I’ve been trying to figure out how much interest I’ve earned on a specific month in the past since opening my Savings Pot. I can see how much I’ve earned in the current month along with a running total, but as far as I can see there is no way to see how much I earned in, say, January.
I checked the bank statement export for Summary and I couldn’t see it there either…
In the ‘Totals’ section of the Savings Pot, I get a full breakdown of past deposits and withdrawals when I tap the bar, but the same doesn’t happen in the ‘Interest’ section.
At the moment the only way of seeing your interest for specific months is to locate the notification in the transaction feed telling you how much interest on X month you have earned. Of course, you can only do this if you didn’t clear the notification.
I used to clear the notifications but have stopped doing so for this reason.
That’s a shame.
I have a medical condition which compels me to clear notifications of any sort as soon as they appear.
They haven’t named it yet but if they do it really should be called Notiphobia.
I got the “you earned xxx interest in March” notification on my home feed today and it got me thinking about this again…
Should your incoming interest payments really be a dismissible feed notification?
I feel as though it should be a transaction on your statement that you cannot dismiss, just like any other incoming payment. Certainly on my previous legacy savings account interest payments formed part of the permanent statement.
Yeah I definitely agree.
Maybe just have it in the “Pot details” section? Is there a way to request this as a feature?
You can express your interest in it as a feature by voting for it (at the top of the post, above the first comment).
However, loads of votes do not necessarily mean the feature will get built. The votes provide an indicator to Monzo staff of what the Community wants.
Thinking about this today. So the interest received today has just been added to the running total, with no acknowledgement that this is a new tax year. So back to adding to a spreadsheet …which is what I had hoped using Monzo would eliminate the need for.
Aren’t financial institutions required to issue annual statements of interest earned for tax purposes?
Yes it is a requirement. It’s necessary because the tax year runs part way into April rather than cutting off at the end of the month.
So is it going to happen Monzo? Or does the responsibility lie with Investec?
It’s three weeks since the last post (mine) in this thread and STILL no reply from Monzo… Please can you let us know when annual certificates of interest earned on savings accounts will be available? I think Monzo is fantastic for many things but am getting increasingly annoyed about their inability to provide this simple piece of information which is legally required by those of us who pay tax in UK.
Your expectation of an official reply to a topic where no Monzo staff have been tagged is optimistic at best.
If you need a statement of interest earned “for legal reasons” I would imagine your best bet would be to contact COps.
Thanks Tony. As Monzo staff sometimes comment I assumed these threads were monitored. Obviously not! How would I know who is appropriate to tag? I did contact them directly in April and was told something was being sorted out and would be in place soon. But two months on and nothing had happened. It can’t be that difficult surely!
You say that, and perhaps it’s true to a degree, but there are many considerations to take into account. Not least of those is the fact that there are many many other things in the pipeline that I’m aware of (and no doubt plenty I’m not). What do you stop/pause/delay developing so that this can be done? You may consider this important, but others may see credit card transaction visibility as more so, or foreign transactions, or more IFTTT integrations, or something else (there are so many deserving of attention!).
I’ve no clue who would be the person to tag. @cookywook is community manager so at a guess he could direct this to the relevant person?
I think they periodically come on here but as so much goes on they won’t see everything - especially if you don’t tag anyone. As for the day to day stuff, that’s why we have Coral Crew
As mentioned if you need one, in app chat is best. If you’re wanting to pitch the idea to be implemented then you’ve already done all that is necessary. All that is left is to direct people to this topic who feel the same way so they can vote for it at the top
This will show Monzo how much of a demand there is for this and they can see where it fits in with all the other stuff people are shouting about
I did manage to get a statement out of Monzo, if you are still waiting then just pester them.
Just adding my support to this one…
I’ve recently been asked by HMRC to start providing self assessment tax returns which include a value of total interest across bank accounts. I’ve only been full Monzo and using savings pots in the last year so this isn’t an issue until next year, but I’ll need a way of seeing all interest for the year, including for savings pots I’ve since closed.
Unfortunately being new to this self assessment business I already have one savings pot I closed (to replace which a higher interest one), and didn’t keep a record of the interest at the point of closure.
I’ve asked in app chat to confirm there is a way of getting this information. Virgin Money for example who I had an ISA with in previous years helpfully provide a report of this by tax year, including for closed accounts.
Isn’t the interest paid back into your main account?
I got this when I switched to a higher rate savings pot:
Nope, the only interest would be a last payment after you closed the savings pot.
The best I have is the notifications in my feed “You earned xxx interest in July”… so long as I haven’t closed any of them.
Monzo have started at least adding total interest earned in app but I agree it has a long way to go on this front. Marcus has a very clear interest statement both annually and whenever needed so can’t be too hard to implement. A PDF statement is needed ideally.