I believe they’ve always said they have no interest in measuring themselves by the size of their balance sheet in this way. Savings has also always been portrayed as a ‘Marketplace’ feature so it looks like we’re currently going to be offered the first of those tie-ins in the area of savings.
It’s been the consistent message of the last couple of years and maybe longer (but I wouldn’t have been here to see it).
Thanks for the update, even though in my eyes none of this is good news. £1000+ to earn interest is just not going to encourage saving for most people. I also don’t want my funds being held by a partner - if this is what I wanted I’d just open up a building society account and transfer my money in there.
Interest on pots is a good idea, but the implementation sounds unnecessarily complex and it’s reliance on an un-named 3rd party means it’s definitely a feature I won’t use.
Indeed @harryjms, but doesn’t negate my argument about transferring into a building society if I wanted my funds storing elsewhere. Yes all the transfers are hidden in the background, but I still see this as unnecessarily complicated.
It does tie in with @BethS post a few days ago about Monzo potentially not even being a bank at some point. Managing and helping people manage money is great, and that’s fine if that’s what Monzo aspires to be, but I looks odd right now.
Whilst I understand that the £1000+ limit has probably been imposed by the partner bank, it is disappointing that Monzo are not supporting people from lower economic backgrounds who may not have such high amounts to save. Monzo should encourage all to save, not just the better off, and partner with a more suitable bank or even do it themselves!