Set up standing order with percentages


(brandon skerritt) #1

Hey!!

It would be nice if I could set up a standing order to move, say, 20% from my Monzo account to somewhere else. I hold a savings account at another bank and I try to move 20% every month from my account to that savings account.

My income changes every month (student / freelancer) so a definitive amount of £ isn’t so good for me.

:smile:


#2

maybe you can look around for an applet that does that there’s all types there that can help you save


#3

Assume you meant percentage rather than percentile?


(brandon skerritt) #4

thank you!


(brandon skerritt) #5

Can apps transfer money from your account automatically? I did not know that, thank you so much!! :smile:


#6

yes the app is called IFTTT, there’s loads of applets in it that can help in it and works how all sorts for you automatically without you have to do the leg work, you can create an applet that does the 20% for you however it will only move that money to a pot of your choice I don’t think it works to transfer to other accounts yet


#7

As mentioned above, IFTTT might work for you to move money to a Monzo pot although I don’t think it yet supports income as a trigger which is probably ideally what you would want.

Here’s the IFTTT support thread in case you want to give it a try and need some help.

You could also keep an eye on the progress of Chip & Plum. These services analyse your income and spending patterns and regularly move a variable amount of money over from your current account to an account elsewhere. They are probably more useful for people with variable income than people with fixed income. They don’t yet support Monzo but it would be silly of them not to add support as soon as possible given the likely overlap in interested customer base.


(Paul) #8

They can’t transfer “from your account” to another account. They can only move money to and from :monzo:onzo pots.

Might be enough for what you want… might not.


(G Botha) #9

The following would be great IF [pay into account] THEN [move x percent into pot]. I’ll use this to save for tax.


(Wayne Tsai) #10

Just to set some expectations; this is not in our roadmap to support.

Triggers based on credits into the account is being worked on! I’m not sure if the action “percentage into pot” is being developed but I’ll bring it up with the team :slight_smile:


(G Botha) #11

Thanks for update Wayne.


(brandon skerritt) #12

Thank you Wayne!!