Transfer Percentage into Pots

Hello Monzo

It would be good if you could automatically or manually transfer a percentage from the main pot into other pots. For example, if self employed people need to keep a tax pot then you could select a payment in and transfer 20% of it into your tax pot. Or if you wanted to have a percentage of savings overall then you could set the main pot so 10% of it is always going into a savings pot. Think it would be really useful and gain new customers.

You can do that.

Choose what to set aside for tax

Use Tax Pots to:

  • Automatically set a percentage of your income aside when you’re paid.

I don’t have a business account.

You really should. Running a business through your personal account can mean it’s closed down.

The solution to your problem, then, is to apply for a business account.

I don’t want to pay to filter tax pots. I already pay for my personal account. You guys just normalise a bad future by allowing these things to accumulate.

Paying for Plus/Premium is irrelevant.

It’s against T&Cs to use a personal account for a business. Monzo can and will close your account because of it.

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My question was to filter a percentage. You have to pay to filter a percentage.

I didn’t ask for financial advice but thank you.

11 posts were merged into an existing topic: Removed Posts February 2021

You do. I guess Monzo think it’s a useful feature they can charge for, like seeing your credit score, or virtual pots.

This is why it’s building on a high subscription

Fair enough. I doubt that Monzo will take a feature that is paid for on business accounts and transfer it to personal accounts for free, but good luck with it. :+1:

Yes I suppose that’s why I think it’s important not to allow too much of this subscription to features without thought

There are banks who think along those lines, I’m sure. I don’t think Monzo is one of them.

This is probably the closest to what you want although there is the minimum requirement.

You can use a personal account for:
“ • Getting your salary (even if you’re self-employed)”

This is why it’s good to answer the questions asked rather than going on a side topic to tell people what they should be doing based on assumptions.

I mean that in a peaceful tone. I realise you’re just trying to help.

What I said is correct. Try reading the link.

Monzo can and will (search, it happens) close accounts for using them for business.

You can use the free one and keep it all separate. Much easier for doing tax returns and no risk.

Like I said, I don’t care if they close your account. I was trying to give you some advice to help.

Doesn’t your salary already have tax deducted, though.

It’s written on the link

Personal use:
• Getting your salary (even if you’re self-employed

I really am off now. Thanks for any useful comments related to the question.