It gets worse (interest on pots getting lowered again)

1 Like

Just checking…you’re not someone who ‘doesn’t watch the news because it’s negative’ and you are aware of the current economic situation around the world?

5 Likes

I am aware. But I get 1% from a different provider.

There is little (well, actually no) advantage to holding an interest bearing pot with Monzo anyway.

3 Likes

What provider and what type of account do you refer to where you’re getting 1%

There are very few accounts with high interest, and certainly no instant access ones that I’m aware of

Okay, so put your money in there? :man_shrugging:t3:

free market

noun

  1. an economic system in which prices are determined by unrestricted competition between privately owned businesses.
1 Like

1.05% with Marcus, more if held for a while.

1 Like

Fixed? And when was that rate last reviewed?

Who mentioned fixed ?

It was a question. Obviously given the question mark. I’m asking for more information on the type of account you’re referring to

Ah, with you.

No. Very much variable, like many.

Would not be surprised if reviewed again soon, however, closed to new applicants currently.

NS&I Direct Saver is at 1%, but, possibly like you, I would not call that one instant access. Easy access, at a push.

Edit: For info, I hold zero interest bearing pots with Monzo.

1.15%/1.16% with NS&I Income Bonds
1.15% (inc 0.10% bonus until Oct) with Marcus
1% NS&I Direct Saver

2 Likes

Ah ok. Yeah likely to be reviewed then like most accounts. With interest rates at 0.1% for months now it’s hard to see how anyone can offer much in the way of anything unless it’s fixed rates. Regular savers still seem like the best for be (currently literally just having rolling accounts with different providers and when one matures I’m using that too pay into a new one)

1 Like

I hold 2.75% fixed with HSBC and First Direct, as well as 1.85% var with Coventry Building Society.

Santander just matured at 2.50%. Did not renew at 0.75% and since reduced to 0.50%

0.50% for a regular saver!!! No one would surely save in that, would they? :thinking:

1 Like

Don’t forget the rate from investec etc is actually higher but monzo take a cut of it

2 Likes

Yep

NS&I Income Bonds are fetching 1.16% with easy access.

Edit: Oops, sorry @PaulUK, you got there first :smirk:

1 Like

I don’t think anyone can get a higher rate anymore and even those who had the bonus will be losing it very soon. I was one of the last people to renew and have recently got my email about the rate going away.

That said, 1.05% for an easy access savings account is still brilliant

2 Likes

A pandemic will do that to you

2 Likes

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.