I’m wondering, does Monzo get the one off 0.15% commission fee for the amounts invested with Investec, or does it accumulate in the same way as the monthly interest?
If it’s the latter is there any thought at Monzo for investec opening up better interest rates for Monzo users depositing a larger minimum amount (i.e. in comparison to their direct minimum deposit and possible interest rate)?
This would encouraging users/investors to deposit more with them through Monzo.
Monzo get 0.15% of the interest earned. It accumulates in the same way as monthly interest.
Assumed as much, any idea if there’s talk of offering bigger minimum investments with increased interest rates?
Not that I’m aware of, I’m sure Monzo would know that though
If they are able to say or not who knows…
It’s pretty much guaranteed we’ll have a wider choice in the future.
It’s ongoing. We get 0.15% and you get 1%.
This kind of thing is fairly typical for this kind of arrangement, though we’re up front and transparent about what we earn.
I’m not able to say anything just yet but it’s always been the goal to grow from here, offering multiple providers and a range of options (including minimums, notice periods, and rates) for savings.
Understood, many thanks Rika!
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