ISAs 💰


(Splodf) #21

I think Monzo have their own ISA license. It was in the prospectus.

I’d be quite surprised if this was an external product.


#22

You think Monzo will use third party provider after savings accounts failure ?


(Splodf) #23

Arguably savings account success. Way outstripping the original forecasts.


(If there's the wrong end of a stick, you'll find me holding it.) #24

I’ve no idea. But as @Codf said above, it looks like they’ll not be.

Maybe the rate they offer will depend on the demand they think there will be?


(Splodf) #25

I think this is very likely to be the case! Time will tell!


(Michael) #26

Goes up to 50k from April I think.


#27

Who knows what really happened?
I personally think Monzo closed savings accounts because that was a huge mistake to use third party supplier.
For Monzo is better if customers hold their money in main account they can earn 0.75% interest but from savings account just 0.15%


(Splodf) #28

Well, we do. It was explained.

They agreed an amount with Investec and blew through it quicker then they could line up a replacement supplier.

Hence the wait now whilst another supplier agreement is ratified.


#29

Hopefully it will be Marcus


(Splodf) #30

That would turn some heads for sure.

Solves two problems. Monzos lagging behind interest rate and Marcus’s lack of app functionality.

I’d be very interested in that.


(Michael) #31

I think the ISA is going to be Monzo’s own offering. Not a third party partnership.


#32

LISA is what I might be interested in. So I could move away from HL. Not interested in cash ISA


(Jordan) #33

A Cash ISA might not work for everyone granted and with the PSA allowances ISAs are slowly moving to the background of what is “good value” savings. But (like the investec pots) not market leading does not equate to a bad product.

What is positive is that Monzo are creating their own products that are complimenting their current offering and adding to it. Once savings pots are back there will be a larger suite of what is available.


(Ed Stubbs) #34

LISA would be massive for Monzo, although probably wouldn’t pay a competitive rate to be worth it.


(Zain Patel) #35

What d’you mean their lack of app functionality? Their website is a PWA (Progressive Web App), so if you bookmark it to your phone homescreen, it functions like an app – opening up in a native window. What more do you need?


(Splodf) #36

I don’t do remembering passwords.


(Zain Patel) #37

I don’t – it’s in my iCloud keychain, it just asks for Touch ID when I open the app. I presume there’s something equivalent on Android.


(Michael) #38

Cash ISA of 1.5% is available with Coventry Building Society … so will be interesting to see what rate Monzo offer.

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/cash_isa/easy-access-isa-online.html


(Simon Riddle) #39

Excited for this, I hope it’s out for the new FY and the interest rates are good compared to the competitors.

I’d love to see a stocks and shares ISA too.


#40

its painful though, complete oversized online application, wait for truckload of post to arrive, figure out what you need to sign and return, go to post office, post back and wait…then register for internet banking, wait, post … There is a point where convenience, simplicity etc allows for a slightly lower interest rate.