When does money from Scheduled Withdraw from Savings Pot actually arrives on account?

Feedback & Ideas
1

Hi,

I scheduled a withdraw from my Savings Pot with “Payment date” set to 11.March (today), but now my initial screen has 2 faded entries: one telling me that it will come today, and another one for “3 days from now”.

Best-case scenario: this is just a screen bug, and in fact the app should only show me “Today” (which is hopefully an easy bug to fix?)

Worst-case scenario: the app is somehow already telling me that the money will only come to my account after the weekend. This is quite a stressful case as if I set the payment date to one day, I can only expect that it will be available on that day, and not after the whole weekend…

A couple of thoughts on what I’d find good solutions to this:

  • either Monzo sends the order to retrieve my money from the Savings one day before the one I expect it to be on my account OR
  • the design of the Scheduled Withdraw page needs to improve (something like both changing “Payment date” → “Retrieval date” and giving a warning that “Payment date is +1 day from Retrieval date”)

In any case, I find it really stressful when you make plans for the weekend that depend on that money being back on your account and having this sort of issue!

2

Should be next working day at 5pm, so that would be Monday if you scheduled the withdrawal for today

But yeah, they should make it clearer you’re only starting the process on the date you put down

The 2 entries isn’t good, contact support

3

When did you do this?

4

That… is a pile of horsecrap from Monzo if that’s how it works

5

I don’t know if it is, but if the OP didn’t realise it’s next working day then it should be more prominent

6

But when you open a 3rd party interest bearing pot, it literally tells you that withdrawals are next working day.

7

But if you schedule a withdrawal for a future date greater than 1 working day, I’d expect the withdrawal to happen on that day. Otherwise it should make it explicitly clear that the money will arrive the working day after the selected date but that’s just dumb

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8

I think it’s pretty clear that withdrawals take a day, maybe it needs clarity that you should schedule for the day before.

But I’d look at it as “it takes a day to get my money after I request it”, so to me a scheduled withdrawal for day x, is no different to me doing ut on day x.

Not helpful, but just my understanding/experience in the past on it.

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9

I agree this is the behaviour I would expect. If I’ve asked my little bank app to transfer money to me on a date then that is when I expect it to arrive. Not for the process to simply start that day. It’s been given enough notice.

If however I go to the savings account and make an entirely unexpected withdrawal then I understand the one day delay (as advertised).

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10

Oh be fair. Monzo was super excited to build all the actual terms and important messages and stuff around savings Pots, but then they got distracted and all went off to half–build Flex.

11

Many building societies work on the same basis.

I requested withdrawals from West Brom, YBS, and Coventry BS this week.

All were actioned on the future date that I noted for the withdrawal, and the money arrived in my bank the next working day.

Monzo savings pots work exactly the same way. All that is happening is Monzo is the party actually asking for the money on the day you have input, the provider then sends the money over the next working day.

Normal practice :person_shrugging:

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