Deleted post as problem solved
The interest rate is annual so you only get a twelfth of it in a month.
There’s slightly more complexity than that, of course, but that’s the headline.
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That is the reality of the long term low interest rates we’ve had for the last few years, unfortunately.
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If you are saving for the medium or long term peer to peer savings and investing in the stock market (which has a lot more volatility) have higher risks, though bigger potential gains, so it’s where some people are going to get better gains than cash savings.
You’ll need to do plenty research as there is a risk of getting back less than you put in.
Yes you are right but this isn’t a Monzo specific issue - interest rates are low across the board which means it’s good for borrowers right now and bad for savers, and this will not change any time soon. Monzo are the facilitator to these savings accounts also, they don’t set the rates themselves.
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