Would be as bad as “fraud” or is it just bad accounting for you to open a savings account somewhere else at 4% and put the money there?
Surely it can’t be that bad if there’s a trail and it’s not mixed in with other money?
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If you mean can I put the money in any old savings account, the answer is no. The money belongs the a legal entity which is a limited company. I can’t move it into an account owned by an individual (me) because it’s not my money - the account has to be a business account in the name of the legal entity because the money belongs to the business.
Edit - the business can pay it out as salary or dividend at which point it becomes my money, but there are limitations on how and when that can be done.
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+1 on this.
I’d be really keen to see Monzo increase the rate. In fact, it would be pretty disappointing if Monzo don’t; after holding at the last BoE increase and then a 0.5% increase. When other banks are now more competitive.
For example, Shawbrook currently offer 3.1% on their easy access business savings account. (They are yet to increase after BoE rate change so likely will be higher again in the coming weeks). Virgin mentioned above at 2%
Fingers crossed for a increase from Monzo 
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Thanks for the Shawbrook tip.
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Thank you for your feedback. We are continuing to monitor the business account marketplace to make sure we are offering a competitive interest rate
Well, that half answers one of my three questions…
Will you be reconsidering the interest rate offered, number of instant savers available, or ability to make scheduled withdrawals?
Hi @projectfortytwo , sorry for the delayed response, and thank you for the feedback! 
We’re always iterating and trying to make sure our products and features meet the needs of our businesses. We designed our pots to help businesses keep their general savings, tax, and budgeting separate. That’s why we currently only allow 1 instant access savings account, and don’t support scheduled payments. Our Regular Pots are best suited to setting small amounts of money aside for budgeting or paying bills. Right now, there’s no short term plans for that to change, but I’ve shared your feedback with the team who are always on the lookout for ways to make things better.
I also want to assure you that we’re continually assessing the rate we’re offering to make sure it’s competitive and beneficial to our businesses. I don’t have an update on it for you just yet, but we’ll let you know if and when it changes.
So when I first opened a business account I complained that the statements were incomprehensible for my accountant because of all the pot movements. I actually spent some time with the product team to explain this and spent time mocking up what I’d like to see. The eventual result (I’m sure as a result of feedback from many other users too) was the ability to show statements with no pot transfers and the combined balance. This was great.
However I’ve just discovered that the savings pot breaks this. And my accountant is once again going to be asking me WTF. The savings pot is shown separately and so the balance at the start of my financial year is account plus all pots. At the end of the year its account plus regular pots. A separate statement shows savings pot. Transfer totals in and out of my business account include what I’ve transferred to/from the savings pot. And the running balances of the business stop matching the accounting software at the point I transferred the first money to the savings pot.
Another mess. I sometimes think the people at Monzo don’t have a clue about this kind of thing.
Edit. To add to the confusion, exporting statement as a csv seems to exclude the savings pot entirely. On the printed statement, a transfer to the savings pot shoes as “Transfer to pot” in the business account statement and “Deposit” in the savings pot statement. While a transfer from the savings pot shows as “Withdrawal” in the pot statement and “Transfer from pot” in the business account statement. What a mess.
@projectfortytwo, we really appreciate you raising this! Your feedback is really helpful
Some good news for you, we’ve now fixed this issue. Transfers to and from your Savings pot will also be hidden from your statement (same as regular pots until now), as long as you’ve switched on the “Combine main account & Pots” toggle in the app.
To see all transactions in your statements, including pots, just toggle this setting off.
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Well I’ll be honest @Candice I didn’t expect that, and I’m very very happy. My accountant will be even more happy when I send him this in a few minutes.
Thanks to everyone involved for sorting this within 5 days of me posting about it, that’s a hell of a turnaround.
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So the bulk of my companies savings are held elsewhere with another bank who currently pay 3.66%
We do have a savings pot on Monzo which is currently paying 1.6%, I can sort of live with a small discrepancy as the money is on hand for immediate transfers, but this is a significant shortfall.
Personal Pots are currently paying 4.1% (4.6% with perks) so other than historic reasons that business savings have always been penalised with bad rates, not sure why there is such a discrepancy.
This has been brought into focus by the new Tide Business Accounts which are offering 4.33% instant access savings
Been very happy since my move from one of the big name banks, but would hope Monzo can become a little more competitive
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As much as I’d like to keep company accounts with a single provider, it’s not justifiable for anything other than a trivial amount with offers like 4.33% (instant access) from Tide and 5% (1yr term) from Prosper.
Indeed Jake,
When I posted that comment Tide were requiring you to have a business current account as well, and I have been really happy with Monzo and didn’t want to leave.
Since then they have dropped that requirement and now you can just have a savings account on it’s own, so we’ve taken advantage and moved funds there.
I’m sure there are plenty of companies out there with cash reserves that Monzo’s balance sheet is missing out on, maybe they will reconsider at some point.
Someone please let me know if I’ve misunderstood this, but as it currently stands, your ‘tax pot’ which can automatically set aside a certain amount of money seems to be its own separate class of pot, and therefore cannot also be an interest-bearing savings pot?
If that is the case…why? I know I can of course just move the money into an interest-bearing pot manually, but that obviously defeats the point of setting up an automatic sweep.