Time will tell.
Mortgage providers will no doubt change the rates immediately, I don’t expect savings to move quickly at all. They haven’t recently.
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Too much existing cheap money for them to need to attract any more. Plus bank reserves are absolutely massive because of QE1. Everyone loves to gouge on the mortgages though. Good luck to the housing market…
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Glad I no longer have a mortgage tbf
luckily on a 5 year fixed 
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So the base rate is now the same as the rate payable on Monzo Plus.
Time to either up the APR or remove interest as a benefit.
Your move, Monzo! 
Because I think it looks much worse for the paid account to pay less than the base rate. At that point it’s clearly not trading on that feature and, I’d argue, generates bad will rather than good if it remains static.
I’m not sure how you could argue that giving interest is worse than not.
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Optics. People don’t seem to give two shoots about current accounts that don’t pay interest and never have but would be turned off an account that pays interest but below the general interest rate.
It doesn’t make sense but it’s what I think consumers would think.
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Exactly that.
If the general rate elsewhere is 1pc or above, paying for the privilege of an account with a lower rate is counterintuitive and, I think, would put people off.
For the record, I think Monzo just need to track the base rate and be done with it. As I say, I think this rate increase is an opportunity for them to up the APR on both Plus and Premium.
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Of course, this is all rather moot given that inflation has skyrocketed, making a mockery of any savings you might have at all. Isn’t it lovely that if you had the gall to save any money that it’s now going to be stolen to pay for the last decade and a half of rampant money printing largesse? God forbid we turn off the taps.
Oh, sorry, it’s all supply-side inflation. I forgot.
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Did expect more from BoE. They must’ve voted before the Federal Reserve announcement.
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Apparently 6 voted for 0.25% rise, while the other 3 wanted 0.50% rise.
A few variable rate mortgage holders may be sweating again next month then.
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I was expecting 6 to vote for 0.5% and 3 to vote for 0.75%!
They’ve got a bit more than a month to find a fixed deal, next meeting 4th August.
The vote was the day after the federal reserve, so they’ll have had plenty time to digest that news before they voted on what to do over here
No, the BoE voted yesterday - the announcement was today.
Bringing this back up, but will Monzo ever raise the premium account interest rate or maximum amount to earn interest?
My money (literally) is on no, but I find it frustrating that interest rates continue to rise without Monzo passing these rises on to their customers
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I would be very surprised if they did.
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