Organising your bills just got easier with . If you have not tried out our Pockets feature, then the time has come: keep on top of your spending all in one place.
- Secure money for committed spends: Bills are automatically paid from your Pocket, so youâll never miss a payment or overspend bills money again
- Easily track your bill payments in one place: Get a simple overview of all your bills in one place. Check if youâre on track to cover all your payments
If my budget is ÂŁ200 per month and my pockets spend is ÂŁ50 per month, I would only have ÂŁ150 per month to spend because Pockets takes money out of Analytics budgeting to incorporate my Pockets spending.
Iâd expect it to be ÂŁ200pm for my spending, and Pockets payments to not come out of my ÂŁ200 budget.
I guess people spend differently, but any monthly payments I already accommodate in my overall monthly spend before I set my personal spending budget.
To have an option to add/remove Pockets from analytics would be good.
Also need FSCS for Pockets shame Vaults canât be merged to support this. Or of course Revolut to obtain itâs banking licence which would just be the best.
Edit: the ability to assign a physical/virtual card to a Pocket and spend directly would improve this massively! Budgeting to a whole new level!
Iâd just carry 5 Revolut cards around with me instead of my current lot for different things.
I have been using Pockets. But not very happy, as it doesnât allow me to pick the recurring transactions. For some reason, Pockets has its own way of picking only some transactions as recurring transactions. I would love to use it for all my budgeting. Also, there is no way to have recurring transfers to Pockets basis particular date of the month. For example, I get my salary every 1st and 15th. I would like to set up a recurring transfers to Pockets on these dates. But there is no way of setting this up. Lot of improvements are to be made before everyone starts using this nice feature.
At this point, I would love it if Revolut would just copy what Up is doing.
This here:
And this:
With that, Revolut would have the best budgeting and âPocketsâ implementation on this side of the planet. I am not aware of a concept thatâs more intuitive than what Up is doing here.
Well, Iâd say Up is more like Simple was, in their approach to use Savers for saving goals and budgeting. Monzo is still far away from what Up offers.
In comparison, Revolutâs odd Vault and Pockets combination does stand out. As being unintuitive and very limited, even useless for many. Hereâs what Up is doing thatâs worth being copied:
save
save with goals
spend from savings
fund transactions from savings
fund savings from transactions
recognize recurring payments
notifications for low balances (budget warnings)
Itâs super flexible, because it adapts to how a customer wants to manage money instead of forcing the customer to use the app in the only way possible.
Revolut can still stand out by implementing this differently. Their analytics is unique, as is their FX platform. Thereâs potential to implement these concepts in a Revolut way. They could, for example, link cards to Savers directly, like you imagine it.
Sadly monzo trends is becoming, if not already, one of the best budgeting suites and analytics platforms available.
Itâs also free (excluding open banking which requires.a Plus ÂŁ5pm fee to include other banks in Trends etc, Revolut has some work to do with their open banking).
Hi @Mariana_Rodrigues, years ago, when Revolut had events to introduce new products, users would get some insight into how product teams at Revolut work. Or worked back then. I have a hunch that the wealth section with Vaults and the banking section with Pockets have different product owners. It feels like thereâs unnecessary overlap.
I think Revolutâs Analytics is okay. At least for my way of organising money. You offer budget trackers that can be set for individual categories. There are trend indicators which I like. Categories are flexible. I donât know if it works well with Split bill.
Whatâs maybe missing here is better implementation for open banking. Last time I checked, the app wouldnât allow to adjust categories for linked accounts. Thatâs obviously harder for Revolut to get right because of its presence in so many countries. (Itâs easier if all you have to implement is UK banks.)
What really puzzles me are Pockets. One big hurdle is that it relies on the merchant to mark card payments as recurring. Revolut support then might tell customers to talk to the merchant when subscription payments donât show up. Thatâs not going to work with companies like Apple. I donât want my bank to cause me more work. I want them to make things easier for me.
This also messes with analytics. One time payments for ebooks for example from the Apple Store are identified as recurring payments in the âscheduled paymentsâ category there. Thereâs a toggle to tell the app whether this is a subscription payment or not, but that does not seem to have an effect on the total sum of scheduled payments for this month. Itâs either buggy or I donât understand what this toggle is supposed to do.
One thing that bugs me is that we canât adjust frequency. For some weird reason, the app thinks the payment for a costly subscription is fortnightly. Itâs not, itâs monthly. And thatâs very obvious from the transaction history in the app. When I tap on it, the app even recognises all payments correctly and lists them neatly with the monthly transaction dates. Yet it insists that this payment âappears to be fortnightlyâ. I would organise this subscription with a pocket, but this inflexibility is the reason I donât.
Here are the things I would explore if this would be my product:
Let users set up pocket payments based on merchant and amount (donât rely on merchant data for this).
Let users set the frequency.
Let users set up pockets in other currencies than the base currency.
Enable pockets to become useful for everyday spending, like with a concept that Up calls Forwards and Covers. I believe this would offer most of the functionality people want from Vaults.
Allow multi user pockets. A tiny step towards shared accounts. It would help couples to organise their scheduled stuff like rent or other shared expenses like groceries.
Absolutely could do with a merger of those mentioned above.
Analytics does work as a standalone tracker for revolut spending, ability to add own categories and budgets etc is great.
Adding a Linked account to it messes things up as you canât amend categories for Linked accounts yet.
Linked also sometimes only shows a reference number for say a collected direct debit or merchant, instead of merchant name/recipient which needs some work too for better end user functionality.
Excluding Pockets, or the option to, would be great.
Then as Frank mentioned, the option to trigger our own repeating payments as does Monzo say, to better manage our own spending.
Would also like the option to have Pockets as a collective on the home page, not mixed into Net Worth, same goes with Vaults.
Full home page visibility would encourage me to move a lot more acrossâŠ
I love using pockets but I think it is missing a few features :
1. Allow to move an expense from the main account directly to a given pocket.
For example, I have a pocket where I save my whole budget at the beginning of the month. All my monthly invoices are collected directly from the pocket but when I buy something by credit card like groceries, Iâd like to be able to âtagâ the expense on the app so that it swaps the transaction from the main account to the given pocket. For the moment, Iâm manually withdrawing the amount of the expense from the pocket each time.
2. Have, in addition to the total pocket balance, the remaining amount of money after paying the programmed payments.
Back to my example, I like to know how much money I still have for groceries to stay within my budget. Such a feature would allow me to know that directly instead of doing the subtraction myself.
3. Option to define a location to place the remaining money of a pocket at the end of the month automatically
like in a vault, the main account, investments or anywhere else instead of just stacking the money months after months.
Iâd love to see those features coming to app one day ! Anyway, pockets are awesome to help better use its money and I think it should be way more promoted.
Hi @Mariana_Rodrigues ,
the idea of pockets is great in the first place - but why do I have to mandatoritly oick any recurring expenses on any pocket?
Okay, in my case I really just wish to put some money aside for various things, such as for education, donations, fun, tech stuff etc. (yes, itâs based on the 6-account model if that helps).
That said, it would be great if I could only install a bunch of pockets and not have to be obliged to add an recurring payment but to be able to skip that step - I simply donât have any (or at least I donât want to connect it to any of my pockets).
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. If you have not tried out our Pockets feature, then the time has come: keep on top of your spending all in one place.
shame Vaults canât be merged to support this. Or of course Revolut to obtain itâs banking licence which would just be the best.
