Monzo announced new features

The bank introduced Salary Sorter and Bills Pots

Monzo announced new features. Source: youtube.com

UK digital-only bank Monzo announced two new features called Salary Sorter and Bills Pots. New features allow to neatly separate one’s spending, savings, and bills.

The new Salary Sorter gives a user the option to divide up incoming payment however they like. That might mean a chunk going into a Savings Pot, some into a Pot for bills), and the rest left in their main balance to spend. This also works on personal and joint accounts.

Monzo will remember the user’s preferences the next time their salary comes in so they can just tap a button to do the same sort.

Salary Sorter can be used on any incoming payments over £100, whether that’s a student loan or one-off payments from friends.

Moreover, a user can now turn any Regular Pot into a Bills Pot. Here’s how it works:

  1. Pick which bills you want to pay from the Pot from your list of scheduled payments. At the moment you can choose Direct Debits or standing orders.
  2. Make sure you’ve got enough in the Pot to cover the bills which are due to come out of it that month.
  3. When the bill’s due, Monzo automatically move enough money from your Pot into your main account and then pay it for you.

SEE ALSO: Digital business banking explained: Monzo

Categories: All materials Banks News
facebook