Changing interest rates within Monzo

Yup. Got it.

Although you have to hold a Nationwide current account to open one, and should you close said current account, your Flex Instant Saver will transfer to another savings account of lower return.

Source: Nationwide

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OakNorth have upped their rate on new pots today from 1.38% to 1.5%.
Still quite a bit below the BoE base rate though.

Santander eSaver Limited Edition Issue 1 closed at midnight last night and has been replaced with a not very flattering 2.00% Issue 2. Available until 1 November 2022 unless sold out sooner.

Meanwhile, Tesco Bank have overtaken them with their latest offering on their Instant Saver.
2.06%, including a 12 month bonus of 1.71%

Both will be overtaken by Chase Bank next Monday, 24 October 2022, when they increase their savings account rate to 2.10%

With their recent outages and people having difficulty accessing or moving their money though, I am not convinced many will return. There are still better rates out there atm.

Current leader to new applicants is Cynergy Bank, with their Issue 53 easy access savings account at 2.75% (includes 0.15% bonus for a year).

Mixed reviews on MSE forum though about how easy it is to open and get access to your money. Appears withdrawals may be next day variety, as opposed to the almost instant transfers of Santander, Chase, Atom Bank, Tesco Bank.

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I didn’t move mine out of Chase (holidays + other life things getting in the way). So I’ll just be leaving mine where it is, until something else takes over from Chase, and just keep adding more money into the account until I hit the limit.

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Not sure what you mean by takes over, as there are already four banks offering higher easy access rates than Chase.

Zopa 2.15%
Gatehouse Bank 2.25% (Sharia expected profit rate)
Al Rayan 2.35% (Sharia expected profit rate)
Cynergy Bank 2.75% (edit: existing customers only now)

Granted, only Zopa will get the funds to you the same day, and Sharia banks are not for everyone (it seems)

I wouldn’t move for the first three rates though tbh.

It will be all change in the next month anyway :smile:

Can we merge these @AlanDoe because this thread was about Monzo changing interest rates not what the best one is out there vs the one linked which is

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That said

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.

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It’s fairly clear that it’s a fixed term deal…?

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Also, tap the first link (“view our rates”) and you see the following

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.

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It is clear within the app though.

Have amended the subject title to reflect that, to make it clear for future contributors :smile:

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It is - it isn’t what I was saying though.

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.

I think they could go into more detail in this.

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New rates again today - Charter is back, offering 1.71% for Easy Access and 4.30% Fixed term.

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4.30% is not far off the mark, but 1.71% certainly is.

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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.

Shawbrook rate on easy access pots is now 1.81%.
The pots I opened late August/early September have also been moved up to 1.81% :slightly_smiling_face:

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.


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About time too…

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They’re getting there, but still sort of lagging in the wider picture

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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% :man_shrugging:

It’s a really poor experience not to move them all up/down in unison.

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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.

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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%.

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