Why do you not increase interest rate on existing Paragon savings pots? Do you really have to manually withdraw from the old one (0.15%) and redeposit to get the 0.30% now being offered?
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Thatâs the agreement you made with Paragon when you opened the pot.
If you want a new agreement and a new rate, yes, you have to open a new pot.
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Yep, I agree this is a poor UX.
To withdraw funds from the old pot takes a day. Then names, goals, locks, pictures etc have to be set up again on the new pot, and finally any interest from the old pot goes into your current account, rather than the new pot.
My interest rate went down without my intervention; it should go back up as well.
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If only life was this fair eh.
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A new Easy Access savings pot option has appeared in last couple of days - 0.65% with Charter Savings Bank.
Iâm still hesitant to withdraw savings from my old pots which are 0.15% now (originally 1.15%) because I donât really wanna lose the history of how my savings have been progressing over time.
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Why would the history be relevant to you 
surely just seeing the overall figure is more of a flex, or is it one of those itâs taking me X amount if months to get to this point you like to see
The 2nd part - I just like to see how long itâs taken me to get to certain points etc. For some of my pots I put a fixed amount in each month so it doesnât really matter, but with others I split whatâs left at the end of the month into various pots, depending on what my biggest priority is at that point in time.
I hope that at some point pots in monzo will have more features like timescale related goals, graphs to show savings over time etc etc. So I kinda also want to keep the history so that if the features do get more fleshed out itâll have the data to do something with.
I dunno, maybe I will just withdraw it and put in the the new rate option. Iâll ponder it a bit more first 
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Just done this too. Little bit alarming that the funds in a savings pot just completely vanish when you archive a pot. I understand that it says they will be deposited next working day, but itâs a little disconcerting to not see the funds anywhere in the app. I was expecting the pot to be greyed out or something while itâs in the process of closing.
Edit. Scratch that. Itâs now appearing in my main feed as a pending transaction. Thatâs reassuring.
I wonder how this will look in my financial spreadsheets. I have a feeling my net worth will temporarily drop because of the gap between pot archiving and transfer into my account.
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Iâm curious why folks even bother with these at all when things like Marcus and Atom exist.
Is it just because theyâre in the Monzo app or as it something else?
Rates are poor, withdrawals are slow, the UX is poor, and rather than just put the interest up or down, you have to keep an eye out for new pots and move everything manually. Seems like more hassle than theyâre worth.
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If it was an easy access pot the agreement would have included the possibility of the rate being changed by paragon, so they could have lifted the rate on the old version.
Consider setting up your own spreadsheet for historical tracking so youâre not bound to a particular account.
Probably. I expect many (most?) people donât want accounts at more than one bank or donât want to go through the process of opening a new account every time a new market leader comes along every few months.
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For me personally itâs pretty much just this. I value having the bulk of my finances in one place, automatically updating my finance spreadsheets. I have a chunk of my savings in shares which is where I see actual returns. I use Monzo saving pots purely so that my pots with slightly larger sums in (emergency funds, holiday funds, next car fund) are able to see at least some returns.
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I opened a bunch of savings accounts with Chase and moved each of my Monzo pots over there. Goodbye 0.3%, hello 1.5%.
The transfers are instant, the UX is better than Monzo, and each âpotâ has its own account number and sort code.
Itâs everything a Monzo pot should have been.
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Yep, itâs a good question.
For me, itâs that I have my longer term savings in Marcus, and when I opened that account, it was only possible to have one account- no other âpotsâ to use the Monzo term. I believe this has now changed.
The Savings pots I have in Monzo are all shorter term savings goals, with most of them likely to be emptied within a year or two on various things- Holidays, iPhone, Steam Deck etc. The amount of money in them is normally under ÂŁ1000, so coupled with the fact that theyâll only be open for a year or two at most, weâre talking a few pence difference in the total values.
The Marcus account is one that I donât expect to touch, short of emergencies and larger house purchases. Itâs not as vital to me to have daily visibility on what the exact number is.
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I canât just close and reopen as mortgage application will want the history. I like having sight of accounts in one place and quickly topping up savings but think once Iâve got a mortgage I canât justify the lower rates just to keep in one place.
You get statements for pots off Monzo, thatâs a non issue for mortgage providers
Can you get them once closed? Thats the sort of thing I wouldnt remember to do before closing!
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Yes you just message support and theyâll provide statements. I needed them for long gone pots, they have to keep them for regulatory purposes. So once itâs closed these still a digital copy of that statement they can gather for you.
Edit - youâd probably find the mortgage provider tells you that you need a statement for the pot even if itâs open and your main statement shows the money going in. Mine wanted them, which is why I had to ask for a copy. All mortgage providers work slightly bit differently though, so maybe you wouldnât come across that request.
The agreement cover both ways:
Can Paragon change the interest rate?
Yes, Paragon have the right to change the interest rate at any time for their own reasons. If the change negatively affects you then weâll let you know at least 14 days before they make the change.
If itâs a positive change, Paragon will make it immediately and weâll let you know within 30 days of the change being made.
Again the rate rise to 0.70% and nothing was done.
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I agree this is super frustrating. Iâve only recently closed a 0.3% paragon savings pot to move funds to a 0.65% savings pot. Now there is a 0.7% saving rate. Given the line in the T&Câs about what should happen if the rate increases, I think an argument could be made for Monzo breaching this agreement.
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