper statements.

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(Jaroslaw Pawlak) #4

@j06 That sounds great. Will it be possible to somehow define my salary to go to a specific pot? I think the easiest and most reliable option would be to set a rule for the source - i.e. every transfer from this person goes to pot X.

Might be easy, but seeing my colleagues affected my Ticketmaster breach, this is a distress that I would rather avoid. Thanks for the all the info on other points - not sure why I assumed that Monzo doesn’t do paper statements :slight_smile:

(Alex Sherwood) #5

No worries, in that case you can just keep your money in Pots :slight_smile:

(Rizwan Rajpoot) #6

Great idea!!!

(Sarcasm is the finest form of wit.) #8

July 2018 and nothing has changed on this.

Solving this use case is the only thing stopping me going full Monzo. Right now, pots and Summary and far too limited to allow for this. And given focus is on features that will bring in customers/earn Monzo money I don’t see it changing this year at all.