An update on getting interest paid on savings


(Beatrice Borbon) #1

Getting interest paid on your savings is one of the features we committed to building in the Big List.

Unfortunately, we’re not going to make tomorrow’s deadline. But here’s an update on the progress we’ve made, and when you can expect to start testing it out:

Update: We’re testing this with a few users now:


Saving with Pots is here!
Marcus Bank
#2

earn interest on savings of £1,000 or more

£1,000+ :frowning:


Good to hear the progress, though!


(All Hail the Almighty Doge) #3

Why so high and what is the rate going to be?


(Only available in amateur ) #4

Are you exploring an option for a lower minimum for the future?


#5

Interested in why you’re not holding the funds yourself? Are you just not interested as a company in managing savings deposits and interest rates?

Not complaining, curious about the reasoning behind this.


(Stu Greenham) #6

+1 to this


(connorianreilly) #7

Great to get an update. Was hoping for a bit more juice :money_mouth_face:


(MikeF) #8

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).


(Tim) #9

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.


(Harry) #10

Yet unnamed. They will have to disclose the partner at launch.


(Phil) #11

“You’ll be able to do this for one pot at a time”.

I wonder why there is this limit. I’d like to have multiple pots with interest (or all of them!)


#12

That’s fine, but from a customer perspective, why would a bank rely on another bank to manage savings deposits?


(Tim) #13

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.

@admdly I agree completely!


(Only available in amateur ) #14

Goes back to the initial Monzo as a hub idea where they are the main account but with third party integrations managed through the app


(Harry) #15

I would very much like to understand why they’re leaning on another bank for this too! I’m sure there’s a good reason.


(MikeF) #16

Because they think the other bank can do it better and don’t feel the need to compete on everything?


(Harry) #17

This was my thinking too


#18

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.


(Andy) #19

I’m disappointed the most important features (in my opinion) have missed the deadline in the Big List - Interest on savings and International payments.

It’s either that not enough resources were diverted to those challenges or they were more complex than initially envisaged.

But credit to Monzo for setting ambitious challenges and being transparent about upcoming features which is a huge positive over other companies.


#20

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!