Is Monzo missing a trick with its savings AER?

[darylbaxter (Daryl)]

It’s everywhere in the news lately of how other banks seem to be purposely keeping its interest rates at a lower rate for savings accounts.

And while it’s great to see Monzo’s Instant Access at 3.7% currently, it’d be even better to see if it’s possible to have it raised to at least 4.5%, or even seeing it opening a Fixed term at a higher rate than what Charter Savings is currently offering, maybe for Plus/Premium customers as an exclusive offer?

Just feels like an easy win for savers with Monzo as I scroll through its savings pots.

[Revels]

Monzo aren’t missing anything, they don’t want to offer a higher rate. They’d rather make more money.

[j06 (Jamie)]

Monzo will calculate the effect to the business of raising its savings rates every month. If the rate doesn’t change, it means changing it would be detrimental to the business.

It all depends on whether Monzo wants those savers and their money.

[Carlo1460]

God forbid don’t look at Starling.

0.05%

[phildawson (Sorry, I will have to escalate this.)]

Well the actual saving percentage is a bit higher at 3.25% if we are comparing but Monzo trumps it atm.

To be fair to Starling that 0.05 is just on your account balance vs zero with Monzo.

When its easy to get an easy access way above 3.25% who are these people locking in for a year.

[breville_monkey]

People who misguidedly think the interest rate might go down I guess