Unlocking your own Monzo Pot 🔓

I also agree with @Rat_au_van; my unlock was because I got the unlock date wrong (it is for my car service) - and so the rigmarole of deleting, releasing funds, recreating pot, relocking pot and transferring savings to date back in really grinded on me.

Yeah maybe a rethink needed here

What’s the point in the lock if not?

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There is none if its like this

We’re exploring friction - I believe this is currently poised as an intermediary solution due to the inbound unlocking Pots was creating for COps :sweat_smile:

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Any figures on how many requests there were? I’m nosey :woman_shrugging:

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Not sure how many but 20% of locked pots are unlocked by COps.

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Just found this

Last week Locked Pots accounted for 6.5% of our total inbound.

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It does neuter the feature for the moment though :cry:

Yikes, quite a large impact. It also suggests the concept doesn’t work as well as expected or people wouldn’t be wanting to unlock.

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Wow :open_mouth: Thanks. No wonder it needed changing. That’s a lot of unnecessary work for COps

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Question: How was this not predicted… Its kinda obvious

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Think you’d expect a certain % but 20% is a huge number

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As an alternative if you have over £1000 and investec savings pot, it takes 2 working days for that money to get back into your bank account and you earn interest. Good friction and an interest reward, too

I get that but it is basic human psychology


What would be interesting would be to get some of those who unlocked their pots early to ask why but also do a similar experiment as I think it shows a lot in terms of spending habit and attitude to money

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You could turn that 20% on its head and say they are very successful because 80% of locked pots stay locked, helping people to save and not impulse spend. 93.5% of queries last week were not even related to unlocking pots.

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A GPS location locked pot is my “wish”. Only place I can unlock is if I’m stood on the top of that big hill in town or even Snowdon

Alternatively, a staggered unlock, I have to remember to press unlock three days in a row, third day it unlocks. Give me three times I have to think “do I really need this early”.

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Damn. Hate that this is available.
I think a cool down period that you could set per pot would be nice. Defaulting to 24 hours that can be adjusted when locking the pot.

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This reminds me when I opened a ISA in a passbook account in a Welsh only building society 50-odd miles away to help me save :sweat_smile:

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Im trying to think of a way of having someone authorise your early unlock.

For example if you have a joint account you could ask your partner to authorise the early unlock. You’d have to discuss the reason you created the pot and why you wanted it unlocking. They could determine if it really is important.

It follows on from what @Chapuys said above because I did similar when saving for my house deposit. Then for an additional layer I gave my withdrawal book to my parents on the condition they only gave it me if it was really important.

Kinda like on Facebook where you can nominate close friends to give you access back to your account if you’re locked out.

Edit: How about when you lock a pot you’re given an early unlock code. You can then give that to someone to look after with condtions :thinking:

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Sounds good in theory but in a situation where I need money desperately, I.e. the sory of situation where i would unlock a pot, I’d probably want access instantly

Put it into a proper saving account, like a virgin money fixed isa 1.61% or similar
https://uk.virginmoney.com/savings/find/results/online
You can take it out but you’ll lose three months interest. That’s a good incentive not to dip into it

I was quite short sighted to introduce a system that needed so much staff attention. Especially as they grow and you take into account price’s law.
https://brainlid.org/general/2017/11/28/price-law.html