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Wednesday, November 21, 2018

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Monzo introduces new savings feature

Jordan Williams | 16:58 Wednesday 29th November 2017

Mobile bank Monzo has launched a new feature on its app to help users save money.

Customers can now create 'pots', a new savings feature which allows them to set aside money within their main Monzo account.

Pots can be created in seconds and can be given a name and image.

Multiple pots can also be used for different purposes and are separate from customers' available balance.

Monzo has also announced the development of a number of new features related to pots, including pots for bills and direct debits.

The mobile bank also intends to introduce rules whereby money can be moved in and out of pots automatically.

For examples, customers could create a rule to round up transactions and put the remaining change into a holiday fund.

Users can also set up shared pots that can be used to pay rent or expenses between a group of people.

Each participant of a shared pot can see and manage outgoings from within the Monzo app.

The concept for pots first came about in January 2016 when a user posted to Monzo's community forum with the idea.

“We think pots have a lot of potential, and plenty of our customers have already shared their suggestions for amazing things we can use them to do,” said Valerio Magliulo, product manager at Monzo.

“It was early days at Monzo, but the idea struck a chord, and we're pleased to be at the point where we're putting it into practice.”

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