Shared Pots

[MichaelC]

Looks good as said about the ability to pay from the pot would be good or an auto transfer out based on category i.e you have a groceries pot shared with your wife/friend etc and when you shop at Tesco/ Sainsbury’s etc it automatically puts the money back in your account.

[anon40728597]

Cracker!

[nagra]

Looks awesome @jexyla , but like a few others have asked, how would it work with withdrawals? Would it be:

1. You can withdraw up to the amount you’ve contributed?

2. You can withdraw with approval from the original pot creator / pot admins?

I too second the idea of being able to take payments from such pots, at least for DDs. One off pots (e.g Bday gift) having this ability I’m indifferent to .

Also the idea of contributing to the pot via monzo.me sounds great, but I guess you’d need to make this optional for security reasons. Maybe another row with Monzo.me as the label and a iOS toggle switch?

[Frankiejr (Frank)]

Any designers on here? Can someone put an opaque white bar across the top third of the image and put the amount and name on top of it instead of above it? It just feels like a huge waste of space.

And if the same was possible with the options below the image you could then stack the pots instead of having to swipe sideways.

[anon25115823]

So I’ll be able to have some version of a joint account and STILL no credible option for a second account.

Pots are like reinventing the wheel and making it square.

Most banks have had pots for years - they just called them e-savers. And they all (excluding starling) offer real second accounts.

I’d love to know why Monzo think real second and joint current accounts are so broken anyway?@tom

[garete (Gareth)]

Does Monzo offer a joint account?

So one thing I want to make really clear here is that the Monzo style is not simply to replicate a feature because this is something that exists and it is something that people may want. Rather, we look at it and we say "How can we solve the same problem/s in a better way?" As far as joint accounts, we want to look at the ways that people use them. What is the general purpose of them, where do they work well, and where do they not work so well - this covers a large amount of ground - it’s not …

[zombi]

So is this just an idea being explored or is it something working internally?

[Alexxxxx (>50 categories pls)]

Super cool. But yeah, biggest question if for more than two very close people, what are restrictions around withdrawing etc? Some sort of pot-wide acceptance maybe for withdrawals? Similar to all clicking to split an uber etc.

[Willh (Will)]

Great news that this is in progress.

I’d like to see the option to add people as being able to pay into only, or both pay in and withdraw.

I’d also love to be able to make payments out of this (or any) pot, but I think that’s a separate topic

[Dan_R (Dan)]

Sounds like a great idea, I’m looking forward to using it… I do echo most of the comments here about paying bills from that pot etc…

Great first preview… now get building but first can we have Breakdown

[alexs (Alex Sherwood)]

@Dan_R

but first can we have Breakdown

Yes

[ASKendrew (Adam K.)]

Me and my other half are moving in together this year, so will be really interested to see how this will develop. Echoing comments from above, it will be great if bills can be paid from the pot, as that would (I imagine) solve some of the needs for a proper joint account for us.

On the other hand, if it doesn’t solve the above problem, it will certainly be good for organising group activities. Although I need to convince the other half of my mates to join Monzo first!

[anon25115823]

@garete

So one thing I want to make really clear here is that the Monzo style is not simply to replicate a feature because this is something that exists and it is something that people may want.
Rather, we look at it and we say “How can we solve the same problem/s in a better way?”
As far as joint accounts, we want to look at the ways that people use them. What is the general purpose of them, where do they work well, and where do they not work so well - this covers a large amount of ground - it’s not …

@garete …That references joint accounts, nothing about second/duplicates. It also doesn’t tell you what they actually think is wrong with them.

I think its a bit odd to have the attitude of “we’re so innovative and our solution will be so much better” - especially when you dont have one.

Meanwhile pots / coinjar are treated as the second coming - when lloyds had save the change for 12+ years and you’ve been able to open accounts online with major banks for even longer and set up standing orders (a la rules for pots). Oh yeh and you can get interest.

At two years in there’s still no solution for either. The only one touted (pots) seems less innovative & more restrictive then what legacies already offer.

[garete (Gareth)]

@anon25115823

It also doesn’t tell you what they actually think is wrong with them.

Okay, let’s follow this through - why do you need a second account? For bills and payments? For saving into? To ring-fence money?
The same point can be made about custom categories - it’s not really that people want custom categories, you want the breakdown/targets behind them (but nothing too cluttered, easy to use, automated etc.)

@anon25115823

I think its a bit odd to have the attitude of “we’re so innovative and our solution will be so much better” - especially when you dont have one.

Given past cases such as the ATM fees (1 of 2 choices) and overdraft pricing (copied from other banks but simplified), unfortunately I don’t find it odd.

@anon25115823

Meanwhile pots / coinjar are treated as the second coming - when lloyds had save the change for 12+ years and you’ve been able to open accounts online with major banks for even longer and set up standing orders (a la rules for pots). Oh yeh and you can get interest.

People do get too hyped both about new features and missing ones. Out of interest, how easy is it to set up a full second account online - I know my esaver account has the restriction that you cannot set a standing order out of it (only inbound). Also, yay interest, I am so pleased for my 0.2% unless I juggled money yearly and set a calendar reminder; esavers aren’t really there for the interest.

@anon25115823

At two years in there’s still no solution for either.

Is two years a long or short time? Would you prefer five years with no Monzo, then a sweep of a full banking system?

[nanos]

Who actually owns the money in the pot?

What happens upon death of one person?

How do you handle disputes?

How do you deal with split ups?

[anon25115823]

@garete

Okay, let’s follow this through - why do you need a second account? For bills and payments? For saving into? To ring-fence money?

The same point can be made about custom categories - it’s not really that people want custom categories, you want the breakdown/targets behind them (but nothing too cluttered, easy to use, automated etc.)

There’s a ton of reasons have a look through the other threads where people ask for second/joints. If you don’t get it/want it/need it thats fine, nobody would force you to have any additional option.
All i’m saying is forcing people into pots (which you cant transfer between, set regular payments to or from, where you can’t keep money totally separate and accounted as such, legal issues around joints - as only a couple of examples) is pretty rubbish.

@garete

Out of interest, how easy is it to set up a full second account online

Really easy as a brand new customer - with quite a few legacies giving you details right away. Even simpler as an existing customer.
I mentioned interest simply as a bonus. Pots is totally geared for saving or putting money aside - why wouldn’t you want to earn interest on it? Course its in monzo’s interest for you to stick money away and earn you nothing. Why use a pot that earns you zero when you can open something just as easily and earn interest vs nothing?
Why wait for pots to finally/eventually show up when everyone already has rules for pots - its called a standing order! And you can get plenty of savings accounts in excess of 1.2% right now, high street lenders at 0.75%, or if you’re welded to pots/goals starling at 0.5%.

@garete

Is two years a long or short time? Would you prefer five years with no Monzo, then a sweep of a full banking system?

Yeah i think two years is more then enough for them to have a solution. Especially if they’re going to berate how others provide that functionality when they dont provide anything at all. There’s examples of other fintech who have multiple accounts who launched the same year as monzo.
And lets be honest - its all well and good saying the legacies can’t compete but you’ve got lloyds planning an overhaul to include realtime payments, natwest due to launch a startup and i bet they aren’t the only ones. The clock is well and truly ticking.

By all accounts there’s still a good chunk of people who wont switch because monzo doesn’t meet the needs of a regular bank yet - with quite a few mentioning joint/seconds as a reason.

[alexs (Alex Sherwood)]

@anon25115823

All i’m saying is forcing people into pots (which you cant transfer between, set regular payments to or from, where you can’t keep money totally separate and accounted as such, legal issues around joints - as only a couple of examples) is pretty rubbish.

The feature hasn’t even been released yet, we don’t know what functionality will be available.

@anon25115823

I mentioned interest simply as a bonus. Pots is totally geared for saving or putting money aside - why wouldn’t you want to earn interest on it? Course its in monzo’s interest for you to stick money away and earn you nothing. Why use a pot that earns you zero when you can open something just as easily and earn interest vs nothing?

Monzo’s planning to enable users to transfer their money to other banks to earn interest there.

@anon25115823

Yeah i think two years is more then enough for them to have a solution.

You’re not in a position to judge that. But you will have noticed that they’ve been busy doing other things. And although you may need different things than what they’ve delivered, you’re not in a position to judge whether they’ve prioritised the right things or not either.

@anon25115823

Especially if they’re going to berate how others provide that functionality when they dont provide anything at all.

They’ve said that a better solution may be available, no one’s berating anyone.

@anon25115823

There’s examples of other fintech who have multiple accounts who launched the same year as monzo.

Who?

@anon25115823

By all accounts there’s still a good chunk of people who wont switch because monzo doesn’t meet the needs of a regular bank yet - with quite a few mentioning joint/seconds as a reason.

They know, which tells you that a) they want to build the feature b) it’s not easy to do otherwise they would have already.

[sausageroll101]

This is a great idea. Reading some concerns, the main being what happens if someone wants to leave the pot, or what restrictions are there to stop one person emptying the pot and taking all the money. < I think it would be a great idea if, in order to withdraw money from the pot, everyone in the pot has to agree to it. Like maybe click an ‘agree’ button that will allow whoever applied to remove the money, access to it - i.e. in order to pay the bills from their main account, if bill paying directly from the pot doesn’t become a thing.

I hope that makes sense, I’m not too good at expressing my ideas!

[anon25115823]

@alexs

The feature hasn’t even been released yet

I know but it has been talked about.

@alexs

You’re not in a position to judge that.

Actually i’m pretty sure there’s nobody better placed then me to give MY opinion. Which is exactly the point of the forum. The same way everyone else is welcome and best placed to express their own too.

@alexs

Monzo’s planning to enable users to transfer their money to other banks to earn interest there.

You can already do it via sending a payment.

@alexs

Who?

Bunq
Real time notifcations
Multiple Accounts
Joint Accounts
(even apple pay)
And yes they aren’t in the UK yet (but are launching) - but its not like monzo is in the Netherlands either.

@alexs

They know, which tells you that a) they want to build the feature b) it’s not easy to do otherwise they would have already.

or
c) they’ve prioritised other stuff over it
d) they don’t see it as that big of a deal
and all kinds of reasons we could add.

I know stuff has been going on in the background like swapping to current accounts from prepaid and i’m sure lots of work has gone into all sorts.

However my point of view as a customer of 2 years or so is that i can’t recall much difference from when i joined. It does instant notifications really well - and everything else is still a big work in progress.

Its a bank in name and still not really in functionality just yet.

[nanos]

@alexs

You’re welcome to share your uninformed opinion

Wow!