Easy access Savings Pots are back with Shawbrook 🍯

(Sheri Farsani) #1

Easy Savings Pots are back - and introducing Shawbrook, our third savings provider!

We’ll be rolling them out gradually from next week - so don’t worry if you can’t see them yet :wink:

19 Likes
#2

“We’ll start making Savings Pots with Shawbrook available starting next week, so don’t worry if you can’t see them yet. You’ll be able to find these savings products, and all the others, in the Account tab:”

I know most will read the article but just to highlight this comment from the article before people rush to check the Monzo app

8 Likes
(Jack Stride) #3

First thing I did before I read the post :joy:

3 Likes
#5

Are joint accounts in scope for this? No mention of it either way in the blog post.

1 Like
((╯°□°)╯︵ ┻━┻) #6

:soon: is my guess :smiley:

#7

Sadly it appears to not favour joint accounts for many new features but I guess we can all hope…soon

2 Likes
#8

Does this mean that current customers with Investec accounts will be moved over to Shawbrook?

1 Like
#9

It says in the table that there is an investec 12 month account at 1.55%.

Is this new?

#10

And for reference this is Shawbrook’s current easy access account, vs Monzo’s 1.12%.

AER Min Balance
1.43% £1,000
1 Like
(Duncan Roberts) #11

Hello! Shawbrook flexible savings pots will be coming to joint accounts too.

4 Likes
(Duncan Roberts) #12

We’re not automatically moving money over from Investec to Shawbrook.

#13

Thanks for the quick reply @duncanrobertsmonzo. I’ll probably do it manually when I receive the new option. :blush:

1 Like
#14

So, for anyone curious, this looks to be the comparison.

Monzo Pros:

£500 minimum balance rather than £1000
No minimum withdrawal rate (yet to be confirmed)
Access money through the Monzo app.

Monzo Cons:

0.31% worse rate than Shawbrook directly.

Which means 0.31% is being paid for the convenience of using Monzo (and potentially the pros that are mentioned above).

Interestingly, if Monzo are taking a 0.2% cut, Shawbrook still don’t want to offer the same rate to Monzo customers, that they’d offer to their own customers (by 0.11%).

Possibly because the Monzo product doesn’t have the same limitations that the direct one does?

Look forward to hearing more about it! :smiley:

Edit:

Ooooo @duncanrobertsmonzo, as you are so quick on the draw, could you answer the above (about the limits)?

(Cheryl) #15

It says: “Savings Pots with Shawbrook have an interest rate of 1.12% and a minimum deposit of £500.”

3 Likes
(Jonathon) #16

Minimum £500 according to the article.

1 Like
#17

I just saw that and amended my post :smiley:

2 Likes
#18

Also, to put it in perspective…

0.31% difference on £10,000 of savings would give you an extra £31 per year…

I’m always a believer in using the right service to fit your needs (and not paying for convenience), but I’m just not sure I’d be bothered with something like Shawbrook (if I were to have to choose between Monzo Pot and Shawbrook direct)…

3 Likes
#19

Are interest savings pots coming to the new nav layout? @duncanrobertsmonzo

(Paloma Liniers) #20

Hi @nickh! I can confirm there is no minimum withdrawal for our Shawbrook easy access Savings Pots.

2 Likes
(Paloma Liniers) #21

Yes, the new navigation layout doesn’t affect the types of Pots you can open :slight_smile: