Phone App to move money in my current account to savings when I spend on a credit card

Dobbo007

Hello MSE hive. 
Does anyone know if there is an app for when I spend £X on my credit card (eg Amex) it then moves that £X value from my Current Account into a designated / linked savings account. The benefit then at the end of the month when the Credit card bill comes in I have exactly the amount of money sitting ready to go. 

Abbafan1972

Erm, try the app for the bank you use?

HouseTargaryen

Not aware of this. However, if it helps, this is what I do. I use my credit card for food and other everyday spending. Then I get paid into my Monzo bank app and estimate my expected statement balance plus a bit more and move it over to a pot on the app. If you go to the payments tab on the app you can click the direct debit (set up to pay the statement balance) and choose to pay the DD from a particular pot and not your main balance. Before the statement balance is due, your CC will tell you how much will will be being paid (statement balance obviously will be different to current balance if you regularly spend). You then have time to adjust your Monzo pot if needed. 

mab3000

I’m not aware of an app that would do this automatically for you. I think it’s quite a good idea though, but I personally don’t think something like this would be developed any time soon. 

Best thing is to just log into your banking  app after you’ve done the credit card transaction and move money between your current and savings account. 

wiseonesomeofthetime

mab3000 said:

I’m not aware of an app that would do this automatically for you. I think it’s quite a good idea though, but I personally don’t think something like this would be developed any time soon. 

Best thing is to just log into your banking  app after you’ve done the credit card transaction and move money between your current and savings account. 

I did this during 2020 with my Monzo account and a pot for my new American Express, from which my DD was paid in full each month.

While the return in my first year was ok, £150 (including £100 promotion), I have abandoned it in 2021 as the daily transferring of the day's spend from current account to pot is tedious.

Some apps may look at it in 2021 via Open Banking, e.g. seeing the CC transaction in the feed and automatically moving the amount to a pot/jar/space, however, I too am unaware of one that does such a thing at the moment.

RecoveringAndy

Monzo integrates relatively well with ITTT (If That Then This). You can certainly get it to move money into a pot based on other events. (I have it set up to automatically move money around based on how many miles I've run through Strava). I'm not sure if you could get spending on another account/ credit card to act as a trigger though

Dobbo007

Abbafan1972 said:

Erm, try the app for the bank you use?

Thanks for the help, no that does not work as the bank (Current account) is not linked to the day to day spending on the credit card from a different lender. 

Dobbo007

RecoveringAndy said:

Monzo integrates relatively well with ITTT (If That Then This). You can certainly get it to move money into a pot based on other events. (I have it set up to automatically move money around based on how many miles I've run through Strava). I'm not sure if you could get spending on another account/ credit card to act as a trigger though

I will check Monzo, thanks. Like the idea of linking to Strava :-)