Interest sweeping

Just as we can round up amounts spent so that the excess goes into a pot, would it be possible, for those with Monzo Plus, to have interest added also swept into pots?

So, instead of interest being added to your normal account, we could request that it goes into a pot instead.

Sort of like marking a pot as the “Interest Pot” and all interest goes in there? That would be cool although as interest is only paid once a month I don’t see it as being that big of an issue… Also you’d still need some sort of feed item (although it could be dismissable) just to remind you that you’ve been paid interest and how much it was.

It’s a good idea in theory, but then of course you will be losing out on the compound interest.

Why? Normal pot balances are part of the interest bearing capital.

Is it? I’ve not really looked into it tbh, I’m not a plus user. Just assumed that the main account balance would earn interest separately like a normal bank account… as you were! :joy:

Kind of.

So, if I use my own example, I have my own little ‘rain day pot’. A bit of credit card cashback goes in it and I also have the feature active to round up my purchases - the extra goes into this pot. It’s along the lines of saving a little regularly. In this case, I’d like the option (maybe via a simple tick box) to sweep the interest into this pot. It won’t be a huge amount and it’s once a month but, like a lot of other things, it’s one thing less for us to remember to have to do (in fact the fact that it’s only once a month, I’d argue, makes it more important to be automated as it’s less likely to be remembered!).