Easy access Savings Pots are back with Shawbrook šŸÆ

Monzo Chat News & Updates
22

Awesome, thanks for clearing that up :grin:

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23

I can only open a normal monzo pot currentlyā€¦

24

They arenā€™t live just yet:

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25

I canā€™t open an oaknorth one even. I hit create pot and I get the screen below.

image

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26

Oh, thatā€™s odd. Is this on a joint account or personal account?
I donā€™t think any savings pots are live on joint accounts.

27

Personal account

29

So they will be rolled out to joint accounts at the same time as normal accounts? :slight_smile: Very good news!

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30

Delete and reinstall the app. That fixed it for me

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31

Thanks, thatā€™s done it :joy:

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32

I wouldnā€™t bet on it being at the same time :man_facepalming:

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33

Hey, Iā€™m sorry about this. There is a bug on refreshing the types of Pots you can create in the new navigation. This will be fixed very soon, but I think the best thing you can do right now is log out of the app and log in again, this will refresh it. Feel free to message if this doesnā€™t solve your problem.

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34

Thanks, that has fixed it :+1:

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35

Thanks for the update, however, Iā€™ll stick with my Tesco Internet Saver @ 1.46% and just a Ā£1 minimum balance.

Nice to see the interest bearing accounts appearing. Just a pity they are not competitive.

But that has been mentioned before by other Monzo users.

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36

Iā€™d like to see Monzo do something similar to this - easy access with a low minimum balance.

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37

Also a 1 (working) day effective notice period to withdraw, just in case anyone misses that. So if you were to withdraw money today for example, you wouldnā€™t see it until Tuesday at the easiest. Not sure how that compares?

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38

In comparison to savings accounts offered along with current accounts they are quite competitive (though these accounts are usually truly instant access, Monzos arenā€™t). But for accounts used to save yes they arenā€™t as good as going direct.

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39

Is there any chance of a savings pot with no minimum balance?

Monzo have published many articles about wanting to encourage people to save, but gating savings pots behind Ā£500 minimum isnā€™t conducive towards that for the average punter who lives paycheck to paycheck, or someone just starting out, for example.

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40

The minimums are usually what allows for higher interest rates. If you want to save small amounts you can just use a non interest bearing pot, or use an instant access savings account like Marcus.

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41

I wouldnā€™t imagine so as Monzo arenā€™t actually offering these themselves, they are third party integrations.

I would imagine it would wipe lots of money of their deposit sheet which could effect their (I think itā€™s called ā€˜Basel IIIā€™) requirements.

Have a Google and read it up, becomes fairly explanatory!

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42

Will Open Banking eventually allow to view e.g. saving with Marcus through the Monzo app, like the credit card stuff thatā€™s happening at the moment?

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