I’m Candice, a new Product Marketing Manager for the Business Banking team. I’m really excited to engage with you all for the first time, and share some exciting news!
In a cost of living crisis, we know how important it is for your business to get more from your money.
We’ve listened to feedback from you and other customers, and today I’m really excited to introduce the latest product coming from the Business Banking team - a Monzo-backed Instant Access Savings Pot . You may have seen this in personal banking, it’s now available in business and works exactly the same way.
Available to lite and pro customers, it’s designed to give you the flexibility to save interest on your spare funds without having to wait to access your money when you need it.
Earn 1.5% AER a year, paid monthly into your Savings Pot
An Instant Access Savings Pot earns you 1.5% AER (variable) every year, paid monthly into the Pot you create. It’s great for saving towards those short-term goals like buying equipment, setting up an emergency fund or saving up for future growth.
There’s no waiting around, your money’s always available when you need it.
The Instant Access Savings Pot is flexible, so you can take money out at any time. Withdrawals usually go into your Monzo business account instantly.
There’s no minimum deposit!
There’s no minimum deposit, and the maximum you can have in a Business Instant Access Savings Pot is £100,000.
You can only have one Instant Access Savings Pot open per account
It’s our way of encouraging you to keep your savings, tax and budgeting separate. An Instant Access Savings Pot is great for saving towards your business goals like buying new equipment, treating your staff or reinvesting in your business. Regular Pots (which don’t attract interest) are better suited to setting small amounts of money aside for budgeting or paying bills. And Tax Pots, only available to Business Pro customers, automate the percentage of income you would like to put aside for your quarterly and annual taxes.
Instant Access Savings are now available in your Monzo app.
To open a Instant Access Savings Pot:
- Head to the Account tab or Overview in your Monzo app and tap Create Pot
- Select Instant access Savings
- Name your Pot and pick an image
- We’ll explain how everything works, and ask you to agree to some terms and conditions (which we’ve written in plain English and takes less than five minutes to read)
- Make your first deposit or come back to this step later
And that’s it! Your Instant Access Savings Pot is open and ready to start earning you interest on your money.
The Instant Access Savings Pot works seamlessly with some of our existing features too. You can choose to schedule deposits and lock your Pot until a chosen date.
Let us know what you think!
We’d love for you to try it out and share your feedback.
Stay tuned for more to come!
Terms and conditions apply
Information correct as of 14.04.2023