Interest rates


(Chris Wakeford) #1

I have 80k to invest-what rate will I get please?
Chris


#2

0%


(MikeF) #3

Monzo only offers current accounts and does not pay interest.


(Jamie 🏳️‍🌈) #4

In fact, it’s worse than a simple 0%. Inflation is at a six year high of 3.1%. If you put £80k in a Monzo account, in a year’s time you’ll have less buying power than today, in real terms.


#5

big man :joy::joy::joy::joy:


(Ben) #6

Depends where you put it.


#7

Even at Starling it is hardly worth it with 2.5‰ on balances between £2,000-85,000 and 5‰ on balanced between £0-2,000

You are better off not putting large sums of money in a current account. With smaller sums it is irrelevant where you put it.


#8

Your decimal point is in the wrong place.

Needs to move to the left one point.

Otherwise, 2.5% and 5% would be good returns in the current climate.

Or does that extra bubble after % represent something I haven’t seen before?


(knows someone who knows Tom quite well) #9

It means ‘move the decimal point one point left’ :wink:


#10

Never seen that before.

Learn something new every day.

Not sure why anyone would use it though, instead just put the decimal point in the right place to start with.:grinning:


(Lawrence Ferguson) #11

I very nearly.posted same…then noticed the unusual symbol :smile:


(Andrew Schofield) #12

Yeah, its the per mille symbol (as in per thousand).


(Jamie 🏳️‍🌈) #13

If it does mean per mille then it’s the equivalent of a salesperson’s sleight of hand, in a “what do you mean you didn’t realise it wasn’t 5%, we used the correct mathematical symbol no one’s ever heard of ” kind of way

Just say 0.5%


(Andre Borie) #14

No interest on Monzo accounts I’m afraid, I guess that’s the price you pay for good service, which is actually nice enough as it allows the less fortunate to enjoy a good experience without paying any of their money. In some countries it’s actually worse, not only do you not get interest but you actually pay for your bank account, even a basic one.


(Patrick) #15

I wish all salesmen pull that trick on me when giving me credit. Would happily pay 20‰ APR instead of 20% when buying a sofa or car :joy:


#16

Thank you for using that symbol! Really surprising that it doesn’t appear to be general knowledge in the UK - we learned about that in or around 5th grade, and its commonly used in Germany…

Tangentially related rant: It is beyond me that it is apparently accepted practice in the UK to write ‘pc’ rather than ‘%’. As a physicist I get almost physically sick at the sight of an inflation rate of “3.1pc” - Although a temperature of “8C”, or an area of “5 sqm” is even worse!


(Andrew Schofield) #17

The per mille term isn’t really used in the UK very much at all in contrast to continental europe, hence people being confused by it.

I think the continued use of pc instead of % is a hangover from the days when print media didn’t have the % symbol in their typeset and wrote pc instead. Similarly for °C and . Nowadays its just laziness.


#18

He asked about investing in Monzo not about savings account ? I think question is about Monzo shares


#19

Yes it is per mille. Just as we were taught to use 5mm instead of 0.5cm, we were taught to use per mille (‰) instead of percent (%) if it avoided use of a decimal point.

PS: On my Android keyboard a long press of my % key brings up ‰


#20

the abbreviations in UK/US that annoy me are “m” on road signs for miles when it could be metres or minutes, and k.p.h. for kilometres per hour when it should be km/h