This really isn’t clear to me, looks like it’s trying to make things sound better that they are. Yes, can save up to 3% but it’s fixed and you can’t put in once it’s opened. But they lead with that in the same way other banks lead with easy access higher interest or locked but further contributions do.
I think there are aspects of the savings webpage that lack clarity (mainly to do with absence of T&Cs docs on this webpage) but I don’t really see an issue with clarity around interest rates.
Its clear what the interest rate is and that it’s fixed, but it doesn’t say that you can’t add into the pot once it’s fixed, either there or below in the detail.
Yes, Monzo’s (by them) or partner savings rates are really behind the curve. That 4.30% is great IF you have a large lump sum but there are better easy access savings/contribution savings with better rates.
What is frustrating though, is when you go into the previous months interest earned on a pot, it appears as though the rate has always been 1.81% even though it was 1.55% before. It’s misleading. It’s not a new issue, I’ve noticed it in the past. It always shows the current rate on past months instead of the rate earned at that time.
I have 4 Shawbrook Easy Access Pots. One has been moved up to 1.81% (opened in Sept), and the other three (opened earlier in the year) are still on 1.02%
It’s a really poor experience not to move them all up/down in unison.
Yes, just realised that all of the Shawbrook pots in our joint account, containing a not inconsiderable sum between them, are still at 1.02. Which, frankly, is taking the piss.
These are the previous Shawbrook rates, so I assume it’ll just be pots opened from 20/08 onwards - which started at 1.55% - that are getting bumped up to 1.81%.
Without the full page visible to what it’s referring to in its entirety, only seems one word is missing and that’s the brand/group that moves their interest rates
Quite bad that my way of knowing that the interest rate for a Monzo pot had changed, was whenever @monzo2018 posted to say about it.
I just checked myself and there’s now one at 1.95%
(I know I can get the better elsewhere, but I don’t want the extra effort to manage a joint savings pot for a short space of time, this suits me and I know I’m earning less than I could)