We’re tweaking how locked pots work


(Emma (still not the app)) #125

Just the isa I have with Barclays. Get very little interest but I need WiFi for the app to work so can’t transfer to to my main Barclays account when I’m out.
Best solution for me but annoyingly i’ll have to do that every Monday when IFTTT put money into my pot from the weekly savings challenge


(Kevyn) #126

I locked myself out of First Direct’s online banking. I had changed iPhone last year and forgot to transfer the device key and strangely I can’t be bothered to ring their award winning service to get my iPhone reactivated. Therefore I can transfer in but as I deleted most of the payees I can’t get it out without either ringing up, using my card or sending it to my ex.

I think I will cut up my card and send my money that way. Like Monzo, I would have to bug their customer services to get access. That little bit of friction helps.


(Bradley) #127

I agree, if we have a choice on the unlock time (I.e 60 seconds, 1 hour, 24 hours), then it puts the onus on the customer. We could then set different timers for each pot, giving variable levels of friction for each (I.e. no lock for one we may need access to, some friction for another, lots of friction for longer term savings).

Another thing for Monzo to consider, is the use of a random text entry string to unlock a ppt. I’ve used a few website blocker plugins and they require you to type in a random string (perfectly, with no mistakes) to access the settings/turn the feature off.

This is how StayFocusd does it:


(Lesley Sharp) #128

I dig this idea. A little Monzobot asks you what you want the money for. It could be a bit like the Stayfocusd Chrome plugin. You type in the sites you waste time on and it denies you access. This has literally saved me from the evil Facebook vortex.

In the same way, in your Monzo app you could stipulate what you’re allowed or not allowed to unlock your pot for, e.g. if it’s to spend on booze or shoes, you will be denied. But if it’s for emergency car parts or a replacement washing machine or a train ticket to visit your granny in hospital, you can open your pot. And if you lie to the Monzobot, that’s going to affect your karma. You have to know that and be able to live with your sorry-ass spendthrift self. Hahaha!


(Andy Slater) #129

I think if you put it in writing upfront you’re putting it on the user to agree to those terms. If someone disagrees with that, theyre unlikely to lock a pot


(NM) #130

I mean its more to empower people to take control of their spending rather than dictating to them away of doing so. Its more important people learn from their choices and decisions rather than having it mandated.
The idea/dream would be that they no longer need to use locked Pots as they understand their drives and spending habits


(Jordan) #131

I still don’t think its fair or reasonable to withhold a customers money, the only argument being that they “locked” it in.

Financial penalties again are unfair unless you’re getting something out of it, like interest.

Its a really hard-line to balance.


(Richard) #132

This update has just hit my Monzo.

Personally I think it’s still a good idea to have locked pots, even if there is less friction. Something is locked away, you try to access it there is a prompt and the withdraw buttons are still greyed out as if it cannot be done so for those who heavily rely on visuals that’s still in place.

But, as others have said, there does have to be a point where the end user has to learn some resilience for themselves.

For myself, I will still use Locked Pots but I’m going to take a leaf out of @Ordog book from another post. Keep a larger amount of my monthly spare money to one side, not in a locked pot (maybe move it to another bank like @Rat_au_van does) and then day before payday move it back and lock it in.

Locked Pots would still work for me I think, especially with a goal in mind. Only time will tell.


(Andy Slater) #133

I think the fact that the user chose to use the feature is a pretty big justification.

If it’s made clear at the time of locking that the user wants the money to be locked away then it’s entirely reasonable.

If a user doesn’t find that useful or reasonable they don’t use the feature


(Jordan) #134

In a way I totally agree, the customer signed up for it and so therefore should be bound by it. But it is just in a pot, it isn’t a separate savings or investment vehicle so friction has to be justified to a certain extent.

In an ideal world, you’d lock the pot and not need to unlock it until the timer ended - and for the most part this is how it worked, but there is clearly a costs vs practicality element at play.


(Andy Slater) #135

A word of advice on the idea of moving it to another bank.

Don’t have the app for that bank on your phone. Have it on a tablet, have online banking, but keep the app off your phone. I found that kept savings out of mind.

Funnily enough, the reason i stopped using that idea was locked pots, now i might use that account again since locked pots are more like a stiff door than actually locked


(Richard) #136

That’s actually a very good idea!! I do it for Credit Cards but never thought about it for current accounts. I like it.

Literally have a legacy Nationwide account which I don’t use any longer so will utilize that and delete it.


(Rick) #137

My thoughts is that you could add options to pot locking, that mean you can add a lag time to unlock a pop (if you wish) if about 24 hours///


(Alan) #138

You could use a Marcus account an earn 1.5% on the balance too


(Al) #139

There could be several options for early release that are set when the pot is first locked. Some examples of friction-levels that could be offered include:
• on-demand unlock (the weakest setting)
• time-delay unlock (as mentioned by various others)
• IFTTT-based unlock (this would just be useful for allowing things like a treat budget to sit in a pot unless a fitness app verifies 70,000 steps a week, for example)
• third-party unlock (entrust a third party Monzo contact such as a spouse, parent or friend to be able to grant consent for pots to be unlocked - in other words, acid-test the ‘emergency’ by explaining it to someone else)
• COps unlock (original plan but instate a rule that the second time you call COps to unlock a pot, you lose the ability to set COps as an unlock friction-level)

Essentially just turn that poll above into an actual menu and develop the underlying features.


(Oban Kester) #140

I really love locked pots, but I think one useful feature is for the pot to unlock when you reach your goal. Say I was saving up for a new laptop, I have a scheduled payment going to the pot and then when I reached the set goal it would unlock and I could use the money to buy the laptop


#141

Is this being looked into at all? The comments on this thread and the poll… by the team? Im simply not updating the app so the changes are not in effect for me so far


(Hugo Cornejo) #142

Yes, we’re taking note and keep on iterating.

To introduce a delay (maybe 24h, maybe less) seems like a good idea so we’ll probably try it in some way. The key here is to find out how many people would still need to contact us to manually unlock their pots because they can’t afford that waiting period, but that’s something we’ll figure out as we keep working on it.


((╯°□°)╯︵ ┻━┻) #143

It’s a victory for the people! :partying_face: :laughing:

Edit: :open_mouth: If you link to a poll it shows 0 votes :confused:


#144

Awesome great news will keep in my pot for now then