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 “roundups” 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, I’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 percentage—a variable—in addition to the standard standing order settings. Sure 3% of £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 it’s a dangerous setting to have for external payments, at least make it for the piggy pots/banks. That’d be a game changer. Heck, student/apprentice me would go crazy.