Just had a quick search for this but couldn’t see a thread. (Will delete if there is one!)
Just had this email from Monzo describing a change to terms regarding how limits apply to Savings Pots - apparently a previous error described “Limit per pot”, when it should be “Limit per provider”:
Not sure when the mistake was first noticed, or published, but now will be corrected from August.
Some changes to your Savings Pot terms and conditions
There are some changes to terms and conditions relating to Savings Pots that you need to know about. As a result of these changes, we’ve updated the summary boxes for Savings Pots. These changes will take effect from 24 August 2020.
How Savings Pots limits work
Money you put in Savings Pots is held by our savings providers. There’s a limit on how much money these providers will hold for each Monzo customer.
We’ve realised we made a mistake in how we describe the maximum amount you can have in your Savings Pots, in our Summary of Terms. We previously said there was a maximum amount of money you could put into each Savings Pot. This wasn’t quite right.
- This limit actually applies across all of your Pots for each savings provider, whether or not you have money spread across multiple Pots
- There’s a limit for all personal account Savings Pots you have with each savings provider
- There is also a separate limit for all joint account Savings Pots you have with each savings provider
For example, if one of our savings providers has a deposit limit of £1,000, then you’ll hit the limit whether you have 1 Pot with £1,000, or 4 Pots with £250 each.
What this means for you
We’ve updated our Summary of Terms to reflect these deposit limits. Because we’re changing the terms and conditions, we have to give you 60 days’ notice. If you want to go above these limits between now and 24 August 2020, please get in touch with us by going to this page on your phone, and pressing the get in touch button at the bottom.
If you reach the maximum deposit limit on your Monzo account with one of our providers, you won’t be able to put any more money into any Savings Pots you have with that provider. This also means that roundups to any Pots powered by that provider will stop working.
You can save a copy of the summary box when opening a Savings Pot by clicking the “Save” button in the top right corner.