INSPIRATION

Monzo Pots

For helping us save, not spending

Innovation | Finance

Monzo’s pots feature is designed to help you save, not spend. Launched at the end of 2017, pots are a simple way to set aside money within your main Monzo account and now they update the interest rate increase on your behalf automatically. You can set up multiple pots for different purposes, saving for both small goals and grand plans. Money in your pots doesn’t appear in your available balance but can be moved back into your main account instantly.

Monzo has been transparent about the fact that the idea for pots originally came from a suggestion on its community forum back in 2016. The aim is to give users more control over their money and help with setting and achieving goals.

But the reason pots work so well is that the logic borrows from how we handle cash in our day-to-day lives and introduces similar principles to online banking. Whether it’s keeping cash in your sock drawer or putting your spare change in a traditional Terramundi money pot, we are used to dividing our money up.