Why do you bank with your bank?

Rob5342

RG2015 said:

Rob5342 said:

There's no n

penners324 said:

Starling- great app, notifications (especially the 1s the day before DDs are going out), pots (Inc have DDs come from them).

Monzo do pots you can have have direct debits taken from too. It's amazing that so few banks offer it, it seems like such a basic feature that woould benefit anyone that had regular bills.

Anyone with regular bills would benefit from pots? How exactly?

I can see all of my receipts and payments from a transaction list without sticking things in pots.

Because they could put the money for their bills aside into a bills pot and have the direct debits come out of that, then they don't need to keep money spare for when the bills come out.

Rob5342

AmityNeon said:

Rob5342 said:

penners324 said:

Starling- great app, notifications (especially the 1s the day before DDs are going out), pots (Inc have DDs come from them).

Monzo do pots you can have have direct debits taken from too. It's amazing that so few banks offer it, it seems like such a basic feature that woould benefit anyone that had regular bills.

Pots don’t offer cashback, rewards or interest on credit balances. I’d much prefer more accounts offering financial incentives over budgeting tools (of which there are a plethora and you only need one).

With Monzo when I get paid I split the money into a bills pot, and pots for week 1, week 2, week 3 and week 4. My direct debits are set up to come out of the bills pot, each week I empty one of the weekly pots into the main part of the account and then use the main balance to keep track of my spending for that week. Are there any apps that offer the same functionality, I'd like to give them a try if there are.

RG2015

Rob5342 said:

RG2015 said:

Rob5342 said:

There's no n

penners324 said:

Starling- great app, notifications (especially the 1s the day before DDs are going out), pots (Inc have DDs come from them).

Monzo do pots you can have have direct debits taken from too. It's amazing that so few banks offer it, it seems like such a basic feature that woould benefit anyone that had regular bills.

Anyone with regular bills would benefit from pots? How exactly?

I can see all of my receipts and payments from a transaction list without sticking things in pots.

Because they could put the money for their bills aside into a bills pot and have the direct debits come out of that, then they don't need to keep money spare for when the bills come out.

Thank you for your reply.

I have my spare money in a savings account and transfer this in and out of my current account as required.

I guess your statement that anyone would benefit from pots only applies to those without savings.

mab3000

[Deleted User] said:

I am currently with Barclays, because I wanted to try them out for a year. However they refuse to give me an overdraft currently so that annoys me. They also limit their overdrafts to £1000. They suggest getting a Premier account to get more, but want to charge £20 a month or not, I don't really understand the requirements, because I don't earn 75k a year but they keep suggesting the account to me, yet say no to any kind of overdraft.

Not sure where that has come from, Barclays do offer overdraft facilities for more than £1000 even for non premier customers. My overdraft facility when I worked and banked with them was £2000. They even offer overdrafts up to £3000 for student accounts. I believe the maximum overdraft Barclays offer standard personal customers is £5000. 

However actually getting an overdraft offered to you by Barclays is often very difficult like you have experienced. 

Eco_Miser

Rob5342 said:

RG2015 said:

Rob5342 said:

There's no n

penners324 said:

Starling- great app, notifications (especially the 1s the day before DDs are going out), pots (Inc have DDs come from them).

Monzo do pots you can have have direct debits taken from too. It's amazing that so few banks offer it, it seems like such a basic feature that woould benefit anyone that had regular bills.

Anyone with regular bills would benefit from pots? How exactly?

I can see all of my receipts and payments from a transaction list without sticking things in pots.

Because they could put the money for their bills aside into a bills pot and have the direct debits come out of that, then they don't need to keep money spare for when the bills come out.

But they do keep the money spare ... in the pot.

Pots which can have direct debits taken from them are useful to those who use pots, but I believe most people don't use pots.

Rob5342

Eco_Miser said:

Rob5342 said:

RG2015 said:

Rob5342 said:

There's no n

penners324 said:

Starling- great app, notifications (especially the 1s the day before DDs are going out), pots (Inc have DDs come from them).

Monzo do pots you can have have direct debits taken from too. It's amazing that so few banks offer it, it seems like such a basic feature that woould benefit anyone that had regular bills.

Anyone with regular bills would benefit from pots? How exactly?

I can see all of my receipts and payments from a transaction list without sticking things in pots.

Because they could put the money for their bills aside into a bills pot and have the direct debits come out of that, then they don't need to keep money spare for when the bills come out.

Pots which can have direct debits taken from them are useful to those who use pots, but I believe most people don't use pots.

They won't because most banks don't support them. I'm not sure how most people ensure they keep enough aside for bills, but having an app that lets you keep it in pots seems like a simple addition that could be quite helpful for a lot of people.

Band7

Rob5342 said:

They won't because most banks don't support them.  

I don't use pots because I do my budgeting in a separate personal finance app. I keep money in an instant access savings account (currently paying 3%) and move what I need into the current account which I use for DDs, on an as-needed basis. I am lucky in that I still have a 123 Lite (no longer available for new applicants) which pays cashback on some DDs. 

If it wasn't for the DD cashback, I would probably use the Chase Saver account for paying my DDs. In any case, I would continue to use whatever gives me the best deal.

AmityNeon

Rob5342 said:

I'm not sure how most people ensure they keep enough aside for bills, but having an app that lets you keep it in pots seems like a simple addition that could be quite helpful for a lot of people.

It's helpful for those who do not budget in other ways. I know how much my monthly bills are and when their payments are due, so it's unnecessary for me to leave money languishing in 0% accounts. On top of the monthly interest, I also receive cashback on most household bills paid by direct debit (Santander). Even if Santander offered pots, I wouldn't use them unless they offered financial incentives.

An ideal account for me would offer the following:

• Competitive (or top) easy access interest rates
• Rewards (e.g. cash, 'lifestyle benefits' a la cinema tickets)
• Cashback on card purchases and direct debits (and future variable recurring payments via open banking)
• Virtual debit cards (including single-use)
• Pots/sub-accounts, each with their own:
  • sort code and account number
  • [optional] direct debit and standing order functionality
  • [optional] persistent virtual debit card
  • [optional] disposable (single-use) virtual debit card
  • [optional] link to main (physical) debit card
• Full card controls (e.g. freezing, transaction types, contactless limits)
• Full online functionality (not just app-based)
• [optional] Physical devices/tokens/card readers for additional security
• Real-time notifications for every transaction
• Transaction management (e.g. categorisation, receipt uploads, custom notes/tags)
• Payee management (e.g. display names, account grouping, references, custom notes/tags)
• A choice of 'working days' or 'all days' for scheduled payments and standing orders
• Nearby payments (Bluetooth)
• [optional] Personal payment link (e.g. bank.com/JohnSmith)
• [optional] Contact list synchronisation (and integrated bill splitting)
• Open banking integration
• A chequebook (ideally not, but cheques remain persistent)
• Seven-day branch service (just for the sake of ideals)

To be realistic, I would be happy to pay a fee for this account, as long as the fee could be offset by the monthly rewards/cashback (excluding interest) resulting in a net gain.

flaneurs_lobster

You forgot having a debit card with a picture of cute kittens.

Eco_Miser

Rob5342 said:

Eco_Miser said:

Rob5342 said:

RG2015 said:

Rob5342 said:

There's no n

penners324 said:

Starling- great app, notifications (especially the 1s the day before DDs are going out), pots (Inc have DDs come from them).

Monzo do pots you can have have direct debits taken from too. It's amazing that so few banks offer it, it seems like such a basic feature that woould benefit anyone that had regular bills.

Anyone with regular bills would benefit from pots? How exactly?

I can see all of my receipts and payments from a transaction list without sticking things in pots.

Because they could put the money for their bills aside into a bills pot and have the direct debits come out of that, then they don't need to keep money spare for when the bills come out.

Pots which can have direct debits taken from them are useful to those who use pots, but I believe most people don't use pots.

They won't because most banks don't support them. I'm not sure how most people ensure they keep enough aside for bills, but having an app that lets you keep it in pots seems like a simple addition that could be quite helpful for a lot of people.

You don't need bank supported pots to use pots - and quite a few banks effectively support pots by allowing multiple accounts.

A common way is to keep bill money in an easy access account, earning interest, and transfer it just before it's needed.