ISAs 💰

[Neuling]

Business accounts are more important for Monzo yes?!

[anon99402360]

@Neuling

Scrap ISAs. Business accounts are more important for Monzo yes?!

This is getting silly now.

[JustJordds (Jordan)]

I don’t know if this is true, but maybe Which? did some digging, found out some information and blasted it out as a “scoop” - the releases tend to all release at the same time in past experiences so something seems a little different here.

I really have no idea what happened, but I wonder why it was mainly or solely (again not sure) it was Which? that published it.

[nexusmaniac (Marcus, Backend Engineer 🛠️)]

Some early details about the Fixed ISAs fresh from the Android beta teardown thought this would be a good place to share

Fixed length savings will disallow you from depositing or withdrawing money before the fixed term is up I definitely expected no withdrawals but no additional deposits seems strange - would that be considered normal practice for a fixed term ISA? (I’ve never used a Fixed ISA)

@nexusmaniac

<string name="pot_detail_deposit_fixed_lock_message">You can’t add money to Fixed Savings Pots. Try saving money in a different type of Pot instead.</string>
<string name="pot_detail_deposit_fixed_lock_title">You can’t add to this Pot</string>

<string name="pot_detail_withdrawal_fixed_lock_message">You can’t take money out of a Fixed Savings Pot until the term ends. We’ll move the money into your account at midnight on that date.</string>
<string name="pot_detail_withdrawal_fixed_lock_title">You can’t withdraw from this Pot</string>

Some more details around fixed savings pots seems that you won’t be able to add money once they’re running
The money will be automatically returned at midnight once the fixed term ends though

<string name="pot_detail_total_gained_fixed_subtitle">Once term is complete</string>
<string name="pot_detail_total_gained_fixed_title">Total interest</string>

<string name="pot_detail_total_gained_title">Total interest</string>

Extra fields which didn’t exist more data, more of a breakdown of what you’ll earn / have earned

<string name="pot_fixed_savings_confirmation_title">You’re all set</string>
<string name="pot_flexible_savings_confirmation_subtitle">You’ll see your first interest payment at the end of the month. Happy saving!</string>
<string name="pot_flexible_savings_confirmation_title">You’re all set</string>

Just like the Investec pot, you’ll see interest payments

[Feathers (MikeF)]

No ‘adding’ is what I’d expect. A ‘regular saver’ with no withdrawals is normally a distinct thing in it’s own right isn’t it? This is a fixed term investment for a specific sum of money. That’s how I understand the term, anyway.

[M1B2 (Michael B)]

Am I right in thinking that we are past a point where Monzo would’ve been able to offer ISA transfers? There is only 4 days left!

[Sachaz (Sacha Zarb)]

I was going to ask, but I take it this is now being held until the new tax year starts?

[anon99402360]

I reckon Monzo could surprise us yet!

[o99]

It doesn’t really matter if transfers are delayed. You can transfer 18-19 (and earlier) subscriptions without affecting 19-20 allowances if/when transfers are supported during 19-20 tax year.

[cookywook (Richard Cook)]

Hi everyone

Unfortunately we’re not going to release cash ISAs before the end of the tax year.

We’re still working hard to bring them to everyone as soon as possible. But it’s taken longer than we hoped, and they won’t be ready in time for April 6th.

We’re very sorry if you were looking forward to using a Monzo ISA this tax year. We just wanted to give you a heads-up in case you wanted to make the most of your ISA allowance with another account before the time runs up.

Our plans are still to release cash ISAs, along with some other savings account options, very soon. So stay tuned and we’ll let you know when we’ve got any more news to share.

[Tunny]

Sad news but understandable, thanks for the update

[anon99402360]

Do you think the savings accounts will be weeks or months behind the ISA? I’d really like to get everything tied up for another year if possible!

[katewilliams (Kate Morgan)]

I’d also like to know the answer to this. Very interested in the savings accounts.

[don_quixote]

@anon76816133

I’m disappointed that customers are the last to hear about the ISA rates and I’ve found more information elsewhere. And I have to say the rates are nothing special. I had hoped that Monzo would have had an introductory rate to excite customers (which could have a limited subscription similar to the investment offering).

I had been holding off until now but I can’t see the advantage of this offering over others.
A missed opportunity in my opinion. Sorry.

They are above average but not the best

Tbh I would say they were in the top 10% of cash ISAs with the interest they are offering

[Anarchist (Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)]

@cookywook

Unfortunately we’re not going to release cash ISAs before the end of the tax year.

So now would be a good time to change this page, wouldn’t it?

Monzo ISAs

Also, as you’ve been collecting email addresses of people who are interested, why haven’t you used that list to let people know?

[Daniel.costin1990 (dan costin)]

Understandable and thanks for the update , will I have to keep watch on this post or will there be notification in the app or email so I can sign up once released?

[tobyadams (#fullmonzo joint account since Aug18)]

This is really disappointing

[Demmedelusive (Graham)]

Is it that you have funds yet to invest in an isa or the disappointment of not doing the deal this tax year?

If you’ve uninvested funds this tax year, can’t you open an account elsewhere and transfer when the Monzo offering is live?

[OliABraith]

Funds from another ISA can be moved after the close of the Tax year on Friday so there is no major impact.

[Demmedelusive (Graham)]

@Demmedelusive

transfer when the Monzo offering is live

Worth stating the obvious, perhaps, that this can happen only if Monzo’s planned offering specifically allows transfers-in. It’s not a given…