Having interest paid on one pot only, will negate me from using multiple pots (for the time being), because I’ll just transfer all the pots into the one making interest.
Defeats the purpose of having multiple pots for me and many like me that want their money to make money, even if it’s just a little.
Then I will ask in a feature request, if there’s a way to divide that one pot so I can see several headings of where I want that money divided lol
It’s an initial offering (or maybe ‘proof of concept’ is a better term). If having no interest on any pots doesn’t put someone off from using them I’d be surprised if interest on only one pot put them off. It feels like quite a counter-intuitive reaction. Particularly when it’s been pointed out by staff that this is just a stepping stone to multiple interest bearing pots:
Aha, I’ve never read multiple interest pots anywhere. Good if that’s the case.
I fully get the “something is better than nothing” argument, and I support it.
But given we are all using Monzo and currently getting zero interest… I just don’t think people truly understand how little the interest will be (especially when talking about having to merge all their pots into one - Which implies it would only just creep over the £1,000 threshold).
You could find £10 on the street (annual interest payment of 1%) over an entire year - Heck, you could probably collect that in a month!
Agreed. I’ve had next to no interest for years because the time invested to chase the best of the tiny rates just wasn’t worth the return.
I’m being somewhat more proactive now but the interest needs to fit into my financial arrangements (pots etc) rather than the other way round.
(It’s amazing what the prospect of offspring going to university will do to your perceptions of monetary worth - suddenly even tiny interest amounts are looking good!)
Can’t argue with that.
I don’t really use Pots, and the thought of one Pot offering a small amount of interest doesn’t really do anything for me.
Then again, I also have to argue with my wife about Premium Bonds - Those things that on average, offer less return than a medium interest bearing account…
“But we could WIN!” is the response I get…
Got to be in it, to win it 
Same argument with the lottery… but i’ll never stop being in the work syndicate… don’t want to be the last man standing if they did win!
Yes, this exactly!
I was thinking a link up with shawbrook would be ace.
I agree to an extent but we aren’t using Monzo and getting no interest. Right now I am. With Santander.
What I want is to use Monzo fully, that means no savings with other banks.
Expecting interest with savings isn’t a radical concept! 
Premium bonds are a reasonable way to store your rainy day fund if you have enough to trigger the regular average payout and are on higher rate tax as they are tax free.
What is the trigger?
Enough!
You probably need at least 10k to get reliable wins, the maximum regularly gets 2-4 wins per month and you see almost the headline rate. Scale that by supertax and it’s actually hard to beat in an easy access account.
Without reading this entire thread, don’t you need to have some sort of investment bank to be able to offer interest. As far as I know Monzo is neither an investment bank or building society so where would the interest come from if they didn’t use a third party, who I assume act as the “investment” arm of the bank.
To offer larger rates of interest you need to invest the money for longer which is exactly the opposite of how Monzo works. It is my understanding that pots aren’t for your life savings they are for short/ medium term savings and/or emergency funds.
As for the £1000 min. What exactly would encourage saving if you earned half a penny every month?
This is where I would like AI to step in. Is it better for me to pay off a loan/debt or put the money into a savings account? Is my money best used to pay off or save?
No you don’t.
So where does the money come from to pay the interest?
The Bank of England Pay Monzo the base interest rate on any deposits they hold.
Also any profit made from overdrafts or loans could in theory be passed back onto us in some form.
Personally I’d much rather Monzo keep this for themselves and become sustainable. It’s a negligible amount at the end of the day.
Yeah I agree.
Didn’t know about the Bank of England, that’s interesting. I suppose that would be one means of doing a little interest.
Don’t think that the small loans and overdraft charges would even touch the sides. I am no expert though and obviously don’t know how much Monzo actually make off those things.