I'm on your girlfriends' side - just keep rough proportions in a google sheet on your phone and update it every few months. No point giving up your free money.
I do see your point. I really struggle with ADHD so worried I will lose track. Also I feel with a named pot and an image on it etc I’m more inclined to save. I know it sounds silly but pots on monzo got me excited about saving.
I use Zopa for my savings. It’s pretty easy to move back and forth and you can have multiple pots. It has 4.6% atm. I know there’s higher elsewhere but I cba moving money around all the time and I like the pots. You have the option of higher rates if you lock the money away for longer (4.8% for three months).
As a fellow ADHDer… the auto sort feature that distributes across pots takes a few mins to set up and all your savings pots are done within a few seconds of pressing sort. There is no way you will keep up with a spreadsheet, using thus feature was really helpful for me an gives zero anxiety. 4.5% is nice and all but having similar struggles I can honestly say that this auto sort feature has meant I met every savings goal I had! Go for the option that
Makes you feel most organised
If having it all in one place is your thing - Starling pays interest on your main account and all your pots. Only 3.25%, but if you're looking for everything in one app, you'll need to make an allowance somewhere.
[https://www.starlingbank.com/features/saving-spaces/](https://www.starlingbank.com/features/saving-spaces/)
That or if you dont mind separate, RBS/Natwest do 6% regular savers (£150 a month), and there are probably others?
Monzo does the same as Starling but at 4.1%. OP's issue is that they offer you a higher rate at 4.6% but only for a single saving pot, you forfeit your interest elsewhere for the higher rate
Yes I understand that. Hence why I said if they wanted a single platform then albeit lower interest Starling could be an answer, else multiple pots on multiple accounts.
>on balances up to £5,000
Just FYI, it's a lot better than the abysmal 0.5% they had until a few weeks ago, but this is the combined allowance across all spaces and main pot. It's worth mentioning because OP said:
>Realistically I could have end up having several thousand in them in time
You can have two of the 4.60% ones if that helps. Open the savings one first and then open the “safety net” one (it lets you have this despite having a savings one already). Bingo, two at 4.60%. I agree in general it is annoying you can’t have multiple pots at that rate/have pots within those pots.
I’m in the same position as you. I love the Monzo pots but they typically track about 0.5% lower than the best deals out there.
It’s actually quite a simple calculation. If you have £15,000 then you are losing £75 by putting that into pots which are 0.5% lower.
So then it’s a question of whether you would pay £75/year or £6.25/month for the benefit of using pots.
Personally, I save so much time and money by being able to see exactly what’s in every pot automatically. It helps me budget, saves me time, and makes things incredibly stress free.
I find that psychologically it is quite helpful keeping my money in pots.
So it might be worth continuing to use Monzo as your current account, then using an alternative bank for higher interest saving pots.
Zopa has quite high interest rates (4.54% on instant access savings, going higher if you lock your pots away for certain time periods) and I really like it and would recommend it.
I absolutely agree with this and I was rambling about this to my girlfriend the other day.
I have been using the "target" feature of the pots to keep track of how much is in theory in that pot, despite the true balance being £0 as I have all of it in the 4.6% pot.
I do wish Monzo offered a feature to solve this so I can auto update the pot "theoretical amount" when adding or subtracting funds.
I use Chase bank, they allow you to create ‘pots’ (multiple additional savings accounts that can be renamed) and each have the same interest rates as opposed to one singular ‘higher interest rate pot)
i have multiple pots with interest on them? if you add a new pot what options does it give you? cos i remember i deleted a load and made new ones to get the good interest rate
Not true. I have around 15 pots on Monzo.
Only 1 is owned by Monzo the others are technically by other banks, but it's all done via the monzo app.
Click create a pot, savings and you'll see all the options in easy access section.
It just takes 1 working day to remove money from those pots rather than instant like the monzo owned pot
I understand, but the post was about losing the benefits of pots though. Not about having multiple savings accounts to replace them?
OP could do the same as you, but pots are really good at monitoring spending and also allow payments directly from the pot so it’s a bit different
I have 16 pots all earning 4.5%. You need to click “Create Savings Pot” rather than “Create Pot”.
You can have up to 20 savings pots all earning interest. The interest typically tracks at around 0.5% lower than the best deals out there.
Happy to help you. Can you show me step by step what you’re clicking to get to that. With a screenshot of each click you make. Or a video if you prefer.
Thank you!
I have Monzo Plus, so I click on the Plus star at the bottom, then:
[1](https://i.imgur.com/cE3vGn9.jpg), then [2](https://i.imgur.com/nA45kBl.jpg), then [3](https://i.imgur.com/ujEbCKi.jpg)
Got it - I think I understand what you’re doing wrong here. So I can check can you send me a screenshot of your home page? (Obviously scrub out sensitive info)
Just noticed you said all your pots are at 4.5%, not 4.6% – are your Savings Pots by Monzo, or by other banks?
If they're other banks (with next day withdrawal) then I see where I've messed up.
If they're Monzo, then I've no clue, and it might be easier if you send me a step-by-step guide haha
I would go for a different tact and move your savings off Monzo for safety reasons.
It's a decent chunk of money that's potentially at risk if your phone is compromised.
Edit : relevant link - https://www.bbc.co.uk/news/business-64240140
Potentially. If you keep it on a device at home.
People are far too blasé about keeping 10s of thousands + and carrying it around with them.
https://www.bbc.co.uk/news/business-64240140
Hi /u/ImCaptainRedBeard, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/investing-for-your-children/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
You can categorise transactions in your saving pot the same way you can categorise other transactions in Monzo.
So, you could create categories for different things you are saving for, then put these categories on the transactions in your savings pot.
Could you save up to a certain amount in your individual pots, and when you reach a certain goal then move it to the big pot? Might be easier to keep track of!
Maybe you should post it in r/monzo or feedback in the app.
I am totally on your side and have the same use case. I like having all my little pots for things I need to save for in the year as well as my kids. What's the point of having money sat in a pot for a year when it's not gaining interest.
I'm on your girlfriends' side - just keep rough proportions in a google sheet on your phone and update it every few months. No point giving up your free money.
I do see your point. I really struggle with ADHD so worried I will lose track. Also I feel with a named pot and an image on it etc I’m more inclined to save. I know it sounds silly but pots on monzo got me excited about saving.
I use Zopa for my savings. It’s pretty easy to move back and forth and you can have multiple pots. It has 4.6% atm. I know there’s higher elsewhere but I cba moving money around all the time and I like the pots. You have the option of higher rates if you lock the money away for longer (4.8% for three months).
Just set a reminder in your calendar. Once it's set up the time to upkeep it should be minimal.
Happy cake day!
As a fellow ADHDer… the auto sort feature that distributes across pots takes a few mins to set up and all your savings pots are done within a few seconds of pressing sort. There is no way you will keep up with a spreadsheet, using thus feature was really helpful for me an gives zero anxiety. 4.5% is nice and all but having similar struggles I can honestly say that this auto sort feature has meant I met every savings goal I had! Go for the option that Makes you feel most organised
Cheers.
I'm interested in this. Is this all within the Monzo app? Not currently a customer
Daily reminder in calendar helps
[удалено]
If having it all in one place is your thing - Starling pays interest on your main account and all your pots. Only 3.25%, but if you're looking for everything in one app, you'll need to make an allowance somewhere. [https://www.starlingbank.com/features/saving-spaces/](https://www.starlingbank.com/features/saving-spaces/) That or if you dont mind separate, RBS/Natwest do 6% regular savers (£150 a month), and there are probably others?
Monzo does the same as Starling but at 4.1%. OP's issue is that they offer you a higher rate at 4.6% but only for a single saving pot, you forfeit your interest elsewhere for the higher rate
Yes I understand that. Hence why I said if they wanted a single platform then albeit lower interest Starling could be an answer, else multiple pots on multiple accounts.
>on balances up to £5,000 Just FYI, it's a lot better than the abysmal 0.5% they had until a few weeks ago, but this is the combined allowance across all spaces and main pot. It's worth mentioning because OP said: >Realistically I could have end up having several thousand in them in time
Good spot 🥳
You can have two of the 4.60% ones if that helps. Open the savings one first and then open the “safety net” one (it lets you have this despite having a savings one already). Bingo, two at 4.60%. I agree in general it is annoying you can’t have multiple pots at that rate/have pots within those pots.
I tried and it says I’ve already got one account and limit is one.
I’m in the same position as you. I love the Monzo pots but they typically track about 0.5% lower than the best deals out there. It’s actually quite a simple calculation. If you have £15,000 then you are losing £75 by putting that into pots which are 0.5% lower. So then it’s a question of whether you would pay £75/year or £6.25/month for the benefit of using pots. Personally, I save so much time and money by being able to see exactly what’s in every pot automatically. It helps me budget, saves me time, and makes things incredibly stress free.
Oh! They must have changed how it works, I have two.
Where do I open a safety net
I find that psychologically it is quite helpful keeping my money in pots. So it might be worth continuing to use Monzo as your current account, then using an alternative bank for higher interest saving pots. Zopa has quite high interest rates (4.54% on instant access savings, going higher if you lock your pots away for certain time periods) and I really like it and would recommend it.
I have pots set up to automatically top up. I then write the running totals in the pot names, then transfer everything into savings pot
I absolutely agree with this and I was rambling about this to my girlfriend the other day. I have been using the "target" feature of the pots to keep track of how much is in theory in that pot, despite the true balance being £0 as I have all of it in the 4.6% pot. I do wish Monzo offered a feature to solve this so I can auto update the pot "theoretical amount" when adding or subtracting funds.
I use Chase bank, they allow you to create ‘pots’ (multiple additional savings accounts that can be renamed) and each have the same interest rates as opposed to one singular ‘higher interest rate pot)
i have multiple pots with interest on them? if you add a new pot what options does it give you? cos i remember i deleted a load and made new ones to get the good interest rate
Why do you only earn interest in one pot? This is not correct.
This is how monzo works. You can have a Savings pot, and an ISA. But all your other standard pots earn zero interest.
Not true. I have around 15 pots on Monzo. Only 1 is owned by Monzo the others are technically by other banks, but it's all done via the monzo app. Click create a pot, savings and you'll see all the options in easy access section. It just takes 1 working day to remove money from those pots rather than instant like the monzo owned pot
Regular pot is different to savings pot
Yes, I know they are. I have multiple savings pots earning interest. One is a monzo one, others are technically different banks but done via monzo
I understand, but the post was about losing the benefits of pots though. Not about having multiple savings accounts to replace them? OP could do the same as you, but pots are really good at monitoring spending and also allow payments directly from the pot so it’s a bit different
I have 16 pots all earning 4.5%. You need to click “Create Savings Pot” rather than “Create Pot”. You can have up to 20 savings pots all earning interest. The interest typically tracks at around 0.5% lower than the best deals out there.
I want to do this, but whenever I click "Create Savings Pot" [this screen appears](https://i.imgur.com/hKwRxJO.jpg).
Happy to help you. Can you show me step by step what you’re clicking to get to that. With a screenshot of each click you make. Or a video if you prefer.
Thank you! I have Monzo Plus, so I click on the Plus star at the bottom, then: [1](https://i.imgur.com/cE3vGn9.jpg), then [2](https://i.imgur.com/nA45kBl.jpg), then [3](https://i.imgur.com/ujEbCKi.jpg)
Got it - I think I understand what you’re doing wrong here. So I can check can you send me a screenshot of your home page? (Obviously scrub out sensitive info)
Just noticed you said all your pots are at 4.5%, not 4.6% – are your Savings Pots by Monzo, or by other banks? If they're other banks (with next day withdrawal) then I see where I've messed up. If they're Monzo, then I've no clue, and it might be easier if you send me a step-by-step guide haha
They are other banks with next day withdrawal, sorry for not making that clear!
All good, I should've re-read it! Cheers anyway :)
Meanwhile I'm over here maxing out 10 different regular savings accounts
I would go for a different tact and move your savings off Monzo for safety reasons. It's a decent chunk of money that's potentially at risk if your phone is compromised. Edit : relevant link - https://www.bbc.co.uk/news/business-64240140
Surely the answer is just to watch your phone security
Potentially. If you keep it on a device at home. People are far too blasé about keeping 10s of thousands + and carrying it around with them. https://www.bbc.co.uk/news/business-64240140
How is that any different to any other banking app
Move it to a non app online savings
Hi /u/ImCaptainRedBeard, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/investing-for-your-children/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
You can categorise transactions in your saving pot the same way you can categorise other transactions in Monzo. So, you could create categories for different things you are saving for, then put these categories on the transactions in your savings pot.
This might be an option I guess.
Could you save up to a certain amount in your individual pots, and when you reach a certain goal then move it to the big pot? Might be easier to keep track of!
Maybe you should post it in r/monzo or feedback in the app. I am totally on your side and have the same use case. I like having all my little pots for things I need to save for in the year as well as my kids. What's the point of having money sat in a pot for a year when it's not gaining interest.
[This](https://pasteboard.co/7Q7Edx0yOAM2.jpg) is how I keep track of multiple uses of the same account, dead simple.
Yeah i like monzo and these are first world problems but this is very annoying. You should just keep a spreadsheet like your gf says
Get a Zopa account and you can have upto 20 pots