Warning when withdrawing from pot

Warn users withdrawing from a savings pot when the withdrawal date will be more than 1x days in the future, due to non-working days.

Users should be notified they will not be earning interest during these days on withdrawn funds.

Personally, I’d dislike it if there was a warning. I know full well what a working day is (are there really people who don’t?) and if withdrawing, would be doing so deliberately.


The warning is that one does not earn interest on funds. if I make a withdrawal on a Friday for £100, I will not be earning interest on that £100 over the weekend. If I delay my withdrawal until Sunday night then I will have earned interest on Saturday and Sunday.

The warning is to inform people that they’re losing out on money by withdrawing on a Friday evening rather than a Sunday evening

Delaying the withdrawal does not actually change when I get the money but it does change how much that money earns for me

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I rather just see instant withdrawals.


Might have the maths wrong but £100 at 1.15% for two days isn’t even a penny.

0.0115 / 365 * 100 * 2 = 0.0063

You would need thousands and thousands to make this a financial concern and then you probably aren’t worried about this paying bills if you have significant cash floating about.

How big are these bills to worry about the weekend in losing interest? If you keep shifting the decimal

£1,000 = 6p
£10,000 = 63p


I feel Monzo should advance you the money similar to the paid early feature

They aren’t advancing you the cash from their pocket and then settling it. They are just giving access to your own cash earlier than what the historic way of doing BACS where you wait for 100% confirmation. It’s the same cycle going on, any bank could do this if they chose to.

The money in those pots are held in the third party accounts, so monzo would be taking the hit.

I understand it isn’t the exact same process

But my point is that they know the money will go into your account. Probably more so than with BACS. And it is something customers would like

The one working day is with the providers side though. So the instant the money is returned to Monzo it’s in your account.

It’s not a case Monzo extracting the money and holding onto it to creme off interest for a day before giving it to you.

I am not worried about getting cash sooner.

I just feel Monzo should alert if Money is withdrawn on a Friday, no interest is earned Saturday or Sunday, therefore it would be beneficial to withdraw on Sunday evening.

Whether it is 1p or 65p it is still a loss. :man_shrugging: Money is money.

That’s the thing though the money isn’t even one penny for interest for those two days for a £100 bill you are trying to take money out to cover.

You would have to be taking out £10,000 to be paying a bill and if you took it two days earlier it would be a massive 65p. If you have regular bills of £10,000 then the 65p becomes insignificant.

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I think the original poster is talking about the principle of the thing, not the small amounts of cash involved.


What I would prefer is a way to select a reoccurring bill and set it to automatically take from a savings pot by working out for itself what one working day before the bill is.

If it’s just a warning then you still need to do something.

Still on a mortgage payment it’s likely a couple pence we are talking about. Most bills would be a fraction of one penny.

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I am not one to throw money down the toilet. I do not care if it is 1p or not, it is still hard earned cash.

Small amounts add up over time, even if they seem small.

If I gave up 65p every week of the year that adds up to over £33. I could invest that at 4%. compounded annually, assuming monthly deposits after 40 years that would be £2,579.89

Also who says I am paying a bill with the money from my Pot? I could be reinventing the funds elsewhere?

Naw I am talking about the interest :joy:


Hang on that 65p is for a £10k reoccurring bill paid every week?
Why would you be taking out half a million quid spaced out over every week of the year to pay a bill? :thinking: that’s got to be an edge case.

£10,000 x 52 ? :policeman: :oncoming_police_car:

For £100 it’s 32p for the whole year in weekly payments or 7p interest in monthly payments.

Even it that scenario we are talking payments always on a Monday.

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Can anybody point me to where it describes how interest is paid? I knew about interest not being paid until the money had arrived with the their party but don’t remember seeing anything about when interest spa being paid on the way out?

Searching for ‘interest’ in app gets you to ‘How does interest work on a Savings Pot?’ but it only talks about the money going in.

Because I am not.

Well you have to use realistic figures otherwise it’s not £33.00 for most people it’s 7p over the year. Which doesn’t get turned into £2,579.89.