Setting up Schedule payment from pot

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1

Chicken and egg

I want to set up a scheduled payment from a pot called “car savings” to another external account.
Out of sight out of mind

Have to first set up a scheduled payment or debit order to do this.

I can’t do this setup from within the pot I want to use and I cannot do this without making an actual payment from my main account without sufficient funds

Thus I can’t set things up before the funds land in my account …

Bit lumpy to use

4

Hi @GreenElf & welcome :wave:

  • Set up a repeating scheduled payment from your Personal Account (‘Main’) to transfer the required amount to the external account on the required day, ideally after income arrives in your main account
  • Create a Pot called ‘Car Savings’
  • Set up a repeating scheduled payment from your Personal Account (‘Main’) to transfer the required amount to the ‘Car Savings’ Pot, ideally before the date of the transfer is made to the external account
  • Go into the scheduled payment details and tap on ‘Set Payment from a Pot’ - then select the ‘Car Savings’ pot

This will set-up the following ‘auto’ cycle:

Income into main account → auto transfer of funds to Car Savings Pot → auto transfer from Pot to main account and transfer amount to external account.

For one payment alone, it seems a little pointless to set all this up. It works best with multiple payments on multiple dates to multiple destinations throughout a ‘payment cycle’. I use it this way by receiving income and transferring an amount into a single Bills pot, then the bills are paid from the Bills pot (or rather, paid from the main account and the main account topped up by the same amount automatically from the Bills pot) throughout the payment cycle. Once set-up and running, you can forget about paying bills/people on a regular basis.

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