can Monzo do this (or if not, where can)?

[SimoneHere]

I have a Monzo account and a First Direct account.

Until now I have just used Monzo for savings, and First Direct as a current account. However I don’t earn any interest with First Direct, whereas I do with Monzo (3.5%).

I have £8k in my FD current account which is put aside for uni accommodation. Accommodation will be paid £800 per month, so I want to earn interest on the unspent balance.

I thought if I transferred it to Monzo I could put it in a savings pot and pay the direct debit from there, but you can’t pay a dd from a savings pot, only from a non-savings pot. Only savings pots get interest. So I thought I could put the £8k into a savings pot and automate a transfer out each month from the savings pot to the non-savings pot, but it won’t automate and I don’t want to risk missing doing it manually.

Sorry, that was long!

TLDR is there any way to pay a direct debit from an interest bearing account with Monzo. If not, where does it?

You can set up payments to to paid from a pot, you can also create a virtual card which is linked to specific pots.

Edit I dont think you can do this from Savings pots. But what you can do is set up a new pot (not savings) and set up an internal transfer from your savings to your uni pot, so that only the specified amount gets moved maybe the day before the payment is taken out

Thanks @TiptoeThroughTheToadstools I tried this, but I can’t figure out how to schedule a transfer from the savings pot to the uni pot. It seems like I can do a manual transfer from savings to uni, but not schedule it to happen automatically.

I know it’s not what you’ve asked but I’m similar and I have a reminder in my phone to transfer in also get a text message on the day DD is due out of my current account if there’s not enough funds and i gets til 2pm to make sure there is. I know it’s still not as fail safe as automated but I feel 2 ‘safety nets’ are enough for me

Thanks @KarmenPQZ

That might work, but having find some research I think I might be better switching to Starling.

Yeah you can….. go into pot as if you were moving money and there’s schedule button toggle thing and you can do it there!

Just make sure if there’s a delay in transferring funds (my old Monzo saving account wasn’t instant you had to wait til 5pm the next day) you take that into account.

Edit to add I’ve just tried and no you can’t think my last savings account wasn’t an actual account rather than an pot!

Thanks @JollyHostess101 I really appreciate you trying it. At least now I know it’s not just me doing it wrong!