Changing interest rates within Monzo

Yup!

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 don’t involved a credit check, so you’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 applied…

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

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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:

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.

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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.

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Mine has gone to 1.66% AER :thinking:

Lucky you :smile:

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.

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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.

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 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

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You will never get quite the same rates when taking the pot from Monzo as they 0.15-0.2% from the providers.

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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.

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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.