Cash ISAs?

Go live Monday! I hope they show how much interested you’ve gained so far like the current savings account does

Rates not attractive enough for me.

If it’s 1.55% then that’s a better rate than I’m getting now with the flexible savings pots.

Once Cash ISAs are live, am I able to just switch my savings pot to a Cash ISA or will I have to withdraw first etc?

Nothing has been announced yet but as they’re with different providers withdraw and then set up an account with the OakNorth integration seems the most likely

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If it’s flexible and you’re going to be well within the PSA, the rate doesn’t matter so much, as you can move it in, move it out to a higher interest saver, then back within the tax year and you’ve got your allowance banked - as it were

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Why the lack of announcement from Monzo I wonder.

Disappointing rates

They’re above the average so not sure what you expected

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I think someone prematurely released the press release, hence the lack of fanfare :grin:

But off topic, soz

Are they?

There are insant access accounts at 1.5%, 1 year fixed ISA at 1.7%, Instant Access ISA at 1.5%. even Oak North have 1.44% instant access. So unless these rates on Which are wrong I don’t think they’re that good.

That’s why I said above average rather than market leading rates

OakNorth is £1000 minimum but will be £500 with Monzo so it’s not the same product

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Monzo are more accessible. Oak North has a 1k limit. Monzo is reducing it down to £500.

Monzo are also taking a cut, it’s likely we’re getting similar to OakNorths headline rates minus the cut. These rates are great for people who want to ‘one place’ their money. You absolutely don’t have to use them, but I’d imagine there’s plenty here, me included, that can’t be bothered with the faff around for another .1 or .2 of a percent.

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Also worth noting that Marcus will be 1.35% for most people soon as the bonus rate will expire.

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Can you not reapply for the bonus?

You can reapply. Marcus says the bonus rate may well be lower.

That is a crazy statement! Do you think of your 3% mortgage as only being 1% because the bank’s profit is 2%???

Why should it matter what cut Monzo is taking? All I care about is what I get as that’s my rate. Does anyone else think differently? I’d actually love to know.

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I’m not really sure what I’ve said that has outraged you so much. Even in the context you’ve quoted it isn’t that crazy, unless I totally misunderstand what you’re trying to say?

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Sorry! May have got a bit carried away there :neutral_face:

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Well ISA’s launched with a 1.14% interest rate on april 3rd 2019, £500 min as expected. And it comes in pot format. I’ve written a blog post of isa’s and monzo on my blog titled better banking Because monzo is amazing.

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Let’s try and keep the discussion in the main ISA thread.