I think it would be a really good idea for Monzo to display the amount of interest received on savings by tax year (06 April - 05 April). This would make it much easier for customers to determine whether they are approaching their £500/£1,000 limit of tax-free interest during the tax year, and have the option of investing their money in a cash ISA ahead of time before they reach their allowance and have to fill in a self-assessment form. It is information that would be valued by many savers.
3 Likes
Hi Matt—this is a solid idea! It would be really useful if Monzo could show interest earned by official UK tax year (06 April–05 April), rather than just all-time or monthly figures. That way, savers could easily track whether they’re getting close to their £500/£1,000 tax-free allowance and move funds into a Cash ISA in advance if needed. Right now, we can download interest statements for self-assessment purposes—but there’s no in-app breakdown by tax year, which makes planning a bit tricky
Monzo Community
+1
. If Monzo added this, many savers would be very grateful!
1 Like
If Monzo was your only savings account perhaps.
Alas, I have many savings accounts with other providers, at better rates, so nothing Monzo could create would flag anything to me.
2 Likes
For customers that do hold all of their savings with Monzo (like me), this would benefit me. Also, this display would be an option within the selected timeframes that are already in place, so you don’t have to use the option if it doesn’t benefit you.
For those customers who are most loyal to Monzo (i.e. those that don’t hold savings with other banks instead), this option may have some benefits.
Perhaps keep an excel sheet in the mean time. You can time apportion the April month. (5/30 x April interest belongs to previous tax year, then 25/30 x April interest belongs to this tax year)
2 Likes
This is exactly what I do 
2 Likes