Instant Savings account 0.5%

Hi I know most people here love pots but I don’t’ - currently all my savings are in an instant savings joint account with Nationwide - how I wish Monzo could do something similar even with restrictions on withdrawals they are instant but Monzo have an irritating 24 hr+ delay.

I suppose there’s no chance…

I suppose you’re right.


Difference is your funds with Nationwide are held with Nationwide. Any savings within the pots you speak of are held in the relevant bank for that pot. I’m sure it’s not just as easy as you think to get the funds same day. It’s not just Monzo involved in the transaction.

I think there are a lot of levels of complexity here because so many different banks aee involved.

So even if you open an account direct with Charter, you won’t get same day access because Charter isn’t connected to BACS (I think I’m right in saying that). The way you can tell is if you open an account with Charter, you don’t get a sort code and account number - instead you get Charter’s generic sort code and account number, plus a personalised “reference number” which refers to your Charter account.

So when you make a withdrawal from Charter, it doesn’t come out straight away. Instead, Charter send the money via their bankers - for example Barclays and that gets processed in a batch once or twice a day.

So what happens when you move money out of a pot is: Monzo communicate with Charter, Charter send the money via Barclays in a daily batch. The money reaches Monzo ans lands in your current account.

I think I’ve got that right.

Monzo Plus & Premium support interest (among other things). That’s the closest you’ll get from Monzo doing instant access savings accounts.


Some of the external instant savings accounts that people use are fairly quick at transfers to Monzo. Transfers out of Atom used to generate a Monzo notification before Atom had finished confirming it had been sent, and in business hours Marcus never seems to take longer than 10 minutes. If that’s important to you, I imagine there may be others.