Shared Pots


(laura gold) #144

So i am arranging a holiday and there are about 9 of us going.
I thought it would be a good function to have a Saving Pool set up with a group of people?

There could be the Saving Pool owner, and other Monzo users could put money into the pool and we could all see the balance but maybe only set up specific admin? or delegates.


(Jack) #145

Hey @0sureal :slight_smile:

I’ve moved your suggestion here, hope you don’t mind!
Monzo already have ideas for this and they have shared their thoughts above :arrow_up: .
Personally I’m really looking forward to this feature, it has so many use cases :bulb:


(Jack) #146

#147

Is there any update around whether shared pots will be a thing?


((╯°□°)╯︵ ┻━┻) #149

It will be a thing, they’re working on it currently. As for when, there hasn’t been a timeframe released yet


(Dominic Adshead) #150

@0sureal i think PayPal has just launched this, with exactly this usage case in the adverts


(Andy) #151

It’s in the long term roadmap but not dates yet. Hoping that with joint accounts and the requests for pots in joint accounts it will be getting moved up the priorities

Make sure you vote for it in the roadmap:


#152

Great, thanks for sharing the link! I wasn’t aware that I could cast a vote :slight_smile:


(Harry Morton) #153

I think this would be really useful. Perhaps it should have some feature that allows the pot members to authorise the spending of the pot contents once the goal has been reached?


(Oliver Weedon) #154

That would be particularly useful. Any step towards joint account type services would be appreciated. It’s the main reason we haven’t moved over from Barclays yet. We don’t need full joint services so this is definitely a step in the right direction


(Tim Banting) #155

What a fantastic idea! My partner just signed up to Monzo and this is a great way for us to both save for holidays, meals out etc.

However, can you then pay a bill via a shared pot? It would be great if you could and then look to the contributors to the pot to all authorise the spend.

Other wise its like a piggy bank with anyone able to take money out at any time and spend it on whatever they like!


(Daniel) #156

Hi Oliver, are you aware there is a full joint account available now via monzo labs? You can turn it on from your account page in app.

Edit: sorry misread your last sentence, you don’t need full joint services


(Oliver Weedon) #157

yep. Applied for and in the process of setting it up. Many thanks Daniel.

Many thanks,

Oliver Weedon


(Micky) #158

20th April… my hype train is running out of steam :steam_locomotive:


(William Robinson) #159

A coffee and biscuit fund for the lab/office, great feature!


(Andy Slater) #160

My main planned use of shared pots, should it support the function, is for my wife and I’s joint spend, not bills, but regular monthly spend. We have our own money but then have jars at home with cash in for various things like gifts for upcoming birthdays, clothes for our daughter, food shopping but only the person who has the cash can use it.

A shared food shopping pot where each of us has access would mean whoever was in the most convenient position to go shopping (on the way home from work, on lunch etc) would have access to the correct funds instead of needing to collect the cash from home first.

Other solutions we have tried have been to do it on a credit card we both have, but this depended on our discipline and admins skills not to go over budget. A shared pot would act the same as our cash bag where we can see exactly how much is left.

My opinion on security and who can withdraw is that you shouldn’t want to set something like this up with somebody you don’t trust anyway. While any manageable features that improve security are obviously welcome, it should only be assisted where possible by monzo, the security around who you choose to give access to your cash should lie on your own shoulders. That’s where i think the gift collection is a bad example of where shared pots would be useful


(Jack) #161

Would a joint account not work for you both? I hear it’s coming out of Monzo testing very soon :eyes:
These will also have pots at some point in the future.


(Andy Slater) #162

Potentially, but we already have a joint account for bills which pays cashback so we’d prefer not to have a 2nd joint account. If the joint account does have pots and they seem to work for us it would be an option.

Shared pots seem like they’d be the perfect solution for us.

This question would be for a different thread but how a joint account would work with IFTTT would also contribute to the decision


(Jas ) #163

I’ve got a crazy idea that I’d like to share and get your thought.

What if we could pick and choose when we make pots open for others to add cash in.

For example if I’m doing a collection around the office for someone’s leaving present it would be great if I could send a link around to a shareable pot. These days not many people carry dosh around.

I guess it’s creating a monzo.me link for pots.

This is just an idea. What do people think?


#164

Not sure that includes your idea about a shareable monzo.me link that would add to this pot but it’s an idea I really like.