Transferring PERCENTAGES of Money šŸ¤‘

Feedback & Ideas
1

Hi! Long time user of Monzo, but new to the forums.

I transfer my money around a lot. Be it in and out of virtual piggy banks, to payees, or between banks altogether.

After seeing and using many savings and mobile bank apps that adopted ā€œroundupsā€ whilst on a variable income, and after continuously changing the standing order settings, I realised something could be done.

I believe in minimal repetition. Say I had a pot/piggy bank and wished to deposit 5% of my variable income/main account balance into it, Iā€™d have to calculate said percentage and assign that set value to the settings. If next month I have a different income/main account balance and still wish to assign 5% of my income, I have to change the settings!

Incomes and main account balances are variables in the first place! You change job, get promoted, freelance, slowly eat at your riches, or whatever it is you do. We should be able to assign a percentageā€”a variableā€”in addition to the standard standing order settings. Sure 3% of Ā£100.01 and other such examples go beyond 2 decimal places. Just round down in such cases.

In hindsight, it baffled me how income/savings are variable, yet an outcome is ALWAYS a constant value. If itā€™s a dangerous setting to have for external payments, at least make it for the piggy pots/banks. Thatā€™d be a game changer. Heck, student/apprentice me would go crazy.

2

Being able to automatically save a percentage of your take-home pay would be really helpful. It adjusts itself whenever you get a pay riseā€¦

5 Likes
3

Seconded. Percentages would be very useful for those with fluctuating incomes (although I need to be able to make things as income which I canā€™t do yet butā€¦ one day!)

1 Like
4

This is an excellent idea. It could be an option when setting up a standard or repeat pot transfer.

Would certainly help me in using the 50/20/30 rule as I currently manually calculate percentages!

5

Hi,

Iā€™d like the choose a percentage amount to filter my wages. As Iā€™m self employed the amounts differ month to month.

And so knowing that whatever comes in 10% will automatically go into savings.

Could you put this function in place?

Thanks Monzo bank crew, I never thought Iā€™d be excited about a bank, so well done!

6

Discussed (and voted) here? Incoming salary as a trigger for actions / income trigger

or here: Transferring PERCENTAGES of Money šŸ¤‘

Agree with the idea for sure, but better focus the ā€˜votesā€™ for this.

1 Like
7

I love this idea and I think you touched on a good point that this would be too risky for external payments

8

This would be so good! Monzo knows exactly how much my direct debits are, so the money for them should be moved to a pot regardless of the %. Then Iā€™d like an option for 5-10% of whatā€™s left into savings, then 20% in a food budget etc etc. I got to try the salary sorter for the first time this month and I REALLY liked it, Iā€™m going to make sure my pots are set up properly for next month into direct debits/food/petrol/fun money etc

1 Like