Interest rates within Monzo

Monzo Chat
1

I can’t seem to find the original topic discussing interest rates within Monzo, but if anyone can locate it feel free to merge this :blush:

Savings pots interest rates for Perks/Max customers seems to have gone back up today, from 3.85% to 4% :partying_face:

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Good spot.

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Confirmed. Both IAS and 1pSavings now 4% (Max tier)

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They’re making sure you don’t miss the news:

Splash screen:

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Transaction feed:

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Good news too :+1:

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I had a similar splash screen when I opened the app, but for the lower 3.50%

Only a 0.15% increase, probably off the back of a no change of BoE rate yesterday, a figure that Atom also increased their Reward account by today.

Better than nowt, but my Savings Pots will remain at £0.00 until Monzo becomes competitive.

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Monzo have put the saving rate up to 4%

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Only on Perks and Max. On Extra it has increased to 3.50%.

Also…

@AlanDoe @Dan5

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Also increased to 3.5% on a standard account without any upgrades (i.e. without Extra, Perks or Max!)

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Anyone any the wiser as to why the Shawbrook rate has been cut? base rate isn’t due revision til May 8th

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They cut all the rates for the external savings pots. They don’t offer them anymore.

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They’ve been removed to start a new one, but if you have one you keep it.

They’ve probably done the maths and decided that cutting the rate in advance saves £x rather than doing it in a few weeks and it being another 14 days.

And as no Monzo customers can open new ones, they probably don’t care about those existing customers.