Monzo has changed my life (for the better!), however a small pain it has introduced is manually topping up. A necessity, sure, however often I try and buy something and get my card declined simply as I have forgotten to top up! A bit annoying, and embarrassing at times…!
My solution for this would be some form of Setting to activate notifications/reminders if the Card balance is low. Something like a pop-up saying ‘Hey, you only have £10 (or whatever) left on your Monzo card, do you want to top up?’ would be super useful as I often do not notice the hint when I pay and it says ‘you have xyz left on the card’.
I guess this pain only exists as it is a pre-paid card, so arguably this will go away once we have current accounts, however this functionality would also be useful if we are approaching an overdraft or something. A warning to be able to transfer some cash from short-term savings, for example, would be very welcome.
(Of course, there is another solution…which is topping up in larger amounts on a less regular basis, but let’s leave that aside!)
This problem will disappear once the full accounts are launched, for now I’m using some script running in the cloud and the API to send myself topup reminders.
That’s the only solution I’m aware of but it depends on how techie you are.
As posted already, this issue will be removed in a few months when the current accounts are launched (which you have mentioned in your post ) It is a pain, however I see it as a bit of a benefit. It makes me think twice when I make an impulse buy.
You could also set up a standing order from your current account on or the day after pay day to keep you going. Though I do understand some months you’ll spend more than others.
I know this problem will be solved with the introduction of current accounts this year but I wanted to give you a general idea of our considerations when it comes to adding notifications/reminders to the app. The feedback is really split, some people find notifications other than spending confirmation useful, others find them super annoying and irrelevant! At some point we’ll make settings more granular so people will be able to toggle certain notifications on or off, and this will allow us to introduce optional reminders for things like recurring manual payments or getting close to your spending your allocated budget.
I’ve moved your post here, as the posts earlier in the thread seem to cover the latest thoughts on this idea. If anything’s been missed, it’d be great to hear your thoughts
I agree, it would be helpful to have a ‘low balance alert’ of some sort which is able to alert you in real time when you are close to an overdraft or once your balance drops below a certain amount. My current bank offers this but, frustratingly, the alert can come through up to 24 hours too late.
Even with the current account, it would be very useful to have a setting that allows me to configure a lower limit amount to set up an alert when the balance goes below that amount.
Just to let you know, you will receive an alert if you have a scheduled payment or go into your overdraft - don’t forget that there’s a £20 buffer before you’re charged.
The easiest way to solve this would be to have your salary paid into your current account
) It is a pain, however I see it as a bit of a benefit. It makes me think twice when I make an impulse buy.
