Martin Lewis has put out a statement saying it’ll be a bad idea, I’ve copied the image from his post at @martinlewis.moneysavingexpert.com on Bluesky
I’m not sure what’s going on with Monzo interest rates at the moment. 3.45% standard and 3.75% with perks (same as Starling). Even HSBC and First Direct are offering 4% on their savings accounts.
Is that the online bonus saver? That isn’t a typical saving account, so I don’t think it’s like for like. It’s also dropping soon to 3.8%
3.25% standard for me for instant access Monzo saver.
I have some old third party ones which are higher but I thought it was 3.25% for Monzo pots of you weren’t on Perks or Max.
Monzo’s standard savings rates have never been that competitive, I’ve never used the savings pots because I’ve always found a better rate elsewhere.
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