I think that there are many use cases for virtual accounts, and it might be a bad idea for Monzo to be opinionated by baking one or more of them into the app.
For my own purposes, I’d really like to be able to do long-term “envelope budgeting”, putting aside so much a month for holidays, so much for car servicing, so much for buying a new car in 3 years time, etc. I’d like these ringfenced to the point that it’s very clear how much is in each pot, and such that the money is not available to spend until I choose to transfer it into the “general spending” pot. I think that this level of tracking/policing needs to be built into the account.
However, on top of that, there’s loads of potentially complex rules about where my salary goes. How much goes into each pot, and is it done automatically? What happens if there isn’t enough one month? Or there’s an excess? Is this the kind of thoughtful budgeting that I’d rather be using my PC for, rather than a smartphone?
Maybe the right structure is for the account to provide sub accounts to enable the ringfencing, functionality, then allow applications using the Monzo API to apply “smarts” on top of that?