Been a big supporter of Monzo for many years.
Now their low rates of interest has pushed me to move most of my funds out.
Transferred my stocks ISA also
Even starling offer 3.75 on their easy access saver now.(New)
Revolut 4
Moneybox 4.45 on their ISA
212 trading 4.05
Many options
Sadly
Nothing wrong with realising other places are offering better rates and choosing to moving money around. Competition is good and may help Monzo to up their game
Yeah moving your money is the best thing to do, I think a lot of banks realised that most of their customers can’t be bothered to move, so why offer a higher rate if people stay anyway.
Snoop have a 4.3% savings account also now!!. Trying that one out for the cash I have maxed out on my Moneybox ISA at 4.2%
I don’t think Monzo have ever been market leading with their interest rates TBH
Also moved everyone out of tandem now.
They were decent with the top up
Think they’ll find q lot moving money out now.
Funding my Global stocks on 212 and investengine and a couple of better cash isa accounts now at 4.3 like snoop (vanquish)
Best on offer at the moment is Chase at 4.75% (with a 1 year booster applied).
Depends really on your level of savings.
I have Cahoot at 5% for up to £3,000
yep always a catch with those.
12 months only and max 3K
Snoop (Vanquis) - just increased to 4.35 today and no limits/restrictions.
Just opened a Monzo business account - card on the way.
Fair point. There are regular savers that are even higher, as well.
Monmouthshire’s exclusive with a £1k a month deposit limit is a good one.
Yeah I am still using Monzo but moved over £5k out recently to another savings account from their savings. I actually like having savings separately now it helps me not spend it tbh.
At the end of the day, Monzo have to make money to exist and grow. Everyone is affected by base rate changes. But Monzo don’t really compete in this area - as their rates weren’t amazing to begin with. It’s probably the responsible thing to do as a smaller bank. People with the willpower should deffo shop around.
What keeps people on lower interest savings accounts with Monzo is their incredibly sticky app. As someone who struggles with executive function, Monzo has genuinely changed my life. Not an exaggeration.