We’re tweaking how locked pots work


(Jordan) #166

Would say a 24 hour delay be enough friction for yourself?

I think it is helpful to get some actual personal opinion from locked pot users (I have one but would not really need to open it before the locked time so my opinion is slightly skewed).

What would your ideal form of friction be (without COps)?


(Sarcasm is the finest form of wit.) #167

A configurable time delay has been suggested. 1hr increments perhaps?

That way if money from a pot is desperately needed in an emergency, the 1hr should suffice (and if not the COps can still help). Beyond that I’d go for 12 or 24hrs to make sure I wasn’t just impulse buying or something.

But that’s just me.


(Jordan) #168

1hr increments are interesting, I don’t think they’d really offer much service, as you say COps could still help - and so the 1hr unlock isn’t really friction IMO.

I think logistically a 24hr delay would be enough for most, maybe with a few menus to travel through to ensure that the withdraw is what you want. Maybe categorising the withdrawal as well to show you over the course how/why you unlocked your pots?


(Paul) #169

24 hours would be great for me, personally.

My current scenario helps to highlight this:

  • I have a locked “piggybank” account that I squirrel money into for general savings it has say £10k in it from me adding money and also round-ups going in there.

  • I need to access £1k this week as I am having some work done in the flat.

  • I request the withdrawal today for £1k and have 24 hours timer auto applied and would have the money in main account tomorrow - all good!

  • The remaining £9k still in piggybank for me to continue squirreling away money etc.

As an aside, I also have pots that are locked for specific events eg

  1. I am saving to buy a piano but have a goal amount so would not need to withdraw until goal reached and would be happy for that pot to be closed as it was for that specific purpose.

  2. I also have a pot for Christmas 2019 locked until 1st Dec and would not be too fussed on emptying and closing that account as it has met its intended purpose.

Just suppose it is the general savings idea it helps me with. Almost like that “rainy day” pot that you have specifically set aside for things that will undoubtedly pop up but you don’t know what they will be and when.


(MikeF) #170

I think the assumption that “COPs could still help” needs to be challenged here. Should COPs still be able to help? If they can then the issue isn’t really being solved.

(I’m not recommending a course of action here but I think it should be thought about)


(Jordan) #171

No that is what I mean - I don’t think that there will really be anything that can be done, friction or no, that will stop someone contacting COps - which is really the issue as the friction of the locked pot v1 worked but there will always undoubtedly be scenarios where COps are needed.


(Jordan) #172

I think that’s a perfect way to show the use of a 24 hour delay - which would more than likely work for most - I hope Monzo take this sort of stuff onboard on the next iteration (it looks like they are)!


(Paul) #173

Hopefully!

As it stands I have about 7 different pots, all locked.

6 are for specific events and only one for general savings. So I am more than happy to withdraw and close the 6 specific pots when they reach their intended goals. But would love to have that general savings one to remain permanent - and locked, with a bit of friction to prevent me from dipping.

I do like to separate out my pots and finances - maybe just my own personal quirk but I am sure there will be others.

:+1:


(MikeF) #174

Then if COPs time is an issue, the whole idea of locking pots may need to be challenged.

For me, that’s an easy statement to make since I don’t have any locked pots. Regardless of that, however, it’s clear that something new has been tried and isn’t working as planned so one of the options needs to be “stop doing the thing that isn’t working”. Even ‘standard banking features’ aren’t safe from this sort of analysis at Monzo.


(Paul) #175

Genuinely wish I had your strength of will or I wouldn’t need to lock any pots :muscle:

I never have been a good saver, ever - just part of my personality, I suppose! Once ended up in New York for a bet because I had a few too many beers and my pal and I egged each other on - account emptied :man_facepalming:


(Jordan) #176

I think I disagree here, IMO even though I don’t use a locked pot properly the use of locked pots integrates more with the Monzo ethos i.e. taking control of your money and making it work for you. I would then say that it would be wiser to reiterate and develop but always provide for a COps contingency.

I agree here - the feature needs to be developed and I think Monzo went into it too full-on and have had to draw back and think about it a little more - but I think the feature overall is a good one.


((╯°□°)╯︵ ┻━┻) #177

Setting your own lock time with 1 hour increments wouldn’t work in my opinion.

People who want their pots locked indefinitely like in the recent examples given will just put 99999999hrs and will still contact COps to unlock early. I don’t understand why people do this because they could just put 1 year lock on it (or target amount) and then re-evaluate their savings or move them to a higher interest account when it expires.

It also seems that people don’t keep a buffer in an unlocked pot for unexpected eventualities. So some blog posts in the lead up to the relaunch of pots could also help educate people to manage their savings a little better and get the best use out of locked pots without burdening Monzo.

In summary, 24hrs with a hard stance on no early unlocks from Monzo will suffice or just put them back to how they were with the hard stance on early unlocks.


(Greg) #178

i have posted this before but more activity now…

I really do think Monzo should put Locked pots back to the way that where. And tell everyone if you lock your pot “ITS LOCKED” and that’s how it is. People should use them the way they where intended. If you can not risk having money locked away for a long time then it’s simple
DO NOT LOCK YOUR POT

And the rest of us wishing to put money away for let’s say Christmas can lock a pot until say 1st of November safe in the knowledge we can not get to it and have a plan in place.

if we really do need a safety net then option to set 24hr delay before unlock date

and NO Cops should not get involved.


(Paul) #179

Gentle push back on this here as my general savings pot described above might not need touched for the rest of the year as I don’t foresee anything else I need to use it for (that can well change) so I would like to have it remain locked after I have done this small bout of DIY in the house.

For me, personally, I would not want this amount of money sitting in an unlocked pot as it would be too tempting to fritter away and I am sure I am not the only one.

Again, locked pots are great for specific savings goals but I think it is quite closed to not consider those of us who need a bit more help to save more generally.

Is there an option of selecting your pot type at the point of opening?

Do you want to open a:

1. Regular pot

2. Fully Locked pot

3. Locked pot with 24 hour accessibility

4. Savings pot

I am no tech person but I think that might suit the two different camps?

You would have your intended locked pot which will be deleted on reaching its intended goal and I could have my locked pot for general savings that I can access with a 24 hour buffer for friction.

No COps needed in any of those scenarios.


(Jordan) #180

But how do you enforce that? Guaranteed people will contact COps no matter what.


(Jordan) #181

I did mention earlier in this thread 2 levels of “locked” that seem to play on the psychological “locked” group and then the hard “locked” camp


(Paul) #182

Sorry JJ - been attempting to read through the thread so never noticed it - I think it is a sound idea :+1:

The 24 hour one would be grand as, even in a drunken state I could request the withdrawal and then hopefully be sober enough when it credits to the account that I just pop it back in the locked account.

Or I am sure the tech wizards at Monzo could have a “pending” status during the 24 hour countdown where you could just cancel it completely after you come to your senses.

I am painting myself with a drink problem here :rofl:


(Paul) #183

Agreed, people will contact COps as and when they feel the need to - this cannot be regulated.

Hopefully the option of different levels of “locked” you and I have suggested would reduce the need for anyone to contact COps


(Greg) #184

People will still call on Cops but if you tell people at set up Cops cannot unlock a pot then it’s down to the individual if they ignore that.


((╯°□°)╯︵ ┻━┻) #185

I also think that people who lock their pots with the broad objective of generating some savings is wrong too. I’d be tempted to dip in if I had no incentive or goal attached to it. :grimacing:

Start small, set a goal of say £100, then when you hit it you’ll feel some self accomplishment. Reward yourself with something small (proportionate to what you’ve saved) and then re-lock and increase the goal slightly. :innocent:

This way you have an incentive to hit the amount as well as for the reward you’re going to give yourself at the end. Otherwise you’re just chucking money into a pot and that’s boring. :confounded:

Before you know it you’ll be a wizz at saving and you’ll have generated a buffer for worst case scenarios too. Wins all round :sunglasses: :money_mouth_face: