Has anyone tried the Monzo Savings Pots?

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I'm really trying to get on top of finances, and I think having a savings account that I can divide up into defined things would be helpful for me. If there's a lump sum I tend to just view it as money I have available, even if I have a spreadsheet saying that £25 is for car maintenance and £30 is for emergency house repairs. I think a good way of weaning myself off this terrible mindset would be to have a visible list of separate named sections of the account.

Has anyone tried the Monzo Savings Pots for this - helpful or not? Or other similar services. Or has anyone found any other ways of learning to be more disciplined about savings for specific things?

I have a mono account for Savings, I have automatic transfers from my main current account for specific things and if I get any unexpected money I transfer to a general savings pot

For me it's not something that I ever need to think about, I opened the account, set up the standing orders and it takes care of itself. It's a no brainer really.

I have a few saving pots with Monzo. I find it easier to save for specific things and I like that you can name the pot and put the target value for what you saving for.
I have one for this Summer holiday,one for my husband big birthday next year (big Bday-big gift!),one for a Goyard bag for me😉💰 and one for a trip to Australia next year.

I use them, definitely very helpful for me

I use them and it’s great for me. It’s my current account so I have pots set up for the mortgage, school payments, insurance, credit card payments etc. when I get paid I move the money into the pots and then the direct debit is taken using the money in there. It means what I have in the main pot is mine to spend, knowing everything else is already covered. I also have a savings pot for holidays, Christmas etc. It works brilliantly for me

I have Starling Bank which has something similar, called spaces. I find them really useful.

I had a pot to save for a big birthday. It worked well.

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So helpful, car insurance is taken care of throughout the year so no panicking at the last minute. I have pots for house repairs, bills, mortgage overpayment, Xmas, holidays, facials. I've a pot for everything!

Yes I've been using them for a year and really like it. I transfer 1k a month into Monzo then move the money into various pots; I have:

-car
-christmas
-clothing
-dogs
-emergency fund
-hairdressing
-holidays
-house
-presents

Yes, they've changed my life. I get paid into my Monzo account and it automatically puts amounts into my pots:

• Groceries


• Bills


• Subscriptions


• General savings


• Holidays


• Christmas


• Car bills


• House repairs


• Tax bill

So each month I know my groceries, bills and my subscriptions are covered (they get paid directly from those pots) and anything left in my account is for discretionary spending. It's great. I've saved more than I've ever managed to before in my life and never have to worry about not being able to pay a bill.

I use them religiously and they're great. Some are intended to be dipped in and out of during the month - so I have a Food pot, and a virtual card on my Apple Pay linked to it, and I pay for all food shops from that so I can easily keep track of spending. I also have one for my own money and stuff for the kids. Then I have some long-term locked pots and some for specific things like Xmas, car insurance/MOT and so on. It's so helpful and I don't find myself tempted to dip into them once topped up, it's like the money is already gone.

I have pots as holding places for bits and pieces of regular and upcoming payments, but they aren't the savings pots exactly as they pay no interest so wouldn't keep cash there longer term.

That's true @SunshineThelma and I think if I was saving larger amounts or interest rates in general were better I would look to move my savings elsewhere.

Brilliant. Highly recommend! Very easy to use.

Love them!

just be mindful that if you convert a lot to an actual savings pot (with interest etc)it can take 24-48 hours to transfer the cash back to the main space.

caught me out one bank holiday.

I've done just that, opened a chase account.

We use them to control our household budget.

You can set payments to come out of a pot so for eg we have a "household bills" pot that we put a set amount in each month and all our Bill direct debits come out of it.

We've been using it for a couple of years and have so much more awareness of where our money goes (and therefore where we can cut back/juggle if needed). I wouldn't be without it

Thanks so much, everyone! When I get paid next week I will definitely give it a go! I didn't realise that you could have current account pots that DDs could come out of, I thought it was just for dividing up a savings account.

I love them. I have them for different things like Xmas, holiday spends, car maintenance , monthly petrol cost etc. We also have a joint Monzo account that is for food/household money each month.

Yep you can have your direct debits come out of particular pots and if you pay for Premium you can also have cards attached to particular pots - that's how I have my subscriptions and groceries coming out of separate pots.

It has really helped us. I get paid into Monzo, then divert money into various pots. At the moment I have pots for:

christmas
kids birthdays
annual expenses (kids clubs/insurance etc)
Summer holiday
emergency fund

I find it very motivating to see the savings goal and have a photo of what I’m saving for. It has helped reduce what I put on a credit card and to reduce mindless spending

Yes they are absolutely fantastic!

I save for things that I know I'm going to need in the next year.

For example Xmas. If you spend £600 at Xmas you can easily save that by putting £50 a month in a savings pot.

@Farawayfromhere Definitely helps with mindless spending, saving up rather than impulse purchases on credit cards.