I’m brand new to Monzo.
I couldn’t find the answer to this question anywhere or where I could ask Monzo direct so I’m posting here.
The Monzo Plus account costs £5 per month and pays 1.00% AER/Gross (variable) interest up to £2,000.
Does anybody know if £2000 is the maximum amount of interest the account will pay or is £2000 is the maximum balance on which the interest will be paid?
The statement is a bit ambiguous I think.
My concern is that If £2000 refers to the maximum balance then the maximum interest you could earn per year is £20 which is not enough to cover the £5 per month fee.