Business account tax pot - Interest

[christiaanb (Christiaan)]

There’s actually a fundamental problem with Pots for Monzo Business:

Fundamental problem with Pots for Monzo Business

There’s a fundamental problem with Pots for Monzo Business. We find Pots extremely useful for budgeting, because they do away with the need for manual spreadsheet record keeping. But as a business builds up cash reserves these pots become increasingly expensive to maintain, because they don’t earn interest. For a company with £100k in cash reserves, using Pots for budgeting effectively costs them £4330 annually (at Tide’s current interest rate), which is a ridiculous amount to pay for Pots. A…