Paragon now has 2.55% for instant access.
While earning interest in Monzo pots is a good concept, I do not find it competitive. Even if they offered the same rate as say Chase or Zopa, you do not have instant access, rather you can only withdraw the next working day, which I really dislike.
In any event you can always find better interest rates elsewhere.
3 Likes
Just to touch on this - quite a few (though not all!) have penalties for withdrawal (for example, my online bonus HSBC goes from 3% to 0.65% in that month if I choose to take money out) so I’d rather wait 24h with no interest penalty than have that.
But I agree, there are slightly better rates out there if you know where to look. But equally, they often have caps on money in, or are not even 24hr access.
I value seeing the balance in Monzo app. Which most other savings providers do not offer over open banking.
3 Likes
Emptied mine on 1 Feb 2023. Account not so appealing now.
1 Like
As I use the HIDE feature of both the Monzo and my Chase savings accounts, this would not be a Monzo feature that I personally would value.
1 Like
Seeing the irregularities in rates for existing and new accounts, both within Monzo, and elsewhere; I have decided to open a savings pot with every provider now. To see if sometimes they will have higher rates for existing customers only.
3 Likes
You could make the experience so much better by dictating to banks that they must have a single easy access rate for all customers (not one rate for new customers and another rate for old customers). It’s your marketplace so surely it’s within your power to dictate this as a condition for entry. Of course, banks using the marketplace need to be able to compete with each other so easy access rates should be allowed to vary between banks but if you could stop the within-bank variation it would be so much better. Also, it need only apply to easy access accounts (not to fixed term accounts which by their nature need to have different rates depending on when account was opened).
I personally think this way of operating (single rate for all customers) is why the experience with Zopa is so good.
1 Like
Make sure you’ve updated to the newest version of the app @andrew_fishy
If you’re eligible itll pop up at the start when creating a new pot.
5 Likes
I’m on the latest version of the app, and don’t get any fancy new savings screen 
1 Like
How does Monzo distinguish what offers are available to customers? I take not everyone gets the same offer?
5 Likes
3% and withdraw money instantly? Is this a direct Monzo savings product!?
2 Likes
Hope the FPS stack is ready for the flow of cash back from Kroo
Monzo - Nice saving rate you’ve got there kroo, be a real shame if something happened to it…
4 Likes
I am on the latest App Store available version, trying the test flight version now
I’m on that one… no fancy shmancy high interest accounts.
1 Like