Instant access savings pots - what's the point?

While nearly all providers that Monzo use pay at least 0.5% interest if used directly, Monzo only pay 0.15% from the same providers. That means Monzo are getting 0.35% interest on customers money & customers are getting only 0.15% interest - rendering Monzo pots pointless at best & a rip-off at worst.
Isn’t it about time Monzo either scraps these pots or raises the interest paid to customers to at least equal what the providers pay? Taking more than double the interest earned by customers is a bit extreme, don’t you think?

Considering the tiny amounts of cash likely to be received by most savers, I’d guess people value having it all in one place over fast withdrawals and an extra few quid per annum.


Speak for yourself, not everyone has a “tiny amount” in pots & it’s not in the same place. The amounts involved are not the issue - the issue is the fact that Monzo are paying ~1/3 of the interest for the exact same plan from the same provider & presumably keeping the other 2/3 of customers interest for themselves.

Then why don’t you keep your masses of wealth elsewhere?

You don’t know the terms of the contracts Monzo have.


Isn’t that what everyone (yourself included) is doing in this discussion?

Nobody speaks for everyone.


We all are speaking for ourselves. It is my belief that the amounts of interest earned by most Monzo customers is small enough that it is worth their while keeping it all in one app, which is what I meant by one place.

Speaking absolutely for myself, I use an interest bearing pot as a repository for spare cash.


Wow. Is that an official Monzo response? This is the help section right?

Yes, I do actually - because Monzo have publicly said they take a fee.

Keep it civil please. I’d much rather hear from an official Monzo account about weather they will be reviewing their pots rates in the near future than be jumped on by a bunch of “Monzo defender” accounts. Like I said, this is supposed to be the help section, not the “take-it-or-leave-it” section. If Monzo choose not to reply to customers in their own help section, then I most definitely will take my “masses of wealth” elsewhere - today actually.

Monzo may reply to you, I highly doubt they will and it’s even less likely to be today.

It’s the Help section but it’s a bit weird. Despite Monzo having millions of customers they don’t really have staff managing the forums.

It’s a rare sight to catch a staff member lurking.

This help is 99.9% made up of customers replying either with a known answer to a general question or to contact Monzo if it’s personal.

Best bet is to go through the in app chat feature then, you’re not very likely to get an official response on the forums, like most forums answers are mainly provided by others in the community.

Go the Help > Search for Chat to Us > and you can start a chat with a real representative from there, but the response will be generic as they don’t tend to disclose what is going on behind the scenes anymore, less to say about the interest rates they are able to offer.

Nobody who has commented on here works for Monzo - we’re all customers like you.

It’s highly unlikely you will get a response from staff too. They don’t comment often and they especially don’t reply to ones where the customer is being rude.


Yes, I’ve been waiting on in-app chat for over an hour, that’s why I posted here in the hope of getting a response from Monzo. I’ve also tweeted Monzo with no response as yet. So what we have here is a support forum created by Monzo that provides no support, a support chat box in-app that provides no support as well as a twitter account that, so far, doesn’t respond…

I have to say, with the lack of timely support on so many fronts & the reported Monzo losses of over £113 million this year, I’m no longer comfortable leaving my cash on such a platform & will begin moving my savings over to a different provider immediately, earning 3x the interest in doing so. I’m pretty sure I’ll get better support too.

Such a shame how Monzo have fallen. Oh well.

For non-urgent questions, support can take longer. They will also just tell you they continually look to offer the best deals blah blah blah. You’re wasting your time TBH.

Regardless of your thoughts on everything else, why wouldn’t you do this anyway?


In all honesty, your query is nothing but that… a query so they won’t rush to respond in app

was probably the best option in the first place…


This isn’t a support forum, it’s a community forum, for people that use Monzo (or don’t) to chat and share experiences, and provide help to others.

Honestly, I don’t see Monzo changing their fees or % that they take at all. They have communicated recently about the reduction in interest rate for customers, so I’d imagine that’s about it.

A lot of people see the benefit in Monzo having the saving pots within the app, so they accept the lower pot rates.

Hope you find a suitable alternative for storing your hoards of wealth, it’s always worth shopping around if you can, and I highly recommend instead investing it, vs a savings account. But that’s just my non-Monzo advice.


I wish I had the confidence to do this but I’d 100% lose it all hahah

Haha, that’s fair. I’ve shoved 90% of my savings in a Trading 212 ISA, with a bit of a spread of investment into stocks, currently up 20% in 4 months :see_no_evil: But it’s definitely risky business, but if you’re up for the risk… :money_mouth_face:

1 Like

It’s both actually. It even says so on the main page:

Pretty pointless reporting bugs on a community forum…lol

Yea, it doesn’t say it’s official help, or offering help by Monzo staff. It’s at & on the “About” page - - it states:

The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account.

Doesn’t mention official support, anywhere. It’s community led support. But we’re going in circles now, so as I said before, wish you best in reaching out to support :slight_smile:

1 Like

Yes… you’re right but it still doesn’t say you will get help directly from Monzo, your link even says community.monzo

But back to the main point, you’re probably better off moving your savings to somewhere with a higher interest rate, they can’t stop you and I don’t think they expect you to stay when there’s a considerable difference in competition.