Question about Monzo Pots

jasonwatkins

I'm looking at possibly opening an account with Monzo as I quite like the 'pots' feature but I'm wondering if anyone knows if you can set up a Continuous Payment Authority from a Bill Pot, and whether or not it's fee-free ?.  I have a few subscriptions for things outside the UK so if they're fee-free it would be handy.

I've googled around and some posts from about a year ago suggest it's not possible but if anyone with a Monzo account can verify that i'd be grateful.  Cheers.

wiseonesomeofthetime

I have a Monzo account and this feature is not available with the fee-free account.

Those with Plus/Premium accounts possibly do it via virtual cards, though you'll need someone with that account to confirm.

Or ask at community.monzo.com

Personally, I connect my CPA to a credit card, and pay that credit card via a fee-free Bills Pot.

jasonwatkins

wiseonesomeofthetime said:

I have a Monzo account and this feature is not available with the fee-free account.

Those with Plus/Premium accounts possibly do it via virtual cards, though you'll need someone with that account to confirm.

Or ask at community.monzo.com

Personally, I connect my CPA to a credit card, and pay that credit card via a fee-free Bills Pot.

Interesting.   Monzo did reply to me on Twitter and said you could set up a CPA from a Bill Pot.

They did confirm that it wouldn't be fee-free as well as it's just the basic account, which is fair enough as it's probably only about 30p a month on average, so it's not the end of the world.

Interestingly, Revolut also said that any CPA's for non-UK subs would also incur fees as well.

jasonwatkins

Well Monzo have confirmed once and for all that payment pots only work for standing orders and direct debits and that any CPA’s would indeed come from the main account.

wiseonesomeofthetime

jasonwatkins said:

Well Monzo have confirmed once and for all that payment pots only work for standing orders and direct debits and that any CPA’s would indeed come from the main account.

That's what I thought.

The issue has always been that, with CPAs, the bank does not know that they are coming out as there is no prior instruction, unlike DD and SO.

Hence why I use one of my credit cards for that function, and place the value of the CPA into a Bills Pot to pay of the credit card once a month. Easy workaround.

jasonwatkins

wiseonesomeofthetime said:

jasonwatkins said:

Well Monzo have confirmed once and for all that payment pots only work for standing orders and direct debits and that any CPA’s would indeed come from the main account.

That's what I thought.

The issue has always been that, with CPAs, the bank does not know that they are coming out as there is no prior instruction, unlike DD and SO.

Hence why I use one of my credit cards for that function, and place the value of the CPA into a Bills Pot to pay of the credit card once a month. Easy workaround.

I must confess I do quite like that workaround.

I’ve decided to go with Revolut instead who do allow CPA’s and recurring debit card transactions from their payment “pockets” which is exactly what I’m after but if I ever do want to change back to Monzo then I’ll certainly keep that little “hack” in mind

penners324

DDs yes but not debit card transactions I believe 

jasonwatkins

penners324 said:

DDs yes but not debit card transactions I believe 

No, recurring debit card payments are allowed from pockets unless I’ve read this incorrectly 

https://www.revolut.com/en-SE/help/making-payments/revolut-pockets/managing-scheduled-payments-from-your-pockets

jasonwatkins

Well I've ended up with Starling in the end.  

I stupidly mis-read a tweet from someone at Starling that their "Bill Manager" feature did offer what I wanted and would manage recurring debit card payments but it apparently isn't the case.

It just seems strange that the one place that isn't a full bank (Revolut) offers what I want but the two that are (Monzo & Starling) don't.

Still, it's fine and i'll make it work.  The stories of people having their accounts randomly frozen by Revolut probably pushed me away from them ultimately.