✅ Interest statements/reports for Savings Pots

Are there any plans to add the interest to pot history?

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I hope so :crossed_fingers:. This would solve the issue of the dismissible interest feed items.

Only if you don’t clear them…

I don’t see any joint account interest statements in app? Are they in scope?

Will 1099’s be offered?

I believe as you have to offer these as Monzo offers UK accounts to US citizens.

As Monzo has US operations, therefore the US govt has jurisdiction.

Marcus will not offer US expats accounts for this very reason.

Unfortunately Marcus UK is not able to offer accounts to all applicants, including in cases where an individual’s circumstances would require us to put in place additional infrastructure or systems, to process additional information or to incur additional regulatory obligations in order to service that account. For example, if you are currently required to file a US Tax Return or if you are a US Resident Alien, we will be unable to open an account for you. This is because at this time Marcus UK is unable to support customers subject to FATCA information reporting or to provide the required 1099 statement due to the additional infrastructure required to comply with these tax regulations.

I presume this “statement” includes deleted pots?

(Quotation marks because it is just one value, rather than a statement! Still, does the job for the purpose of my self assessment.)

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Just out of curiosity and completeness really. Plus I tend to think of anything that pops up and can be “cleared” as something I should clear when I’ve read it, which I’ve done for a lot of the interest notifications.

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I’m the same - I am too compulsive not to clear notifications.

The statement includes a single figure for the year of all interest, but for tax purposes you need to exclude ISAs as the interest doesn’t count towards your personal allowance.

Can the statement split this out to have interest from non ISAs to make this feature useful?

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Or, if the calculation doesn’t include ISA interest, just state this in the wording? (Does anyone know if it does or doesn’t include ISA interest?)

It’s not obvious… last FY I manually requested a statement and that one stated that interest from ISAs was excluded. The same one from within the app doesn’t state this.

I didn’t have an ISA with Monzo last year to be able to tell though.

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Is it possible to generate an interest statement for the calendar year (January to December rather than April to April)?

This would be very helpful for people with tax residency outside the UK.

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