I think someone mentioned it already, but basically I want to have more than one account. One where I receive my salary and pay my rent and bills, and other where I transfer the money to actually spend with the card.
Two reasons for this:
Every time I move prospective landlords want to see my rent payment. However, I do not think it is appropriate for them (or for the matter, another bank - because you want to open a branch account, business account, or similar) to see what I spend my money on. I consider that to be private.
Monzo is really good at showing information about transactions (whether chip&pin or contactless) straight away. This allows me to know what I spend my money on better.
I have a specific Santander account where I deposit money for rent and bills. In the reference field of my rent S.O. I have my house number and postcode. When I need proof of where I live(d) I just request a paper statement and have a tidy document with all my rent payments and in the ref field the postcode of where I lived.
Re your second question. Some POS operations do not happen on real time. Or sometimes the currency exchange does not allow for an exact calculation, or it simply appears some time later. It has happened before that my rent was due on Monday, loaded funds using Transferwise Sunday afternoon, and then went out to a pub. The system created a technical overdraft, did not clear the Transferwise funds on time, and marked the S.O. as rejected. So then on Monday I had to set everything up again.
It sounds like you should be able to solve your first problem by doing / requesting a custom export of your rent transactions only. I think that Rat might have been thinking along those lines too.
I’m still not sure how having a second account would help you deal with the scenario that you’ve described in your second paragraph I’m afraid.
I have dealt with both horrible agencies and landlords better said. I just believe that what you spend your money in is private. Some people just do cash withdrawals for this reason.
Focusing on the two different separate accounts I think the point is that seeing your combined income in one account and combined expenditure in the other solves the headache of clearing times and transactions that do not take place immediately. Another reason some people do this is because if their expenditure (card expenditure) account is compromised and some sneaky thieve gets your details, it will not affect all the account that has your income (So they will be ringfenced. Which is similar to the pots that exist now, except you don’t have to set them manually).
Just curiosity. Do you use a similar system? @Chapuys
I have been thinking some time about this and figured that since every incoming transaction is usually coded (ie Salaries are usually BGC or have another identifier - or even just the name of the sender, the company), these could go straight into pots.
Let’s say my salary is £1000. I tell the app:
Put my salary in a pot called “SALARY”
Once you get the incoming salary, trigger a transfer from pot “SALARY” to pot “BILLS / RENT” for the amount of £600 (£500 for rent and £100 for bills. Both could come as DD or Standing Order"
Transfer the remainder to the general account for expenditure (debit card transactions) and maybe keep ÂŁ50 in my pot to buy a UNICORN.
This is obviously a somewhat complex system. But I have realised that by using a combination of Santander Basic Account + Savings Account + Monzo, it works great! Recently transferred from Loot and very pleased to find out that incoming payments are faster with Monzo.
Hi @northernlight, your point about having “another” Monzo card for your day-to-day spending, is something I have thought about too. Only because, until recently, Monzo was my day-to-day spending card, and I had my salary and bill payments coming in/out of my (now legacy) bank account, which was great because I knew that the balance of my Monzo account would never change unless I purchased something.
I think it will take some time to adjust to the fact that my Monzo balance is no longer the money I have available to spend each month, because there are still payments due to leave up until the middle of the month or thereabouts. The Summary tab is trying its best to fix this by separating my “Committed Spending”, but it isn’t getting it quite right at the moment.
I’m hoping that Monzo release an update that allows me to leave a sum of money in a pot, and tell the app to take from there for all DD’s and scheduled payments.
