An update on getting interest paid on savings

And to think I moved out over £1000 to an account that actually has interest on it lol

1 Like

How do you know if you’ve been chosen? Will you get an email or something?

How do we know if we’ve been selected for the test?

1 Like

lol snap!

1 Like

Does this mean you can have 10 regular pots and 10 savings pots?

You’ll get a note in your feed and an email later.

10 pots in total :slight_smile:

4 Likes

Can I check - Will the money be there the following morning, evening, or after 24 hours?

Also, I’m assuming that a withdrawal on Friday morning would be in your main account on Monday (at some point?)

I would definitely love to be one of these random users :joy::joy::joy::see_no_evil:

But that wouldn’t be very random :sweat_smile: I could try reverse psychology? I totally don’t want to be a random test subject :smirk:

Would I already know if I’d been selected? :blush: Or could I be waiting a while?

I hope the testing goes well :grin::grin: Fingers are very crossed for this test :crossed_fingers:

1 Like

Is the 1% just for testing, or is that what it is going to remain as? Just asking, as obviously some competitors are offering 1.5% and for those of us who already have savings in a 1.5% account it doesn’t make much sense to move it. (Not trying to sound ungrateful as I know it is early days!)

2 Likes

Can I also ask… Would we be signing new agreements with Investec? Or if no one knew about the forum, Monzo customers would have no idea their money wasn’t with Monzo?

1 Like

Yes, the onboarding screens make it fairly clear (the screen after this is the actual agreement to read through and as always, it’s easily readable!). :slightly_smiling_face:

image

19 Likes

We’ll move the money between 9am - 5pm on the next working day.

That’s the rate you’ll get on Savings Pots when we bring it to more people.

We explain as you create a Savings Pot that your money will sit with Investec.

6 Likes

Thanks for confirming :+1:

So from the current information, this pot would not be useful to store money which is auto-removed via IFTTT when a purchase is made, as may take 24 hours for the money to be moved?

Thanks @Rika - Nice graphic!

I was thinking where have I heard Investec name before and why it so sounded familiar, after a brief dip in memory realised they use to sponsor Test matches :smile:

Glad that Monzo interest will be on the main current account will be on Pots so it’s automatically an opt-in. I don’t want interest :slight_smile:

Can see from the Investec website they offer 1.15% interest on their easy access account.

.15% is a nice little finders fee for monzo here

Where? I found thisimage
@nathanthomson8

From my reading of it, I think that they only offer 1.15% on deposits over £25,000. They offer merely 0.1% on deposits from £0-£24999.

1 Like

It’s 1.15% above £25 000 though.

“1.15% AER* on savings between £25,000-£250,000”

Below £25000 saving with Investec directly is just 0.10%.

Excited to be getting an update on the interest on pots :blush:
Even though it’s not super high, it’s better than my previous bank (I used the same bank as my previous current acc for savings). I’m happy for Monzo to take a small cut for the simplification it gives me in my banking.

I also find, even with currently getting no interest on Monzo, it has enabled me to save much better than before, so my savings are growing quicker than they ever have done in the past.

1 Like