Cash ISAs?

Really wondered why Monzo don’t want to open their own ISAs?!

They want to create a financial hub offering a variety of all services to cater for all :slight_smile:

What I meant was…

Given that Monzo are referring (and effectively recommending) their 1.6 million customers exclusively to OakNorth I’d have expected that in negotiations they would have at least managed to get OakNorth to match the rate they’re offering their customers direct :man_shrugging:


I really hope they’re flexible

They’ve got them to drop the minimum amount from £1000 to £500 which makes it available to many more people


Ahhh is that one difference? Well spotted!

Wonder what else there is and if what they’re saying in the news articles is final. i.e. are they still negotiating?

It looks like they are from the Which? Article so that is good!

I think Monzo have finally reached a good balance of benefit with the offerings. Might not be market leading but represent good value with the other benefit being its all natively in app.

There will naturally always be better places to go if you shop around but if Monzo can keep this sort of balance up they are doing pretty decently I think.


That’s nice, but what about profit…

Surely the money that goes into developing six cash savings products and then running them would make Monzo lose more money as opposed to partnering with a provider?

Also Monzo have established their own loans, are looking to introduce Monzo Plus and I’m sure other things in the pipeline.

As @JustJordds said above. It just makes Monzo more attractive in the short term with little effort or outlay. They can then build on this long term and then make bigger profits on it further down the line :slight_smile:

They are making money on this as well. They already offer insurance, gas and electricty too. Each person that switches or creates an account nets Monzo a fixed sum or percentage each month.

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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


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


Why the lack of announcement from Monzo I wonder.

Disappointing rates

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


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.