Changing interest rates within Monzo

That’s not bad tbf.

More than my Chase (2.7%) or Santander (2.75%) accounts, and nearly on a par with my Zopa (2.86%), all of whom are direct

:+1:

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That oaknorth or Shawbrook?

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My Charter pot has just gone up to 2.9%

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Charter for that one

Slightly off topic, aren’t we supposed to get notifications when money from a savings account lands into Monzo :eyes:

My money hit at 1036 & 1040 this morning, I’ve had no notification about it at all. The only thing that’s come through today is, a notification about savings goals and roundups.

Mine is at 2.84% opened in August 2019.:

Had an email about it too:

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Could you look up the savings agreement for that pot to find out the version/month year it was opened?

Easy Access Savings Pot version 1.1 6 August 2019

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that’s interesting, mine is the same. I guess its probably normal for the same saving product to offer different savings rates to different customers

My Charter is also 2.84%

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New 2.50% rate now available from Shawbrook in the app.

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BoE interest rates up to 4% now!

We will normally increase interest rates (if approved by our partners) on the 1st due to payouts so that your rate doesn’t change mid-month.

Sadly, we currently don’t control when partners can change their rate, so we are at their whims. As you’ve all seen some partners want to keep money in their products no matter what and will raise the rates for existing customers (but keep new customers on median rates) whereas others are only looking for new customers and will let their older rates slip.

OakNorth moved all of their rates up on the 1st to the same rate 2.25% (but they have a higher rate for new customers still)

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I get this bit, but if there was some sort of logic that says “Pssst, you’re getting 2.25% from OakNorth, but if you open a new pot you’ll get with Sharbrook you can get 2.5%”

The people that have lots or lots of standing orders will be still be inconvenienced, but it would be a good step forward.

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The issue is you look at the Charter Pots in this thread, Charter turned around and raised all the existing issues by 5% but left the new rate behind. Would you be annoyed at us if we told you, hey you can get 1% extra but we cut you out from getting that 5%.

We do hear your voices about the pain that this process brings you and we are working on ways of making it better so keep giving us feedback and as a community, we will help shape this into the best product it can be :hot_coral_heart:

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Thanks for a response from Monzo about this. Maybe it’s time for a Monzo backed savings account with interest :eyes:

Show them external providers how it should be done

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Not till they increase the interest rate on plus/premium. :angry:

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:shushing_face: :sweat_smile:

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The tech is ready there as they can add interest to paid accounts.