1% almost instant is not low for a savings account with no maximum limit. Even Marcus is limited to 250k
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Just in case anyone’s interested - deposits appear immediately in the pot however it warns you interest won’t be earned until the following day. After withdrawing the pot is deleted (not optional if withdrawing the full amount) then a few minutes later a feed item appears showing its return.
One thing I wonder about though is if I have the pot opened for 25 days for example and then close it, I would have earned 25 days of interest - where would this be paid to if the pot is closed? Generally with savings they’ll pro-rata amounts on account closure is this the case with Monzo?
I suppose even with this deposit I should have a days interest out of it?
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No news is… No news. I know Monzo missed the big list and people are anxiously awaiting its release; however, is there any update on the Savings ETA?
Oh dear! (I was busy yesterday!) 
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That sounds fair, and pretty much instant open and instant access then. 24 hours to start being paid interest is totally fine, 24 hours to deposit/withdraw is not so great so pleased that myth was not true!
[edit - not a myth, there is a 1 day delay on withdrawal, see below for answer]
Would be nice to see the marketplace have clear rules around accounts added, so that you know if browsing the Monzo marketplace certain things you can take for granted (FSCS protected, one click open, instant access, no charges to deposit, ideally very low limits for deposits). Will be interested to see this roll out once the testing phase is over.
I really want to see my freetrade account in monzo too for example, so looking forward to the marketplace expanding to encompass other account types that many current account users would not think of opening unless they saw it on monzo. This is a great first step in that direction.
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Is it a myth?
The screenshot shows the pending transaction, but it doesn’t look like those funds are available?
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No idea I’m afraid as I can’t access this - I think they should put it in labs, they can always ignore those who try it from there for their cohort analysis and I doubt they’d get massive uptake in labs. Maybe Monzo or someone else with access will tell us.
Sorry if this wasn’t clear above. You can take money out of your Savings Pot at any time, and it’ll be back into your Monzo account on the next working day.
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I thought so - I assumed the greyed out figure in the screen shot above was a “pending” amount.
I know you said it would be between 9 and 5 the following working day, but is there a typical time this will happen (like SO’s and DD’s?)
Or does it require human intervention (and therefore can literally be at any point between 9 and 5)?
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In app it says “Today, 23:00” as the time on the pending transaction so I imagine that’s when it would be released at 11pm. Not sure why that time exactly, I didn’t delete the pot at 11pm.
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It gets paid to to your main Monzo account directly instead 
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Wanna try this. Good for long term savings…
for example summer holidays.
For emergencies I can use credit card
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I wanna try it. 
But I understand why it’s random. 
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How often is the interest calculated on these pots? Thanks
Calculated daily and added monthly.
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I hadn’t really thought about it until I got an invite to try the savings pot bus as a current RCI customer the delay in moving money around is slightly better with this and there’s the advantage on having one less account. I suppose the 0.4% loss of interest will be a price worth paying.
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Outside of the people who want to simply have all of their money in one place, I’m struggling to see why anyone would take advantage of this? Perhaps I’m missing something, and I’m not trying to simply be down on it - I would genuinely love to hear why people would use this, over, say, Marcus?
Because money is complicated, and Monzo makes it incredibly simple.
It took me just 2 minutes to move my money into a Monzo savings pot yesterday and now I’m getting 1% interest on it when I previously was getting none, so as far as I’m concerned that’s a net gain.
Yes, I could spend time looking around for the very best deal to get that extra half a percent, but the hassle I’d have to go through, doing research and reading a load of information on the Marcus website then filling out endless forms to open a separate account, does not sound fun and as a result I won’t ever get round to doing it.
It’s just like with switching energy suppliers, I know I could save money by switching onto a new fixed plan every couple of years but the hassle involved with doing so means that I won’t. However, if Monzo were to make it possible to switch in 2 minutes then I’d be far more likely to do so, and for that, I’m more than happy to let them have a decent commission.
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Not to be pedantic but the Marcus form is tiny so you can be up and running in a matter of minutes. Just take a look at what people have been saying in this topic: Marcus Bank
Same with switching energy suppliers - I’ve done this recently and it literally took no longer than 2 minutes and my bill has almost halved so I don’t think hassle comes into the equation anymore these days. As a result of spending 2 minutes of my time it has saved me hundreds of pounds per year and the same applies with interest on my savings. You’ll find that half a percent (even though Marcus is more) adds up to quite a bit and it is therefore certainly worth considering all your options instead of going the “easy route”. 
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