External Savings Pots No Longer Offered

Monzo Chat
1

I’ve just gone onto the app and this is all I see (when I select the option to open a new savings account):

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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!

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These appear to be the only options one has now.

Why has this happened. Would a MOD/someone from Monzo be able to shed some light on this?

Am I the only one seeing this, or has everyone’s app changed as well.

Is Monzo doing some behind-the-scenes work to make these better, or are Monzo moving away from partnering with external providers?

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2

They’ve disappeared for me too.

I imagine they’re trying to move the savings in house, rather than rely on others.

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3

Can confirm i’m seeing the same thing. No 3rd party pots available (Glad I opened one of each a couple of weeks ago).

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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

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5

Monzo still made a commission from that I think.

I got the 4.11% a few weeks ago, and my mum is glad she got their 4.20% earlier this week!!

:+1:. I wonder why they’ve done this. Was there any hints to this in the latest app teardown?

I’ve reached out to them on X, and will post their response on here when they get back to me.

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Damn they’re quick with their responses over on X. Here’s their answer:

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I would have expected something like this to be mentioned on here :pensive:

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8

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.

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Glad I have a third party joint savings pot at 4%. Would only get 3.35% from Monzo directly which isn’t that great by comparison.

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You can get way better outside of Monzo anyway.

No loss imo

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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!

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Oh man, the fourteen people on here don’t matter. Life is harsh! :disappointed:

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13

I wonder what the stats of the community are. Number of visitors, active members, new members, return rate etc :thinking:

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14

Some things are best left unknown. Imagine there really were only 14 active members?

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I recall the rates were always worse for these products

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They actually weren’t.

The three Easy Access Savers were at 4.11, 4.12, and 4.20%.

The Fixed Term Savers were between 3.8% and 4.0%.

Monzo offers 3.35% for Standard & Extra, and 3.85% for Perks, Max, and Max w/ Family.

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So I can either have 3.35% interest and withdraw money whenever I want, or 3.37% and have to wait until 5pm the next day to withdraw my money…

(Yes, I know Monzo probably has no control over the rate (or maybe they do), but it’s just interesting to see these changes.

To anyone on the 4.12% / 4.20% / any other Easy Access Savings Pot (or the Easy Access ISA(s)), what’s your rate going down to?

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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.

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I have a 4.03% pot that is going down to 3.37%.
I also have a 4.09% pot which I haven’t received notification of a reduction yet.

I keep sod all in them anyway so not really bothered.

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Yep, guess who is now going to put all their savings for my pots into external bank accounts. I’ve just opened a regular savings account at 7%. :woman_shrugging:t2::woman_shrugging:t2:

Real shame though. I liked the Monzo savings pots.

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