Setting up Schedule payment from pot

Feedback & Ideas Done!
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

2

At the moment, you can’t pay from pots, it will transfer into the main account, then transfer from there.

This may change in the future as it is something users have waged for a while

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3

Hi! Welcome to the community.

I presume you’re wanting to schedule transfers to another external bank account directly from a pot?

It’s a bit cumbersome, but the way I do this is as follows:

  1. Set up a regular standing order from the payments tab to the account you want to send the money to.
  2. Go to the pot you want to pay it from, and select the pay from this pot option. Choose the standing order your created
  3. On your chosen pot, tap add money, then enter the amount you to be transferring into the pot and tap set scheduled payment and choose the frequency.

This allows me to set lump sumps aside in a pot temporarily when I’m paid, then every month on the first of every month, transfer a set amount into my Marcus and Atom accounts.

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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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