Probably for the best, we all have some very differing opinions which won’t be in alignment anytime soon.
I know at least on my end I’ve said the same thing again and again to death, I’ve made my opinion very obvious.
’ Your perspective doesn’t reflect what a pot is. All of what you’re saying only makes sense if the pot and the current account are separate things. They’re not. ’
lol … if my current account balance is zero will Monzo allow me to spend through my pot , if they will, I agree they are not separate things, and will they then debit my pot because its really treated as my current account as well ? or will they block the transaction, or allow the transaction but inform me that they will charge me interest if I dont fund my current account - a simple question ?
You may wish your view to be correct that it is all money in the current account whether it is in a pot or not , that is not how Monzo treat it as far as I can tell, whether in your perspective you want them to / think they should , or not 
I agree though you have your views and I have mine , they differ 
and pointless carrying on with the circular conversation
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Talk about being judgemental and condescending. Many Monzo users don’t understand debt…
Simple maths:
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You have £100 in your current account and £100 in a pot. (£200)
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You spend £150 from your current account (money spent + money in pot = £250)
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You are £50 into ovderdraft… simple.
What you are suggesting is being able to spend the money, but keep it at the same time.
I know that Starling do offset savings against current account balances in respect of overdrafts, but they also use customer money for lending purposes, therefore making more money than Monzo do by having customer money segregated, so are probably in a better position to be able to afford it.
I did not expect such a patronising response. Personally, I never have an overdraft. I am capable of making three clicks of a button.The money I have in pots is to manage various situations. Nothing to do with spending pots. The money in the pots is in my Monzo current account and as such should be counted as part of my credit balance.
It is called being fair to customers.
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Also agreeing in that it makes no sense to charge people interest for pot balances.
People here are using the argument that “well it’s not shown in the same place so it’s alright to charge for it”
It’s in the same physical account so it doesn’t matter.
If you had 2 separate accounts one with Virgin and one with Lloyd’s and one went into an overdraft that’s different, they’re not the same account.
Same if you had 2 separate accounts with Lloyd’s and one went into an overdraft, it’s not the same account.
But if you place a lock around £1000 saying “I don’t want to spend this” what’s the harm with that being used as a collateral? Monzo still has the money and if it’s withdrawn then they should be fine to charge them. Luckily Starling has recognised one account is one account and isn’t like the big predatory banks.
Clearly monzo investors are rushing to make some money to calm that cash burn, this along with Plus and the business account shambles is quite laughable from any regulated financial institution in all honesty
Eh? You say it’s a matter of simple maths, but then go on to agree that Starling’s accounting is also valid?
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What I actually said was that Starling could probably afford it.
(interest earned from lending over free overdraft)
Monzo don’t make money from lending, and therefore probably can’t afford it.
Simple maths
I have £100 in my main balance, and £100 in a pot. £200 in total in my personal account.
I spend £150. £200 - £150 = £50 in my personal account.
With a breakdown of -£50 in my main balance, and £100 in a pot.
Because I can’t spend the £100 in the Pot before moving it to my main balance, monzo hasn’t actually lent me anything.
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’ But if you place a lock around £1000 saying “I don’t want to spend this” what’s the harm with that being used as a collateral? Monzo still has the money and if it’s withdrawn then they should be fine to charge them ’
errrr - you are spending it though , you just dont want it to disappear from your ’ I dont want to spend this’ pot
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So monzo can lend me that money that’s kept in my pot without it disappearing for a fee, but we can’t request to be able to do it ourselves for free?
in which case Monzo should be able to take £50 from your pot to cover your debt in your current account - can they ?
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They already have the money that’s in my pot
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and the merchant wants their 50 quid so your pot should have 50 taken from it to pay for it because you owe the merchant the money for the transaction ?
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Your logic would be watertight Ian, were it not for the fact another digital bank does it the other way.
(I’m playing devil’s advocate btw, it’s interesting to see arguments for and against)
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The money should be taken from my account, I’d just rather that it be shown as a negative number on my card balance while my pot balance stays the same.
Everyone gets paid and the figures all add up to the same thing. Only I don’t get charged until my account as a whole actually goes into debt and I have been lent money.
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lol , but if your current account is a negative number its in overdraft which gets charged for, the simple solution is to move money from your pot to pay the merchant, otherwise you are wanting to keep your money ring fenced yet use Monzo ( customers) money
and Ive already said I think Starling potentially encourages bad financial habits with their system . lol the fact that one company does one thing and another company does it differently doesnt make one right and one wrong , it just makes it a better customer experience preferred by some for one system , I prefer the Monzo way …live within your means, others might be financially savvy and take ‘advantage’ of managing 0% fees on credit cards , until your circumstances change
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That’s where our opinions differ, I don’t see my current account as being negative, only the main (card) balance. The account as a whole is still in the positive.
Sure pots are a place to keep amounts separate, but it’s separate within the account. If they were separated in a separate account then I’d agree with you, but they aren’t.
I’m not using other monzo customers’ money, I’m using my own, that is locked away in Pots unable to be be spent elsewhere until moving it back into the main balance. It’s only when I exceed their value that I’ll be using monzo (customer) money.
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but Monzo can’t use your money , its locked into your pot, they have a financial commitment to keep your money readily available at the tap of a button - so who pays the merchant whilst you keep your money in your pot ?
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