Sweep Date for Monthly Allowance


#1

Hi, first post :slightly_smiling_face:

Apologies if this has already been suggested… I did do a quick search.

The way I plan on using my Monzo account is to give myself a monthly allowance from the bank account that my wages go into, via standing order.

At the end of each month, if there is any money left from my allowance, I will be transferring remaining funds into a savings account.

My idea is to be able to automate this, so have the option to set a monthly date to forward all remaining funds from my Monzo account into my savings with a third party bank. Kind of like a standing order, although with standing orders you can only specify a particular amount of money.

Might be a silly idea to some, it may cause problems if not set up correctly, example… Forgetting the transfer takes place and you go to buy something but have no money in your Monzo account, maybe have the option to leave a £20 buffer? Or accidentally setting a sweep date after your monthly allowance goes in.

Anyway, personally I would find it useful if set up correctly.


#2

That’s the whole idea behind Monzo. Eventually you will be able to integrate a 3rd party savings account into the app and control it all from your monzo app


#4

Oh… Wasn’t aware of this, awesome :slightly_smiling_face:


#5

Have a read of this if you fancy https://monzo.com/blog/2017/11/16/monzo-marketplace/


#6

That’s actually quite a good read and explains a lot, thanks for the link dude :slightly_smiling_face: