Hi there,
Is there anyway we could earn interest on our business tax pots like we do with our personal accounts. This was a feature I had with my previous bank and it appears most banks offer this service.
All the best,
Andy
I would imagine this is already priced in to business accounts, so you’re unlikely to see it I’m afraid.
Interest at other banks is probably paid for by the charges that account levies.
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We’re using Pots to help us budget and this is one of our favourite things about Monzo for business. It makes budgeting super simple and transparent.
The problem is as we put money aside the pressure is to move that money to an interest bearing account outside of Monzo.
This introduces a small weakness in our banking security and accessibility but even more disappointingly it also means that Pots become a transitory budgetary feature instead of a direct overview, so we end up having to go back to spreadsheets.
So we’d like interest payments, as it removes that pressure to go elsewhere.
But this problem could also be partly alleviated (on the budgeting front) by having open banking for business accounts, so we can add an external savings account to the app and include them as a quasi-pot in the overview page. I don’t know if there are any business savings accounts that support open banking but at least Monzo would be ready if there are.
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Other online Banks such as Tide, Aldermore, Redwood Bank are considering or are currently offering Business Savings account, when will Monzo be offering a similar account.
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Oak North and Shawbrook offer Business savings accounts:
Given Monzo already use them for personal savings accounts, surely they could strike a deal and offer their business equivalents?
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We now have this in the form of one interest-bearing Pot.
Disappointing that we can only have one pot but it’s better than nothing.
The 1.6% offered by Monzo doesn’t really compare to the 4.33% currently on offer from Tide for example.
It’s still an instant access account so as much as we’d like to keep our business reserves with Monzo, we can’t really justify doing so.
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