I like the idea of integrating with other providers but would still like to see a Monzo savings account, or second account, or even a Monzo virtual account into which i could ‘hide’ some assets, as you put it.
The best solution from my point of view would be to have a simple savings account for hiding such money, with the sub-folders for labelling such money.
For me all of these options are great
Expanding on this idea, what if there was a feature where on a transaction basis, you were able to automatically save your change, with the user setting certain thresholds.
For example, transactions under £5, it would simply round up to the nearest £ and put the change difference from that to the transaction amount into a virtual account for you. A £1.32 sale, would put £0.67 in your savings account, meaning your balance reduced by £2
The user could then set thresholds for example, to round up to the nearest £1, £5, or even £10 subject to their saving goals.
I guess conceptually I’m trying to virtually create the moment you dump all your cash change into a saving jar.
That’s definitely a cool idea, there’s been some more discussion about that type of functionality here too -
And put the missing penny into my account like Richard Pryor in Superman III and it won’t be long before I could buy a Ferrari
I know this idea has received traction at Monzo Towers, which I pleased about. I’ve just had my salary paid into my current account and I’m already antzy that my rent money (which gets paid 22 days after my pay cheque) is just swashing around with my other money. I do trust myself not to splurge on a new toy with my rent money, but in my minds eye,I’ve already spent that cash so I don’t want it available in my balance. I will probably transfer the money to a legacy bank account for a while, which not ideal.
This might help in future;
Answered by @alisufyan
I signed up to the forum just now specifically to ask for this. My friends also agreed it would be a great idea.
They mentioned it would be great for saving for things such as holidays - being able to set money aside.
I personally want it for tax reasons. I’m self employed and fill out a tax assessment at the end of the year, at which point I’m told how much tax I owe. I’d love to be able to easily stick 20% of any of my job earnings into a virtual pot so I know that it’s not for me to spend, and will go to the tax man at the end of the year.
I feel Monzo is successful because of it’s vastly superior app, so this feels like a “must have” feature as it seems like it’d be quite simple to do! Though I was a bit sad to see that this thread started in Jan 2016 - almost 2018 now and this feature isn’t in yet?!
Pots were introduced last Monday on iOS and will be appearing at the start of next week on Android.
These operate as a stand-alone means of segregating funds but will also form the basis (from a UI standpoint) of any future third party savings account integration.
Well then… I retract my earlier statement.
Not sure I would put a years worth of to be paid tax in a pot when you could earn something off it in another type of account
I am looking forward to this feature being developed further, as it’s not quite where I need it yet.
For some reason, I get paid 13 times a year, which really complicates things when it comes to direct debits and every day living money. Because often, my bills would come out before I got paid, which means I have to be very careful with spending on “living”.
For this very reason, I looked for a 2nd bank account to separate my day to day spending and direct debits and bills, and now I’m the proud owner of a Monzo current account
I hope to see pots progress to the point that I can separate bills and every day money and manage it all in one Monzo account. For the time being, I still have a current account with another bank for bills.
Keep up the good work.