Hi I’m brand brand brand spanking new so please don’t be angry if I’ve popped this in the wrong place!!
Could someone please tell me if the 0.15% fee for Investec on the savings pots is taken monthly or annually?
Thank so much!
2 Likes
The fee is paid by Investec to Monzo - you get the full 1%.
6 Likes
As above, there is no fee, only interest.
4 Likes
Hey @emilyk_1 there are no daft questions 
13 Likes
It was pointed out to Monzo before that the wording is a bit vague - looks like they haven’t cleared it up!
Yeah, from the terms:
We make a fee from Investec
This will be 0.15% of the amount available on your Flexible Savings Pot.
The use of “fee” probably gives the wrong implication, how about instead:
We make a commission from Investec
For full transparency, Investec directly pay us an ongoing commission for referring you to them. That commission is 0.15% of the amount available on your Flexible Savings Pot, and is separate to the 1% that is earned directly to you as interest.
Damn, now it’s too wordy. Hmmm…
3 Likes
It also seems to suggest that they’re taking the money out of the pot.
2 Likes
Thank you all so much for helping!
One very grateful girl over here!
2 Likes