# Interest and Pots **URL:** \ **Category:** Help\ **Created:** [12 July 2019 14:40 UTC](https://community.monzo.com/t/interest-and-pots/73124 "2019-07-12T14:40:06Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![anon35331898](https://avatars.discourse-cdn.com/v4/letter/a/a88e57/32.png) [@anon35331898](https://community.monzo.com/u/anon35331898)\ **Post date:** [12 July 2019 14:40 UTC](https://community.monzo.com/t/interest-and-pots/73124/1 "2019-07-12T14:40:06Z")
Hi All! Sorry if this has been done before - I’m completely hopeless! I wanted to open my first Monzo savings pot and there are SO many options that provide interest I’m feeling a bit overwhelmed. If you lovely people have a preference / recommendations please let me know! Would love to chat about the pros and cons of them all. Anything and everything is helpful 😄 ☀ ---
**Author:** ![Ordog](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/ordog/32/22446_2.png) [@Ordog](https://community.monzo.com/u/Ordog)\ **Post date:** [12 July 2019 14:45 UTC](https://community.monzo.com/t/interest-and-pots/73124/2 "2019-07-12T14:45:08Z")
It depends on how much you want to save, if you already have and ISA or not and how quickly you might need access to that money. ---
**Author:** ![JustJordds](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/justjordds/32/29498_2.png) [@JustJordds](https://community.monzo.com/u/JustJordds)\ **Post date:** [12 July 2019 14:45 UTC](https://community.monzo.com/t/interest-and-pots/73124/3 "2019-07-12T14:45:35Z")
Hi Emily 👋🏻 What are your goals? What is your current set up? (i.e. have you got any ISAs open at the moment? How long would you be willing to leave the money for untouched, if at all? There are quite a lot of individual things that could sway you either way! ---
**Author:** ![anon35331898](https://avatars.discourse-cdn.com/v4/letter/a/a88e57/32.png) [@anon35331898](https://community.monzo.com/u/anon35331898)\ **Post date:** [12 July 2019 14:48 UTC](https://community.monzo.com/t/interest-and-pots/73124/4 "2019-07-12T14:48:14Z")
Hi both 🙂 My goal is to try and grow my current pot. I have a salary which goes into my HSBC account and I transfer money over into my Monzo for budgeting purposes. I don’t have an ISA - bit worried about getting one as have heard mixed reviews. In terms of access to money I’m not too fussy as I won’t dip into it that often, if at all, but I do think the 6-12 months options might be a bit risky just in case of emergencies etc. ---
**Author:** ![Ordog](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/ordog/32/22446_2.png) [@Ordog](https://community.monzo.com/u/Ordog)\ **Post date:** [12 July 2019 14:51 UTC](https://community.monzo.com/t/interest-and-pots/73124/5 "2019-07-12T14:51:39Z")
Based on what you said, I’d say that you want a Shawbrook easy access pot 🙂 This has the best interest rate and you only need to give 24hr notice to withdraw. ---
**Author:** ![JustJordds](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/justjordds/32/29498_2.png) [@JustJordds](https://community.monzo.com/u/JustJordds)\ **Post date:** [12 July 2019 14:52 UTC](https://community.monzo.com/t/interest-and-pots/73124/6 "2019-07-12T14:52:26Z")
That’s great! Gotta start somewhere! Out of curiosity what is it you’ve heard about ISAs? They basically ensure that any gains you make on your money are tax free (although this may be largely irrelevant depending on your financial set-up but still a good bet to have if you don’t have one yet). So you’ll need £500 to get the pot started you can either go fixed or easy access (1 day withdrawal time I believe) but as you say 6 months sounds risky. So you could go with a standard Easy Access Pot at 1.12% or an Easy Access ISA at 1.14% and I think these are the best you’ll get from everything you’ve said so far. It is ultimately your decision and you need to do what is right for you! ---
**Author:** ![anon99402360](https://avatars.discourse-cdn.com/v4/letter/a/5e9695/32.png) [@anon99402360](https://community.monzo.com/u/anon99402360)\ **Post date:** [12 July 2019 14:52 UTC](https://community.monzo.com/t/interest-and-pots/73124/7 "2019-07-12T14:52:36Z")
> [@anon35331898](#): > > I don’t have an ISA - bit worried about getting one as have heard mixed reviews. Could you expand on this a little? ---
**Author:** ![anon35331898](https://avatars.discourse-cdn.com/v4/letter/a/a88e57/32.png) [@anon35331898](https://community.monzo.com/u/anon35331898)\ **Post date:** [12 July 2019 14:59 UTC](https://community.monzo.com/t/interest-and-pots/73124/8 "2019-07-12T14:59:58Z")
The majority of people I know who have them are certainly in favour but I’ve occasionally heard on various groups I’m in that they weren’t as effective as people had hoped and they ended up regretting their decision to use one. The difficulty is that you don’t know their personal situations so don’t actually know what has gone wrong where. I know that they can be hugely beneficial but I’m an overly-cautious person so if any of you can give an unjaded opinion that would be great! ---
**Author:** ![anon99402360](https://avatars.discourse-cdn.com/v4/letter/a/5e9695/32.png) [@anon99402360](https://community.monzo.com/u/anon99402360)\ **Post date:** [12 July 2019 15:01 UTC](https://community.monzo.com/t/interest-and-pots/73124/9 "2019-07-12T15:01:18Z")
I think you may be getting a Stock & Shares ISA mixed up with a plain cash ISA. A cash ISA is just a regular savings account with no tax (These are what Monzo offers). Not that it’s likely you’d pay tax on savings but still a great place to start. ---
**Author:** ![anon35331898](https://avatars.discourse-cdn.com/v4/letter/a/a88e57/32.png) [@anon35331898](https://community.monzo.com/u/anon35331898)\ **Post date:** [12 July 2019 15:05 UTC](https://community.monzo.com/t/interest-and-pots/73124/10 "2019-07-12T15:05:13Z")
In which case the Easy Access ISA sounds better than just a standard savings pot. On that basis, is there a huge difference between the one at 1.14% with OakNorth and the one at 1.12% with Shawbrook? Other than the minimum deposit. Sorry to be a pain - you’re all being so helpful! ---
**Author:** ![JustJordds](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/justjordds/32/29498_2.png) [@JustJordds](https://community.monzo.com/u/JustJordds)\ **Post date:** [12 July 2019 15:07 UTC](https://community.monzo.com/t/interest-and-pots/73124/11 "2019-07-12T15:07:06Z")
I think you need £500 minimum deposit for both, the only “difference” being the 0.02% difference. You may be inclined to look at the two companies and see which company you prefer but ultimately the main difference is that 0.02%. Some ISAs like @anon99402360 says are in Stocks and Shares, and so you are therefore at the whim of how your portfolio does - hence why some may have bad experiences. ---
**Author:** ![anon99402360](https://avatars.discourse-cdn.com/v4/letter/a/5e9695/32.png) [@anon99402360](https://community.monzo.com/u/anon99402360)\ **Post date:** [12 July 2019 15:08 UTC](https://community.monzo.com/t/interest-and-pots/73124/12 "2019-07-12T15:08:23Z")
No difference realistically - just go with the biggest rate and enjoy a little more interest. ---
**Author:** ![anon35331898](https://avatars.discourse-cdn.com/v4/letter/a/a88e57/32.png) [@anon35331898](https://community.monzo.com/u/anon35331898)\ **Post date:** [12 July 2019 15:10 UTC](https://community.monzo.com/t/interest-and-pots/73124/13 "2019-07-12T15:10:43Z")
I’ve read online that the interest rates are higher if you go with Shawbrook or OakNorth directly - I love having my Monzo so happy to slide on that but just curious as to what you think? ---
**Author:** ![JustJordds](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/justjordds/32/29498_2.png) [@JustJordds](https://community.monzo.com/u/JustJordds)\ **Post date:** [12 July 2019 15:14 UTC](https://community.monzo.com/t/interest-and-pots/73124/14 "2019-07-12T15:14:02Z")
If you wanted to maximise your interest there are plenty of other providers - Marcus I believe are the market leaders for easy access at 1.5%. If you want it all in one place so you can manage it better go through Monzo, otherwise go hunting for the best deals! I have a Monzo savings pot because I’m still deciding what I’m actually going to do with the money (likely move to a S&S ISA) - so the 0.3% isn’t a necessity and having it all in my app currently makes things easier to manage. ---
**Author:** ![Vacuumfriends](https://avatars.discourse-cdn.com/v4/letter/v/5e9695/32.png) [@Vacuumfriends](https://community.monzo.com/u/Vacuumfriends)\ **Post date:** [4 August 2019 07:56 UTC](https://community.monzo.com/t/interest-and-pots/73124/15 "2019-08-04T07:56:42Z")
So, I’m not a Monzo plus customer but I’ve noticed this since the update to the app the other day, ‘Total interest gained’. Anyone any idea of what’s happening/in the works. I thought this was a Monzo plus feature (not complaining, not that there’s anything in there at the minute) ![image](https://global.discourse-cdn.com/monzo/original/3X/d/b/db73c4fa2d8d3d7f33c719f9c20cdb3feec88d81.jpeg) ---
**Author:** ![Anarchist](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/anarchist/32/27895_2.png) [@Anarchist](https://community.monzo.com/u/Anarchist)\ **Post date:** [4 August 2019 08:11 UTC](https://community.monzo.com/t/interest-and-pots/73124/16 "2019-08-04T08:11:38Z")
That’s the total interest gained over all of your interest bearing pots and accounts. ---
**Author:** ![Vacuumfriends](https://avatars.discourse-cdn.com/v4/letter/v/5e9695/32.png) [@Vacuumfriends](https://community.monzo.com/u/Vacuumfriends)\ **Post date:** [4 August 2019 08:12 UTC](https://community.monzo.com/t/interest-and-pots/73124/17 "2019-08-04T08:12:25Z")
So doesn’t mean, I’ll receive anything? I’ve not seen this before but it’s appeared since the update ---
**Author:** ![Anarchist](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/anarchist/32/27895_2.png) [@Anarchist](https://community.monzo.com/u/Anarchist)\ **Post date:** [4 August 2019 08:56 UTC](https://community.monzo.com/t/interest-and-pots/73124/18 "2019-08-04T08:56:49Z")
It’s interest you have earned. It doesn’t tell you anything about the future. 👍 ---
**Author:** ![FatBiker](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/fatbiker/32/63178_2.png) [@FatBiker](https://community.monzo.com/u/FatBiker)\ **Post date:** [27 August 2019 06:30 UTC](https://community.monzo.com/t/interest-and-pots/73124/19 "2019-08-27T06:30:34Z")
Should interest from pots auto update as you add more money? I have a pot with money in that was getting interest daily, on Friday last week i added a fair amount more money into it but have been getting the same daily interest rate as i was originally. ---
**Author:** ![anon99402360](https://avatars.discourse-cdn.com/v4/letter/a/5e9695/32.png) [@anon99402360](https://community.monzo.com/u/anon99402360)\ **Post date:** [27 August 2019 06:42 UTC](https://community.monzo.com/t/interest-and-pots/73124/20 "2019-08-27T06:42:39Z")
There are still clearance days with the other bank Monzo uses to hold your savings. If you imagine your legacy bank for a moment, this would be the ‘in limbo’ bit of a transfer, where you’re not 100% sure you’ve done everything right because it isn’t showing in the account. Once it clears (might be today or Weds), you should see those amounts increase. [Next page](https://community.monzo.com/t/interest-and-pots/73124.md?page=2)