I want to open one of the Fixed Savings pots - 12 months, no adding or withdrawing. I can see that I can start with a minimum of £500 but can’t seem to find what the maximum is. The plus button doesn’t seem to let me increase the starting amount, nor can I find it in the info.
Does anyone know what the highest possible starting amount is?
I don’t know the answer to this.
The terms and conditions for an Easy Access Pot I have with Shawbrook says the max is £85k across all pots held with Shawbrook, but it might be different for different providers. You may have to contact support for clarification.
To anyone from Monzo reading - this is an issue caused by not having terms and conditions easily accessible in advance of going through the opening flow, which I think is poor practice.
I think the T&C probably becomes available at some point during the sign up flow but as you go through the account opening process it’s unclear at what point you will get to the T&C screen and what point you are committing to account opening.
Agree, it’s really weird that I can’t read any real T&Cs whilst clicking buttons that look suspiciously close to opening the pot.
When I tried to send money from another bank to Monzo, it offered me 4 references, which suggests that even by reaching the stage with the selected amount, I may have managed to open 3 pots? I have no clue.
I’m going to hazard a guess it’s “I dunno, as much as you want I suppose” and hope for the best. It’s not like I was gonna go up to the £85k cap or anything, but a ballpark figure would have been helpful within the app instructions rather than continued reference both to “start with £500” and reminders you cannot add anymore.
Apology late adding to this but just come across whilst also trying to find maximum balances for different Savings Pots in Monzo.
I am not sure that the above maximum of £85,000 is correct as it is too coincidental with the FSCS limit being £85,000.
Many T&C blurbs show the maximum you are covered up to first, before showing the technical max limit per account.
e.g. you are covered up to £85,000 through FSCS, but you can have up to £100,000 in Monzo’s own Savings Pot.
So I still suspect that the third party savings pots have higher maximums than £85,000.
And I agree that both Monzo Website and Monzo App make it very hard to know the maximums.