I’m not sure how. Rate increases don’t need to be communicated in advance and if a change happens after you close your account/pot there is nothing relevant to communicate.
However, I am starting to think that perhaps Monzo should just ditch the savings market place concept and just provide a single version of each account type (either on their own or working with a single external partner).
Hey, look at that. I stand corrected.
Well not for Paragon savings pots it doesn’t- the rates get adjusted down automatically but not up!
Not for my Charter Easy Access pot either.
Isn’t this all a bit meaningless when inflation is at 10%?
Rates for new easy access savings pots has updated again today: a new option of 0.74% with Shawbrook, available in an easy access ISA too, and also new Charter pots are now 0.85%.
Another update - the Shawbrook offering which was new just a few days ago has now been upped from 0.74% to 0.90% for new pots.
Also applies to existing Shawbrook pots
That’s cool that they did it immediately for existing pots too then.
I think that’s how it should be for easy access. For this account type, having different rates/terms depending on when someone created their account just creates unnecessary confusion.
Just a great pity Paragon won’t do likewise, leaving the hassle of having to manually withdraw and move. But it’s their loss….
just closed the paragon one and moved to that , thats where my round up and 1p challenege goes now
Charter has gone, and Paragon and Shawbrook have upped the interest again.
I’ve been closing and reopening most of my pots now to get better rates, but I kept 1 paragon pot open to see how it changes. When new Paragon pots went from 0.31% to 0.70%, my existing pot moved from 0.15% to 0.31%.
Since then however, new Paragon pots increased to 0.90%, and now 0.95%, but my existing pot is still at 0.31%. I’d thought it would maybe just stay 1 step behind but that appears not to be the case. I kept it open just out of interest to see how much it may/may not lag behind the latest rates.
My original Paragon pot still at 0.15% - they managed to automatically reduce its rate some time ago so now rates are increasing they should have been able to increase it. Most of its contents have already gone elsewhere, the rest will follow. It seems Paragon just want to punish customer inertia / loyalty which is irritating….
Paragon has no pots left at 0.15% they are all 0.31% (or more with the new rate being 0.95%) you might need to refresh your app (hard close and re-open it) if your app isn’t keeping up to date with the latest changes on your account
It’d be cool if there were notifications in the home feed when new rates/options become available, is this something Monzo might introduce in the future?
I saw that Premium Bonds have decided up to their prize pot, up to the interest equivalent of 1.4%.
Might be an option for some people?
Sorry my mistake, it’s an old Investec one that is still a measly 0.15% so I shall be moving it asap! Still a pain though……
And still a pity Paragon won’t update to the new rate or at least inform when better rates available as others have suggested….
Rates still creeping up, 1% available now.