Yup!
Interesting, thanks.
Does anyone know if this affects your credit score by constantly closing and re-opening savings accounts within Monzo?
Savings account don’t involved a credit check, so you’re safe
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.
It says it has already been applied…
Yeah it appears the part of their site I was on showed the old rate.
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
It’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.
Charter have increased to 1.56 AER
Gatehouse Bank to 2.0% EPR (expected profit rate), min £1
Al Rayan, 2.10% EPR, min £5k
Both are EXTERNAL and NOT within Monzo Savings Pots, I should add.
Mine has gone to 1.66% AER
Lucky you
Shawbrook pots not moving from 1.02 (unless you close and reopen) and Monzo Plus stuck at 1% for a £5pm payment starting to look pretty poor.
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.
Never used Al Rayan.
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 I’ve never seen any significant delay other when my wife made a £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
You will never get quite the same rates when taking the pot from Monzo as they 0.15-0.2% from the providers.
That’s the cost of convenience of the app.
I have done it for a couple of pots that would earn pennies anyway. Keeps things separate.
It’s mostly true that rates are higher when going direct, but not always.
For example at the moment Paragon gives 1% on their easy access saver (the one without access limits) if you go direct. But through Monzo it’s 1.46%.
I’ve occasionally noticed other instances in the past where the rates are the same or higher on Monzo compared to going direct.