We’re tweaking how locked pots work


(Jordan) #186

What I’m trying to say is that I’m of the opinion even if you tell them specifically and directly that COps can’t, people still will ask and probably in the same numbers - because that the last line of defence for Monzo and so that is where the calls will go to.

I do agree that in an ideal world, you’d lock and forget about it - however in practice and real life this is harder to manage.


(Sarcasm is the finest form of wit.) #187

Yeah. I think the idea of Locked Pots is valid. But some education/onus needs to be put on the user. I’ve never been good at saving but have two locked pots, one for a holiday in June (which unlocks at the end of May) and one for Xmas (unlocks in Nov). I have two others for ‘incidental savings’ which I can dip into if I want. This is a HUGE change to my approach.

Maybe the friction on a locked pot should be in the creation of it, rather the unlocking of it? Not sure how, but as part of a series of ‘why are you doing this?’ ‘have you thought about…?’ ‘are you sure?’ type gates in the process??


(Sarcasm is the finest form of wit.) #188

Don’t fully agree. I think if it was much clearer up front the numbers phoning would be lower. I was pretty glib when i set up my first one as it was very simple…


(Paul) #189

That’s a fine opinion but it is your opinion and in a family of 1.5 million users no everyone will think the same way.

I would not criticise anyone for their chosen method of saving. If there is the possibility to let flexibility across pots to suit different types of savers then why not?

The tech is there to suit all of us, surely?


((╯°□°)╯︵ ┻━┻) #190

That is my point.

Some people are stuck in their old ways due to the limitations of their legacy bank and they have that in their mindset. They forget that Monzo offer them a wealth of options to help them manage their finances so it may not be clear there are better approaches to solve their problems.

As a teacher I’m sure you can appreciate this. I’m in no way saying it is anyones fault, it just needs some thought provoking discussion and examples to break the mould.


(Jordan) #191

I appreciate that v1 said “only unlockable via COps” but i think the scenario will be:

Customer has put £500 in locked pot and has no other pots

Locked pot is locked and no way (other than date set) to unlock

Customer needs £250 due to an unexpected event

Customer knows they can’t unlock

Will still call COps


(Paul) #192

Again, you feel it’s better but I’d rather have a locked pot for no specified savings goal for life events and things that crop up. I would then like to withdraw just a partial amount from that locked pot.

Suits my savings style if you like to call it and I fully appreciate that’s not how you manage your money.

There is no better or right and wrong there is simple user preferences.

Appreciate the discourse as I feel it helps Monzo see the sides we are all coming from.


((╯°□°)╯︵ ┻━┻) #193

That’s where the problem lies and why the whole locked pots thing needs re-evaluating.

You essentially want a pot that is locked indefinitely but then it isn’t locked because you want to dip into it? Do you see the conundrum?

Again, not anyones fault but this obviously isn’t how Monzo intended locked pots to be used. Hense why we are in this situation of having hardly any friction anymore.


(Paul) #194

Yes and I in its most crude terms that is what I’m asking for but some kind of friction that doesn’t involve COps

I mean for now I’ll just close down the general savings pot for the set amount I need and then open anew to relock it. This is because I haven’t the willpower to leave that money in an unlocked pot. Totally my fault for being a bad saver but it just means a faff on my end and also, data will be on servers for deleted legacy pots etc that needn’t have been deleted if the functionality was there?

Here. You want to keep my savings for me?! :joy:


(MikeF) #195

I tend to agree and I just don’t see Monzo saying “No, you can;t have your money because you chose to lock it away.” so the COPs load will always exist.

We’ll see what happens.


((╯°□°)╯︵ ┻━┻) #196

Haha. That was actually one of the options in the poll earlier in this thread :laughing:

Nominate a partner/friend to have the power to unlock your pot early and they could be the judge on if it was important or not.


(Jordan) #197

I just think this is the core issue - the reliance on COps as the last line of defence, no matter how much previous notice has been given.

I think there is a middle ground, but I think that is creating a “middle” tier of locked pot. But there will still be a reliance on COps.


(Stefano) #198

I second this.

Personally I don’t need to lock money away but maybe I’m just privileged in my current financial situation and/or mindset, in other words if I know that I have bills going out I’m simply not gonna spend the money – it seems obvious to me but I appreciate it may not be the case for everybody.

Either way I don’t think the locked pot idea can be successfully delivered in a way that isn’t legally binding (for example a fixed term interest bearing account that you can’t withdraw from?). As long as it’s sold as an app feature, rather than a banking product, I don’t see any iteration of this not having to constantly rely on costumer service.


(Jordan) #199

But does that mean it should be removed as a feature?

I think that it should iterated on but with some contingency for COps needing to do something at somepoint worked into the plan.

Otherwise you could close the whole App/Bank down as it relies on COps


(Stefano) #200

I don’t think it should be removed, no. You are right about the whole bank ultimately depending on COps so my point was a bit dumb. Monzo et al are trying to introduce something new here so of course it’s a learning process for everyone.

Surely we all agree that a ‘locked’ pot which can be unlocked whenever isn’t a successful product, it fails in the name alone. Maybe Monzo made a mistake saying from the start that you could just chat to them to have your money unlocked, and created a bad / unwanted culture around this service.


(Jordan) #201

I think that is/was the problem - its been put into the wild now and so whatever decisions are made, for some it won’t be as useful as it was previously.

I’m of the view the only real way it can work (with a suitable amount of friction) is the 24hr+ delay - it will likely cut impulse buying but allow for a withdrawals should a genuine need arise.


(Nick) #202

Sounds to be like you’d be better served opening a Marcus savings account for that purpose and putting the ‘no specified goal’ money in there instead. Then it’s out of sight most of the time, but accessible in the event you need it. And you might even earn some interest on it.


(Paul) #203

Thanks for your suggestion but is it not quite sad that this proposed solution is the promotion and use of another banking platform?

Monzo is currently my only banking platform I have. I closed all my legacy bank accounts.

I’d like to keep it that way :+1:


#204

Have now closed my pot and moved my savings back to my notice account, hopefully a 24 hour withdrawl friction is added soon and i can bring it back was nice having it all together on Monzo, i didnt notice on signup to the pot but if isnt an option already maybe you could choose to have interest paid to the pot or to your account balance would be good if pots are locked in the future


(Rob) #205

Maybe to begin with, but if you put a 24hr timer on it and as long a Monzo have a hard line that cops can’t unlock it then people will soon get used to it, and this can be reinforced at locking stage by a message saying cops cant unlock it. If it’s the same people asking cops to unlock their pots then they will quickly learn not to and the number of requests will go down.