Possibility for higher interest rates on regular savings accounts of 2% or more?
Yes please! Even 1.6% would have Monzo become market leader.
There are banks out there who pay 5% on regular savings accounts…
Are they instant access? If so, please point me in their direction.
Point being ‘regular savers accounts’, so with limited monthly deposits and usually has to be locked in till the end of the year to get the interest. Not sure what your point is or do you actually think a regular savings account is comparable to an easy instant access savings accounts without monthly deposit limits?
I’m glad you jumped in there before I did.
Obviously the stipulation with those is that they are of course linked savers accounts, so one must have a functioning account in order to qualify and there’s a fixed 12 month term involved. I agree, 5 percent is market leading, 1.6 percent, less so, unless of course it is linked to an instant access account.
I’d say the biggest stipulation with those accounts are the maximum deposit amount - I can’t stick £20,000 in there on day 1 and get 5% interest on it.
That reminds me nicely when back in 2009, I put more than double that amount into a fixed savings rate with Santander and came out of it a year later with a particularly nice wedge of interest.
Should I be using a different savings account to my monzo ISA pot then? I like the convenience of having it all in one place but for a much greater interest rate I might look towards saving large sums elsewhere.
I agree it’s really convenient to have them all in one place and I like to have multiple pots for different things but once I’ve saved a larger sum I’ll transfer it to a savings account with better interest rates.
Not a big difference if you have 1 or a few more hundred pounds with 1.5% or 2% interest.
I looked around Here a few months ago.
I have 1.5% instant access account for my emergency fund, one account 5% (it has a money balance limit). When I will achieve my emergency fund target I will look around another account with higher rate(probably regular savings).
You have to decide what is the goal. Then you can answer your question ( Monzo pot is good for you or not).
Hope it helps.
I assume that you want to ask higher interest rates from Monzo (and new ‘product’: regular savings ). Well, I am looking forward for the news.
Otherwise, just do your research and you will get your higher interest rates from others.
Santander’s regular saver accounts are instant access with no loss of interest. Nationwide’s were too, but unfortunately no longer offered.
In contrast, Regular saver accounts from HSBC and HSBC-owned banks don’t allow instant access without loss of interest.
Yes, please! As I’m not tax resident in the UK, sadly I can’t take advantage of the savings ISA accounts option
So, if Monzo were to bring in a regular savings account with a competitive interest rate compared to the market, I would be all over that!