I’m a contractor. I pay myself weekly, and it arrives in Monzo via Faster Payments.
As such, Monzo will never recognise a salary income (and the fact its weekly) rendering the Summary and Budgeting features completely useless for me. I doubt I’m alone.
It would be good if Monzo allowed the user a way to tag any Faster Payments from a given bank account as ‘Salary’. All of the data required is available (the incoming payment is from a specific sort code and account) and I can already add a category if I choose, so this could build on existing functionality. Even if it’s a ‘hidden category’ it should still work.
Yes please I’ve just gone back to freelancing rather than being on a perm contract, so will be facing this again. (Speaking of which, my life is going to be so much easier when I get access to a Monzo business account… I’m still with Natwest so having to log in and out on days im due to be paid to see if invoices have been sorted).
A Salary/Income category would allow all incoming payments assigned to other categories to be deducted from that category’s budget, which would be useful for stuff like refunds or people paying you back for things.
This would allow for better budgeting and also solve an issue which loads of people have brought up before:
NB: the above is the main voting thread for including bank transfers in budgeting categories.
It could also be used to solve the following “Spent Today” issues by excluding payments in the Salary/Income category from the Spent Today figure:
Agree with this thread, with the bank putting customers first then surely the flexibility for them to categorise salary payments as such is a quick win. Especially when a lot of customers might have different jobs at the same time. It’s the only issue I have had with Monzo so far and the customer service around this was not the best due to the lack of understanding on the subject and no way to resolve the situation. Great bank so far which I’m impressed with so hopefully they put this in place soon!
I’m a company director and pay myself monthly - salary, dividends and expenses. So being able to identify payments as salary would need to look at the incoming references as well as just the source account.
This follows on to something that I believe was requested long ago - pot rules that see the incoming amount is a dividend payment and automatically puts 15‰ into a “tax” pot.
But +1 to the principle of being able to better identify income for people who aren’t on regular salaries paid by BACS. I can’t believe that contractors aren’t a significant proportion of Monzo customers.
I’ve just gone back to freelancing rather than being on a perm contract, so will be facing this again. (Speaking of which, my life is going to be so much easier when I get access to a Monzo business account… I’m still with Natwest so having to log in and out on days im due to be paid to see if invoices have been sorted).