I used to have access to every savings account Monzo offered (minus ISAs).
And so I’ve gone and looked at the Monzo Website, and there’s absolutely ZERO mention of the option to have external savings with Monzo anymore. They used to have an entire section dedicated to fixed term savings and a list of all the savings accounts you could get!
Confirmed - only ‘Regular’ or ‘Savings’ pot choice available. ‘Regular’ is just a pot, ‘Savings’ is the Monzo Instant Access with (currently) 3.85% AER interest (Max plan)
External savings pots have vanished like an old oak table. Vanished, not varnished you fool
There probably won’t be any change to the in-app code, as existing External Savings pots will continue to work for those users that already have them. It’ll be a user-based switch somewhere (probably server-side) which determines this.
True. But it’s still a nice thing that they offered, and don’t anymore. At least they’re letting us keep our existing pots, even if we can’t open new ones!
Very disappointing move from Monzo, mainly because their own savings rate are so far below the competition elsewhere. I appreciated the convenience of having the savings pots in Monzo and would give up a few tenths of interest for that, but for larger amounts saved being more than 1% below the competitive savings rate is too much. Will be transferring my savings elsewhere now.
I can’t really see how Monzo win from this, aside from hoping that customers won’t move and will be consolidated at lower interest rates. Quite an anti-consumer move.