The main reason I’m a Monzo fan is because it helps me to save. But using Monzo and IFTTT together can help you to accelerate your savings even further.
I’ve previously written about Monzo and what a brilliant banking platform it is. If you’ve never heard of Monzo before, then you should read my previous article before delving into this one, as it will give you a feel for the platform and its functionality.
Monzo and IFTTT
Monzo is a bank account, but what is IFTTT and how do these two platforms work together?
The This Then That app, which is known simply as IFTTT, is a free, secure, web-based service. It creates chains of simple rules and commands called applets. An applet is triggered by changes that occur within other web services. In the UK, you can sync IFTTT with Monzo, Gmail, Facebook, Telegram, Instagram and Pinterest.
It’s easy to open an account
IFTTT is a secure system to use. Anybody can open an account and you can link it with other platforms, not just Monzo!
If you decide to sync your Monzo account with the app, then IFTTT won’t receive any of your personal information except your name. All other information relating to your bank accounts remains within Monzo. It’s an open banking platform, which means that you can safely use it within your banking platform.
I’m not concerned about IFTTT’s security. I trust Monzo and I don’t think it would allow security to be compromised. The IFTTT model is also purely based on security. If there was even a slight breach then the companies it syncs with would stop the relationship and IFTT’s business model would crumble.
The benefits of linking Monzo and IFTTT
It’s obviously up to you if you pair up Monzo and IFTTT, but for me, doing this has been a savings game changer. It was also really easy to connect the two apps. You download IFTTT and ask it to connect with Monzo, the app then walks you through the process.
You can take part in different savings challenges on IFTTT, which makes saving fun. I have an applet which takes 10p form my main account and adds it to a savings pot each time it rains! I also take part in the 1p savings challenge. This is a year-long challenge which starts on 1 January, when you save 1p. On the 2nd you save 2p and so on and so forth.
By connecting IFTTT and Monzo, money for the 1p savings challenge automatically leaves my main Monzo account and enters a savings pot each day. I do the challenge in reverse too (which started with £3.66 on 1 January and goes down by a penny each day). If you decide to start either challenge part-way through the year, then you’ll start with that day’s amount. For example, on 15 April 2020, £1.06 went into the 1p challenge and £2.60 went into the reverse challenge.
I don’t notice the 1p savings challenge money leaving my account, or the 10p that leaves every time it rains. But I’m aware of the amount that is accumulating in the corresponding savings pot.
Get Monzo and IFTTT today
Monzo makes saving effortless, and it has certainly given my financial health a boost. Even if you just used the in-built account features then I imagine you’d see a change in your saving patterns. However, I do think that it’s worth pairing your Monzo account with IFTTT. Doing this makes saving fun. Open your Monzo account today (if you don’t have one already) and get £5 for free!
Monzo and IFTTT certainly work for me. However, I must admit, I am a big fan of Starling too, which I use for work purposes. You should definitely research both, to work out which account is better for you.