Plan for the unexpected with an emergency fund Pot

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We recently chatted with some of you to learn about how you save. Almost 50% of you told us you were struggling to save over the past 3 months. 😢 

But you’re not alone. According to a recent survey by Bankrate, nearly half (49%) of Americans have less savings than a year ago.

Unexpected events are a part of life – they can be stressful or even expensive to take care of. Starting an emergency fund can help you be ready for life’s surprises, like medical bills or car repairs.


What is an emergency fund? 🚨

An emergency fund is money set aside specifically for unexpected expenses or emergencies. These can be things like medical bills, car repairs, or even unemployment.


How it works 🦺

While we hope nothing bad happens, we’ll still help you plan how much you need to set aside for 1 month's expenses. Our new emergency fund Pot keeps your emergency money stashed away in a Pot, separate from your everyday spending, so you only use the money when you really need it.


1. Set up your emergency fund ⛑️

We analyze the last 90 days of your Trends to help you get a better understanding of what your essential spending looks like and make suggestions on how much to set aside. You can change which categories, accounts, and Pots are included in these calculations.

You can then choose a savings goal based on those estimates, or enter your own.


2. Save automatically 💸

Choose how much you want to set aside and how often. We’ll create a recurring transfer from your Monzo account to your emergency fund Pot for you. You can change this at any time.

Monzo app screen with an emergency fund goal of $925 followed by a slider set to $50 for "how much you plan to deposit a month". The bottom shows an estimate of reaching that goal in 18.5 months (January 2024 as calculated at the time).

You can also move money from an external account directly into your emergency fund Pot.


3. Keep in case of emergency 🔴
Use the money only when you need it. We’ll remind you why it’s there if you try to withdraw money, but you’re in control if you do need it.


Create your emergency fund Pot 🛟

From the Accounts screen (tap your profile picture):

  1. Tap “Create a Pot” then tap “Build an emergency fund”

  2. Choose the calculated goal based on your Trends for the last 90 days, or enter your own goal

  3. Move the slider to see how long it will take to reach your goal, based on how much you plan to set aside each month

  4. Choose how much you want to deposit to start saving!


You can also create a separate emergency fund for your joint account, so you and your partner can contribute together. From the Accounts screen, tap “Create a Pot” under Your Joint Account.

List of Monzo accounts with a personal account and a personal emergency fund Pot separated from a joint account and a joint emergency fund Pot


It’s never too early to prepare for life’s unexpected events. An emergency fund Pot is a great way to start, giving you space in your budget and peace of mind for when times get rough.

Let us know in the community forum how else an emergency fund Pot can help you.