Warning when withdrawing from pot

[Js38wju3jda]

Hey if you want to throw money in the bin, go ahead.

[lpoolrob (Rob)]

@Js38wju3jda

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

That is a huge amount of whatifery which applies to nobody.

[danmullen]

@Js38wju3jda

Naw I am talking about the interest

Haha, very good! I would of course have used the word “principal”…

[phildawson (Sorry, I will have to escalate this.)]

I’m all for interest and gaining money but I think there’s a different way which is improving the current bill pots.

If I could select each of my fixed outgoings and then select which Easy Access Savings Pot it would take from. The money is held earning interest and then automatically withdrawn at the optimal time to cover that specific bill.

It could work for the non-fixed amounts by taking the last bill amount out of savings. If it was too little take the extra from balance, too much put the extra bit back. This is all done automatically.

This would reduce the need to have a balance to cover all the outgoings and no manually transfering money or needing to be alerted.

[Ordog]

Has this idea come from what this person said a couple of hours before this topic was created?

Allow user defined minimum balance

Hello, I’ve just tried withdrawing from a savings pot to make a couple of purchases, but it’s the weekend and looks like it won’t be processed until tomorrow (Monday). My balance is less than £5, as a result I can’t make the purchase until the withdrawal is processed. To avoid this happening again, I suggest allowing users to set a minimum balance (sort of the opposite of an overdraft) for their account and trigger an alert if it goes below this.

[Js38wju3jda]

No

[Ordog]

What a strange coincidence

[phildawson (Sorry, I will have to escalate this.)]

I like the word whatifery.

I’m not trying to be harsh in this thread, and its fine using maths to prove a point but its needs to be close.

In reality with a monthly £100 bill and taking out money two days earlier than you need to equates to roughly 7p a year with the 1.15%.

Two pound, eighty pence gained over forty years. Even if you invest that amount its less than a tenner, and thats forgetting inflation exists.

Ten years after Blade Runner 2049. Forty years! (hopefully not)

[don_quixote]

I understand how it all works. I’m saying Monzo could potentially advance the money for the benefit of customers

[phildawson (Sorry, I will have to escalate this.)]

Oh that would be lovely and I’d vote for it but I think the chance of that would be slim to none in happening as I think it would be business suicide to start giving out Monzos own cash to customers whilst waiting to be credited by their lending partners.

If anyone hasn’t tried Marcus you usually get it within minutes back to your account and it’s currently 1.45%. I know it’s not an integrated solution but you’ll get a better rate and faster access.