I really love locked pots and set several of them up before the functionality changed. I have only just realised today that you must close the pot and withdraw all funds from it (if it is locked) as I had set them all up under the old rule that you could withdraw set amounts by contacting an agent in ‘chat’.
EDIT - since been corrected this was never the functionality of locked pots and accept my error on that part
I find this frustrating because I have a few pots I would like to remain locked so that I cannot arbitrarily withdraw from them (e.g. I have a travel pot) and put savings in when I can. Then when a holiday opportunity arises I would like to be able to withdraw the set amount I need from that pot, for that particular holiday, but for the original pot to still remain so that I can continue to use it for the next holiday - I really don’t want to delete it each time and then set up anew.
Today I have a locked pot called ‘piggybank’ with a large amount in it and also my roundups go in there. It is for general saving and locked to prevent ‘dipping’. I have a house project that now requires a withdrawal of a set amount, which would leave the remainder in the pot but have been told on chat by an agent that this is no longer possible and I need to unlock the pot which will delete it and put all of the money across to my account.
I would then need to set up a new ‘piggybank’ account to do the very same thing… rinse and repeat.
It isn’t the way I thought locked pots would work and find this quite a faff. Sure having the pot locked and then deleted on withdrawal is great for single saving events like “wedding” or something but it does nothing really to help people with accumulating ‘general’ savings that they want protected from those nights you are at the pub and ready to raid the “piggybank” for another bottle of wine
I completely understand we all use these pots in different ways and the pressure on customer service to action withdrawal requests might have become unmanageable.
I am quite on board with the 24 hour thing as posted by some.
Tap the pot - request a withdrawal of a certain amount and a 24 hour limiter is set on the transaction. Then, fully automated, after that 24 hours your set amount is in your account.
Hoping a new option will come along soon so I don’t need to keep deleting my general locked savings pots.
Oh, please don’t suggest just regular unlocked pots to solve this problem. I am one of many who need help in managing my savings; I would just shuffle money about unlocked pots as it is too easy to withdraw - hence the lock was my saviour. So shoot me, I am a bad saver but thought Monzo had cracked it, sadly I feel this is no longer the case.