Changing interest rates within Monzo

Monzo Chat
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Just got a text from Shawbrook saying they are increasing their easy access interest to 1.84% Gross/1.8% AER (variable/monthly).

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Really hope this auto updates. Getting a little bored of having to close a pot, wait for the money to come back in and then replace it in the same pot with a better AER

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Is this an account you hold directly with Shawbrook rather than through Monzo?

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Yup!

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Interesting, thanks.

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Does anyone know if this affects your credit score by constantly closing and re-opening savings accounts within Monzo?

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Savings account donā€™t involved a credit check, so youā€™re safe :relaxed:

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Did they say when it was going up? Its not on their site yet.

Where is the best interest rates nowadays as I feel that chase is now going to be on the lower scale if it doesnt change.

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It says it has already been appliedā€¦

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Yeah it appears the part of their site I was on showed the old rate.

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133

The Shawbrook Easy Access pot in my Monzo app is now showing 1.55% AER for new applications.

Had to close the 1.40% one I took out a few weeks ago and move funds to this one, which now is higher than Chase, rather than Shawbrook just increase the rate on the one already in existence :person_shrugging:

Itā€™s only for little money though, so no drama really.

Serious money is in Zopa at 1.81% - 1.95%, depending on the pot and access.

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Charter have increased to 1.56 AER

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Gatehouse Bank to 2.0% EPR (expected profit rate), min Ā£1

Al Rayan, 2.10% EPR, min Ā£5k

Both are EXTERNAL and NOT within Monzo Savings Pots, I should add.

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Mine has gone to 1.66% AER :thinking:

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Lucky you :smile:

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Shawbrook pots not moving from 1.02 (unless you close and reopen) and Monzo Plus stuck at 1% for a Ā£5pm payment starting to look pretty poor.

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Tempted to try them but has anyone used them before?

If Shawbroke put the 1.83% on Monzo I would move a wad to them.

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Never used Al Rayan.

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Just seen this on MSE forum, where they were discussing Al Rayan:

jimexbox said:

Re. Al Rayan. How quick are deposits and withdrawals to show?

Seem to need a manual input so it can vary, but Iā€™ve never seen any significant delay other when my wife made a Ā£10k transfer to a new payee this week. Took about 3 hours before they rang her iirc, and then just a few minutes to get it cleared

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