Changing interest rates within Monzo

Yeah, so I have a pot from each provider and they seem to update now and then to reflect the latest offers. I think my best pot has a higher rate than what is currently offered (2.55% with Charter Savings).

Edit: actually looks like my shawbrook pot is only earning 1.8% when the latest offer from shawbrook is apparently 2.3%. So my method isn’t perfect, just so happens that one of my pots that I kept open rather than archiving has a higher interest rate than the current offerings.

2 Likes

Good to see the savings pots selection screen updated on iOS with the gross rate too :slightly_smiling_face::+1: (2nd screenshot shows how it looked before).

3 Likes

New rate from OakNorth today

2 Likes

Do OakNorth auto change, or is it time to archive and then do new pot?

Monzo really should provide the ability to auto transfer a savings pot to another provider.

I currently have shawbrook 1.8 and want to move this over to the higher rate oaknorth one but dont want to have to update my standing orders and ifttt.

4 Likes

2.41% now available from Shawbrook

4 Likes

I only have Shawbrook ones which don’t update. (Grr)

I’m sure I’ve heard that (some?) Oaknorth ones do, though. Can anyone confirm?

2.4% is not really good enough. There are far better options out there.

The Monzo pots are never going to be market leading, but as he been said many times, it’s about more than that.

2 Likes

There’s talk of savings providers starting to put a halt on higher interest rates and that they’ll start to drop in the near future. We’ll have to see how far the Monzo providers start to drop by, once the big players start that process.

New rate for OakNorth today: 2.45%

2 Likes

I almost wish there were just weekly or monthly updates at this rate :joy:

2 Likes

Anyone with an OakNorth account who can check this tomorrow :eyes:

I would have done, but already manually closed my account down to get the new interest rate, before I spotted what the T&C’s state.

2.45 % is higher then you can get for an next day access account direct from OakNorth, which is good if I’ve read it right.

1 Like

There is, when @monzo2018 posts it :smiley:

3 Likes

Urgh, this is still such a pain point for me.

Archive the old pot, open a new pot with £10, add the details / pot image / target, wait for money to arrive back, re-deposit it, update standing orders, remember to amend Salary Sorter next month….

All the friction :pensive:

9 Likes


Here is the rate on my existing oaknorth pot this morning.

1 Like

Are you able to still view the T&C’s for when you opened the account, if it states Monzo will raise the APR on the 1st of the next calendar month. I’d be raising a complaint tomorrow if it’s not changed to say why aren’t you guys following procedure.

Just checked my Interest bearing Pot in the app and see that it is only getting 1.81% with Shawbrook :scream:

That said, I bung £15pm in it for the home insurance, so never has more than £180 in, so not worth the faff for pence.

January’s interest was a princely 20p :rofl:

3 Likes

I’ve had an email about mine today

image

But the app shows the best as 2.45% if I want a new one. The 2.58% was the one that I think was a mistake that I quickly got before it was removed, and expected them to downgrade me tbh.

3 Likes