No. It’s just a normal (non savings) pot that has had one or more bills associated with it. Any DD or SO can be associated with any normal pot.
Yes, that is correct. DD appears in the main balance as does the addition from the pot for the same amount. The corresponding pot deduction is shown in the filtered pot transaction list.
Got it (I think). So the main balance has to have enough funds to cover the bill before the pot replenishes it? Or does the money move out of the pot first?
The money moves first.
It’s only if there isn’t enough in the pot to cover the DD or SO that the main balance will be affected.
But the first actual DD or SO must come from the main balance, since the pot can only be attached to that DD or SO once the first payment has happened? (I should try this, I guess - it’s years since I’ve had to do any DD setup.)
I’ve just set up a couple as it happens. They’re already showing so I could point them at a pot now before the first payment. I’m not sure that that’s a universal thing though.
I just wait for the transaction fees to say a new direct debit is set up then attach it to pay from a pot.
Really easy and means you can do it from first payment.
Once you’ve had notification that a DD has been set up you can then assign it against a normal pot
OK - reading chronologically bottom to top, pot withdrawal comes first.
Yep any DDs and SOs set up to come from a pot like that will always come from the pot 1st and then if you don’t have enough cash left in that pot it takes it from the balance of the main account.
The exception to this is if you use IFTTT to manually take money from a bills pot to cover a subscription service, money comes out your main account then seconds later IFTTT normally kicks in to pull the money out of the bills pot.
Everything comes from the main account - even bills set up to be paid from a Bills pot. The only thing the Bills pot set-up does is to release the correct amount of money to cover the bill from the designated pot(s) into the main account just before the bill is paid from the main account.
EDIT: When I say ‘only’, I’m not taking anything away from it’s simplicity and effectiveness (or the incredible back-end engineering work done to bring the feature to life) - it is one of Monzo’s most powerful features.
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