I know there is a mega Pots thread but though this could go stand alone.
Today was the day when I moved all my Pots out of Monzo and re-created them in Starling and I couldn’t be happier. The “Goals” sections in Starling is a lot better than Monzo.
Unlimited number of Pots
It just looks better.
I’ve gone Full Monzo so will still be using it for DDs and day to day spending (tbh there isnt much spending as it all goes into “Goals” now)
I’m not sure why they’d mind.
What’s better about them?
I think Monzo would mind because I’ve removed a few thousand pounds from their bank.
Whats better was mentioned in my original post. Unlimited pots and custom images.
Oh that’s what’s better? Sorry I thought more was coming.
Why do you need to be so patronising?
Sorry if I came across that way. Not intended.
I didn’t realise those were important things to people so overlooked them in OP.
I think it was more the added bits which I misunderstood, sorry for the misunderstanding. I also agree, in the grand scheme of life, Monzo’s products work for those it works for well for. For others, its specific things which make a product. Like I don’t think Monzo’s budgeting is good enough for me, and I moan on about it. Maybe Monzo will listen and improve it my way, maybe (and probably) they won’t. It doesn’t mean I won’t mention it. Feedbacks important.
To be honest I have to agree.
The functionality of the Pots/ Goals is the same, but it’s just displayed better in Starling. Far easier to view at a glance what you have saved. Also I find having them in Starling means they are not so obvious as I am not logging in as often, and therefore I am not tempted to spend it!!
We’re also considering moving our savings from Monzo to a joint savings account so that we both have access. It probably won’t be Starling but undecided at moment. Hoping an update on joint pots will be made soon!
I guess this is all about what is important to the individual.
I prefer the custom images of Goals (and the custom imagines for Payees!) - But I don’t really utilise Goals (or Pots) much at all.
I think I currently have 1 Goal which has a bit of savings in it (so it’s not in our Monzo JA, or personal accounts).
If people are doing it for interest though… Well, whilst something is better than nothing, there are much better options available to you (although, the interest will still be negligible if you go down the route of another bank account).
Until the Monzo JA has Pots that will allow me to pay DD straight from it, and generally serve a better purpose than simply ring fencing funds - The majority of my money will be held in other savings accounts (NS&I, S&S ISA etc - Not just another banks savings account).
Us too. Especially given @simonb mentioning they’re only a potential now for Q4.
I think I’ve said on a post elsewhere before, the impression I had when I opened the JA was that joint pots would be made available whilst JAs were still in labs, then soon after, and now… it’s my fault I jumped too soon, but the effect has been to screw up my budgeting. It’s now less clear than it was, and I think that has been to the detriment of our finances. I don’t need interest or DDs to go from pots (though that would be lovely in the future), I just need pots to do what they do now for single accounts, then I can schedule money into them.
I’m still waiting for big improvements to pots, like being able to limit how quickly you can take money out, and bills being able to automatically come out of one. So when I opened up this post I was expecting something highly functional. But custom pics would for sure be nice!
But seriously, I desperately want to be able to ring fence my money better with pots. It has the potential to help so many people never bounce another bill and overspend. Right now I’m using Squirrel, which kind of works, but still has a window where you can misspend your money. Please Monzo, work on this feature soon.
100% agree with this, in Starling I have Goals for all my annual payments like car tax, home insurance etc. and it’s easy to see them all on one easily scrollable screen showing 6 at a time. Monzo’s Account tab involves way too much wasted space and scrolling to see Pot details.
I literally opened a joint Starling Account last night to do the same.
Not being able to have pots in JAs is extremely annoying and the fact that Starling pays interest is a nice little bonus.
Maybe I should switch from JA Monzo to the Starling one. Are you full Starling or just the JA Starling?
I messed around with Starling but my balance until last night was zip.
If by #FullMonzo you mean my pay goes in before immediately being funneled out to my real accounts then I guess I am!
Wanted to keep the pots in Monzo but Starling it is.
Roughly the same happened with me. I thought to go Starling for pots because you have some interest rate and also the customisation, but turns out ended up going for Marcus for the interest rate. It is cool to be FullMonzo but has to make sense over the other options.
A lot of what has been said here is entirely fair and we are taking it into account. I know there is a lot in the works around pots but not sure on many specifics or timescales so I’ll let the relevant teams speak for themselves.
While I personally don’t find pot images to be a huge issue for my own use, I used to do similar things before some recent internal testing and even now still have external savings with another (non-challenger) bank consisting of regular savers and ISAs.
I don’t know how other staff feel but to me, “Full Monzo” today refers more to using Monzo for your income and outgoings. We’re fully aware that there’s still work to do on the pots and savings story. Just remember that you’re always absolutely free to do what works for you and let us know what you’d like to see from us.
The lack of interest really doesn’t bother me, I’ve been ‘Full Monzo’ since the current account preview.
It’s always been about the ease of use, ability to see my finances in real time and the slick UI. However, I’d have hoped by now (seeing as Pots was launched just under a year ago), we’ve have moved on from the 8 generic images that you provide us with.
Same here. I feel like I’m giving my partner pocket money so he can use allocated money (like repair his car). I’d rather he was just able to take the right ammount with the hassle of “heres £XX, dont forget to send me the lefts overs back so i can re-pot it…”