Interest rates on fixed savings pots not being competitive

any reason why the interest rates aren’t competitive using the 3rd party providers through Monzo?

Checking out the page has some options on best rates for easy access and fixed products -

In note in particular that the best 12 month fixed rate of 1.41% is with OakNorth - The equivalent (with OakNorth! (same company!)) available within Monzo is 1.16%…

Or am i being naive and simplistic and the difference in rates is simply where Monzo’s commission is made?

A more competitive rate would surely bring more savers using the feature and more people seeing the benefits of the Monzo approach and climbing aboard.


I can’t remember the commission figure but that’s basically it. Given the current Monzo focus on becoming profitable, I can pretty much guarantee that sacrificing commission for customer numbers isn’t on the cards at the moment. Attracting customers hasn’t yet been much of an issue, anyway.

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With charter removing their offerings to new customers also there isnt really much competition in the rates at the moment.

Do hope more are on the horizon and that they havent given up on pursuing more partner banks.

The cynic in me thinks they will have to make plus more valuable with its impending balance interest offer

I understand your point, but what £££ difference after 12 months are we talking here?

£212.50 if you save the full amount covered by the FSCS (not accounting for tax). :smirk:

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