On my payday I move money to a pot for rent. This amount of money is then not due to the landlord until about three weeks later when on the day its due it is automatically transferee out of that pot into my current account and then paid to the landlord by standing order. However, in Monzo the summary does not seem to handle incoming pot transfers (that are scheduled) very well… if at all.
1st - Paid £1000
1st - Rent Pot Deposit £500
20th - Rent Pot Withdrawal £500
20th - Standing Order to pay rent
The summary shows I’ve £0 to spend for the whole month instead of £500 as it sees two outgoing payments of £500 (one to a pot, one to the landlord) but does not look at incoming funds.
This seems fundamentally flawed to me. It means I can’t pay my rent by automation at all. I have to manually use the app each month to move money and pay the landlord so summary reflects things correctly.
Summary is the main thing I look at in the app. It drives my financial decisions and purchase choices.
Is this a known flaw, or is it by design?