Virtual 'Savings' Accounts


(Nicolas) #113

We had similar issue with Natwest. We both bank with them and when it came to opening up the joint-account, the process and prodecures were long and drawn out. WE ended up not opening up the account because of the red tape


(Buisson) #114

This is exactly what I need and the reasons I have so many accounts in 3 different banks - Would love to be able to just keep one with even more ways to divide my money!


(Nathan Dudgeon) #115

Like many of the posters on here, I’ve been setting up dozens of virtual e-savings accounts with my current bank and every month laboriously siphoning my budgeted amounts into the ‘holiday’ ‘food’ ‘mortgage’ ‘tv licence’ ‘cars’ accounts etc. Then most days I need to keep going in to the accounts and balancing them all when money comes out from the main account).
I am very excited about the possibility of only having to set it up one time and letting Monzo do all the siphoning automatically at the end of every month when I’m paid.
Particularly exciting are the ideas for joint accounts and multiple people can contribute to (like housemates for bills), and the option to spend directly from those virtual accounts (like the eating out pot) with the same main Monzo card (perhaps with the push of a button on the app or something to select which fund to pay out of?).

To be honest, making my budgeting life simple is the single most important factor in determining what bank account I go with - all the other Monzo stuff is awesome (including the customer service on twitter, and travel card benefits, awesome looking card, simple app and instant notifications etc), but this manual budgeting nonsense eats 2 hours at the end of each month, plus another hour ish a week trying to keep on top of it all. I hope it will encourage others to get into better budgeting as well - thinking about the long term things like annual car insurance or rainy day funds, rather than just monthly spending targets.
Keep up the good work guys - I’m just adding my voice to the crowd in the hopes that the feature is prioritised a little more over others ideas :slight_smile:


(Gareth) #116

Can you not at least set up standing orders or automatic transfers between accounts with who you bank with? That’s lame.


(Andy Little) #117

I think we’ll get standing orders when the current accounts launch.


(Alex Sherwood) #118

Monzo’s a fan of this idea too :tada: so I expect it’s being worked on -


#119

That’s not what he was asking I believe.


(Hunter) #120

You took the words right out of my mouth!


(lee) #121

Has it been decided if you’ll be able to have more then one account yet?
So you could have a bill / spending account?


(Simon B) #122

I don’t believe we’ll be offering multiple accounts per se, but you’ll be able to have sub-accounts, ie a savings pot, a bill pot, etc :grinning:


(lee) #123

Is there more info on how this will work?

How many sub accounts could you have?

If you spend all the money in the main account will it then be taken from a sub account? (And if you have more then one which?)

How will a direct debit know to go from your sub account or main account?


(lee) #124

@simonb any more details?


(Alex Sherwood) #125

Judging by the fact that this feature is more in the Medium Term (6 - 9 months) list on the roadmap, I doubt that Monzo have decided exactly how this functionality will work at this point unfortunately so watch this space :slight_smile:


I’ve moved your post here as there’s lots more discussion about this feature & a few comments from the Monzo team, in this thread.


(lee) #126

@tom
Any more info?

Potentially a blocker for some people. I wouldn’t move solely to Monzo without something to separate what needs to be accounted (ie Bills & regular payments) vs money you can spend. Seems quite a fundamental thing to have a solution for from the outset… either the option of a second account OR a solution to setting money aside from the start of offering a current account.


(Patrick) #127

Why would it be a blocker for some? Even if no multiple accounts or virtual savings pots, could you not achieve that separation by using Monzo for your day-to-day spending as we are doing now on the pre-paid and have other legacy accounts for other bills/reg payments?

No one is going to be forced to fully move to Monzo and close everything else!


(lee) #128

I think monzo is great but I don’t use it for day to day spending now.

I use monzo a lot less then I did when I first signed up. The logging in to different places then topping up constantly means I usually keep with my legacy accounts. I can see it all together from one login with less hassle at the minute.

Think the second account or solution for it should be up there which is why I’m interested to hear what the solution will be.


(Mike Brennan) #129

I’m really glad to see there are so many people interested in an integrated budgeting feature. I would love to see planned expenditure automatically ringfenced from your income each month. By giving as much of your income over to planned expenditure as possible you would then have a much better idea of how much you have left over spend or save. Some of these planned expenditures will be static (e.g. the same amount each month, mortgage, TV license) but some will be variable (e.g. change each month, so like gas/elec bill, mobile call charges). If you could set initial budget amounts to ringfence for the variable expenditures, the app could then analyse how much is spent on each variable cost and then begin to predict how much you are likely to spend on one of these, or at least define a typical range value for how much you typically spend. Now here’s the smart bit: get Monzo to automatically adjust the ringfenced amounts based on your historical spending!! Predictive dynamic budgeting, anyone?

Does this sound like a feasible ‘nice to have’ objective?


(Alex Sherwood) #130

That’s an almost identical description of the targets feature! Great minds :wink:

The predictive dynamic budgeting bit isn’t 100% automated right now (Monzo tells you how much you typically spend & then you have to update the target yourself) but I find that it’s good to sanity check the prediction & adjust the target for any unusual payments that I know are coming up.

Targets for Android are on the roadmap here.


(Mike Brennan) #131

Wait… What? You got this already? Damn you guys are good. Thing is for me, you best get Android App Parity or I’m going to have to buy me an extortionately priced iPhone and renounce the customisability and choice I so adore from the Android platform. Seems that you’re working on it so I’ll wait…


(Marta) #132

Nooo, don’t betray android for pesky ios! :smiley: Us, android people, need to stick together and patiently wait. I’m not too fussed overall, I feel like gap is closing for old stuff and not growing for new functionalities.