Help to Buy ISAs


(Alex) #1

So with the talk on @MakingMonzo about interest on savings accounts, and the possibility of savings accounts coming to Monzo soon - the only thing I need to totally kill off my legacy bank would be ISAs, including ISAs with a government contribution like a Help To Buy ISA.

I’m 26, haven’t bought a house yet, but been saving in a Help to Buy ISA for a couple of years. It would be nice to totally get rid of my legacy bank in the future and have Monzo for all financial needs (maybe even including the mortgage when I’ve finally saved enough!)

If possible, could we see potential for Monzo to add ISAs in the future? Potentially as a special kind of Pot?


#2

Hi Alex!

I don’t think Monzo will be providing the savings accounts or paying interest, I think it will just be displayed in the app to look that way. Your actual money will be held at a third party. That’s just the way I understand it. Full intigration, whereby you wouldn’t even notice. I would imagine they could do the same with ISAs. It will be amazing :star_struck:

I also don’t think Monzo will be offering mortgages, and much like their overdrafts, they (probably) wouldn’t be the cheapest.


(Jonathon) #3

In their plans ahead it’s for pots with interest!


#5

It is there, sure, but from what I’ve seen on Twitter (@MakingMonzo) they will be provided by third parties. I may have missed something, it’s just the way I understood it.


(Jai Sullivan) #6

(Alex) #7

I see! So just got to hope that this third party does it all!


(Tim Banting) #8

Oh, I like that! a lockable pot perhaps? One that gathers interest over the year? I could imagine devs could have fun with a count down timer until you can withdraw funds!