An update on getting interest paid on savings


(Bruce) #322

As this missed the big list, are we expecting a new eta or is it going to be a shock situation like Apple Pay :wink:

Wonder if there’s going to be an Atom bank style first come first serve for the higher rates :stuck_out_tongue:


#323

Looking forward to this roll out of interest paid on savings, it is definitely a major step for Monzo and for a bank account that includes everyone.


(Matt) #324

The average UK salary for full-time work is £27k. If you think £5k is nothing, a family would need both the parents to earn at least £45,000 a year, so each parent needs roughly twice the average income.

You have to remember that the average UK tax rate, when National Insurance, PAYE and student loans are considered, is roughly about 40% of your salary. Mix in high tax with stagnant wages, surging rent and housing prices and increasing bills, and the UK is basically a very poor country. It’s especially evident in the US where casual brands there (Hugo Boss, Ralph Lauren, Armani) are considered luxury brands in the UK, and luxury brands in the US (Gucci, Chanel) are simply reserved for only the “1%” elite in the UK.


(#fullmonzo joint account since Aug18) #325

Ready to go full monzo now and have a decent wad of savings I’d like to put in. Hoping for interest on savings soon!


(Colin Robinson) #326

@tobyadams See what you think of

I’ve put my excess in there and I’ve got the roundups going in too.


#327

Spending priorities vary wildly from country to country, so looking at clothing only is going to give you a warped view.
Daily take home after tax and non-discretionary spending is a better comparator.
Hard to find that data though.
Average income in eg Edinburgh, Sheffield, etc. is very comfortable on such measures


#328

This looks like a good idea as it appears the interest option in Monzo has gone stagnant - I will have a good look at the money box setup - cheers for sharing


#329

An interview with the CEO published a couple of days ago indicates the plan is to launch interest-bearing savings accounts this month


(Andy) #330

I’d recommend Chip over Moneybox. I had both from the start. The fees for moneybox are quite silly, especially within the first couple of years. Chip is about to launch ChipX too with higher interest rates and investments products.

If you do try Chip, use code 3IQJOM - we’ll both get an additional 1% interest.


Chip Integration - Automated Micro Savings
(Matt Jones) #331

I’ve been using Moneybox for over a year and use it to invest in the Vanguard Lifestrategy 100 fund with my round ups - really enjoyed using the App so far :+1:


(Dan) #332

Any updated on this?


(Ritchie Latham) #333

I’ve just seen that Hargreaves Lansdown (a stockbroker - not a bank) have started what looks very much to me like a marketplace for savings. I guess that this will be very similar to the Monzo model, probably using the same savings banks.

https://www.hl.co.uk/investment-services/active-savings


#334

In addition to HL’s offering, there are other single-login savings account marketplaces out there as well. e.g., Raisin and Octopus Cash


(Nathan) #335

Starling already have a link up with Raisin as well dont they?


#336

Don’t think so. Wealthify and Wealth Simple, both of which are fee charging investment platforms.


#337

As I understand it - although I may be wrong - the partnership there will initially enable Rasin to use Starling’s API infrastructure within Raisin’s own product.

Apparently with time the partnership will also give Starling customers access to Raisin partner banks within Starling.


(Matthew) #339

The update on 21 August mentioned “we’ll be ready to roll it out to everyone in the next few weeks!”

As it’s now 22 September, can we expect an imminent update on the current state/progress on this?


(Andy) #340

It would be nice to get an update on this. It has been a while.


(Simon Dean) #341

@Anzo I agree. An update, or even a summary of terms/percentage, would be great!


#342

Coming this month (so next week?) according to an interview with Tom in the Sunday Times: