Virtual 'Savings' Accounts

[beningreenjam (Ben Green)]

@alexs

This is another area where easy access to other provider’s services (like Moneybox), through their integrations, would be more beneficial for Monzo users than relying on a Monzo solution because Monzo users can choose the best solution for them, from a competitive marketplace.

That’s true, and also Chip too.

In Tom’s video, he describes scripts that can push money too his savings account, which is held with a legacy bank, and another to pull from it. With that, I don’t see why it should be difficult to do the same with MoneyBox, Chip or whatever savings integrations. Should be easier in fact.

With those market place integrations available as well the in-house option of the virtual savings account, I suppose it’s all about giving the consumer the freedom to choose. That’s a concept other banks, including some startups, seem to be allergic to.

@alexs

They could just be a virtual balance, associated with a particular category which users can assign money to. When they spend that money, the saving account’s balance will reduce & maybe the targets could take into account that it was money that was saved from previous months so it shouldn’t necessarily count against the current month’s spend (as big purchases from savings would burn through large portions of user’s monthly targets which were set up for ‘normal’ spend). But I could be totally wrong

You could be, but I hope you’re right. Otherwise it would significantly undermine the point of the targets feature. Hopefully that’s included as part of this card on the roadmap as it’s scheduled to be actioned before the introduction of Virtual Savings Pots.