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.

1 Like

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.