Changing interest rates

I have lost track of how many pots I have archived as the rates are changing so often. It’s becoming a real hassle and you have to manually check for new rates. Yes, I know I can get higher rates elsewhere but I like these ones all in one place because they are savings for bills that occur during the year that aren’t monthly.
The plus side is I don’t need to fill in anthing to obtain a higher savings rate.
Don’t all the transactions we are doing withdrawing and redepositing have a cost for the bank?

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Paragon and Shawbrook still competing with each other and Shawbrook is up to 1.02% now

Also, I had an existing Shawbrook pot at 0.97% and they upped that to 1.02% on the same day they did for new pots :partying_face:.

They seem better than Paragon in that respect as I still have a paragon pot at 0.31% whilst new pots are 1%.

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The only way I can keep up with the new interest rates is to just keep all of the savings pots open and shuffle the money to the highest interest rate as and when it updates:

My charter savings pot is up to 1.1% interest now:

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Yes - it’s a complete pain. Just in the process of closing down a whole bunch of pots which are stubbornly not budging from 0.16%, which is ridiculous. However, losing pot history and adding pages to statement outputs.

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Just curious, is there an internal system at Monzo for notifying the providers of these savings pots of changes to the offers from other banks in the “marketplace”? To encourage competitive rates and a sort of arms race?

Easy access ? My highest rates are 1.00% in paragon and 1.02% in shawbrook

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Yeah those are the currently offered products, but they have offered better/worse products in the past which is why I think there is a benefit to opening them all and shuffling the money around to whichever offers the highest interest rate. (Hopefully doing so doesn’t breach T&C’s…)

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I may follow your advice and try to keep 1 of each opened. Thanks

We have done a bunch of work on our website recently here which can show you what the rates are for any open pot.

We do try to keep our partners as close to their top-of-table rates as possible. Changing rates for older pots is a little more difficult as it comes with some admin for our partners, depending on the partner they are more willing to bring everything together to just have a single interest rate or others prefer customers opening and closing accounts.

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I don’t think that these partners are very good partners, from a customer point of view.

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I think it would be helpful if the terms and conditions of each account could be accessed from this website. It’s so much easier to access such information from other banks than it is from Monzo.

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None of them are tbf! Personally, Monzo should just shut up shop with them, and have their own self contained savings account offerings.

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I don’t disagree, but I doubt it will happen.

If you check now, this should have been changed now :chart_with_upwards_trend:

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But a month too late and only to 0.8%.

If I see I can get six times the interest elsewhere, and the pot I have is showing absolutely no signs of even a slight improvement, I’ll move it. Oaknorth seemed very slow to react.

Oaknorth are now offering 1.20% for new pots.

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That really winds me up.

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Bring on the savings interest rate increases :money_mouth_face:

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It’s a shame they don’t increase the existing pot.

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Shawbrook is now 1.30% as of today.
I think last time Shawbrook upped their rate it went up for existing pots too within a few days, so hopefully that’ll happen this time too (currently 1.02%).

For some reason on the pots selection screen it just says 1.30% AER / Gross but on the cover screen for easy access pots it’s listed as 1.30% AER / 1.29% Gross, not sure why it’s listed differently.


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