Join the waitlist for ISAs with Monzo

Monzo Chat News & Updates
1

We’re bringing tax-free savings to your Monzo account!

Join the waitlist here:

36 Likes
2

Done :sunglasses:

2 Likes
3

In for the ISA - fingers crossed :crossed_fingers:

2 Likes
4

Done

2 Likes
5

Signed up!

2 Likes
6

Ooooooohhhh is this the solution to the Investec Pot? Or something separate?

GIVE

ME

DETAILS

:heart_eyes::heart_eyes::heart_eyes:

2 Likes
7

Signed up! :hot_coral_heart::hot_coral_heart::hot_coral_heart:

Amazing :heart_eyes:

3 Likes
8

Ooh exciting. Signed up.

2 Likes
9

Great to see more savings products launching!

4 Likes
10

Sweet, signed up :+1:

2 Likes
11

Savings Pots are sticking around! We’ll be launching ISAs in addition to Savings Pots.

Stay tuned, we’ll share more when we can :eyes:

16 Likes
12

I assume the ISA will be with another provider like the savings?

13

Couple of questions :sunglasses:

  • Will there be any interest paid on a Monzo ISA? :blush: (If you’re able to reveal that at this time)
  • Will I be able to open one before April 5th 2019 if I’ve been paying into a Help2Buy ISA throughout the year (despite it being opened several years ago) :slight_smile:
    • I believe the answer to that one is a no, based on what I’ve read, but just wanted to be 100% sure :boom:
1 Like
14

joined :eyes:

3 Likes
15

All these Isaac are getting confusing :neutral_face:

From https://www.helptobuy.gov.uk/help-to-buy-isa/faq/

I already have a cash ISA – can I open a Help to Buy: ISA too?

If you have paid into a cash ISA this tax year, in order to open a Help to Buy: ISA, you will have to transfer your active cash ISA to a Help to Buy: ISA. You can transfer up to £1,200 of your active cash ISA balance into your Help to Buy: ISA.

Anything more than this should be moved into either a stocks and shares ISA, an Innovative Finance ISA, Lifetime ISA or a non-ISA account. However, the total amount saved must not exceed the annual subscription limit for ISAs.

Alternatively, some ISA managers offer portfolio ISAs which allow you to hold multiple ISA products within a cash ISA wrapper. You can still only subscribe to one cash ISA but it can be made up of one or more cash ISA products, including a Help to Buy: ISA. The standard cash ISA and Help to Buy: ISA allowance limits will still apply.

Savers are recommended to speak to ISA managers to discuss the options they have.

(Edit) realised it’s taking about the other direction but it does indicate a cash ISA is considered the same as a HTB ISA

2 Likes
16

Yes please.

17

Done

18

Question for those far more financially savvy than me.

If there is no interest on these ISA’s - Is there much point (appreciate we don’t know whether there will be or there won’t be yet)?

My (limited) understanding is that you get £1,000 personal savings allowance if you are a basic rate taxpayer, and £500 if you are a higher rate tax payer (£0 for additional rate).

Bearing in mind this is on interest accrued - So a basic rate taxpayer could hold £100,000 at 1% before they’d pay any tax (£50,000 if you are a higher rate tax payer).

Sums of money the vast majority of us don’t have (kudos if you do!)

So what would the advantage of an ISA be in this situation (appreciate that if there IS interest paid on these ISA’s, you’d have to work out if it was worth it compared with other savings products)?

3 Likes
19

Count me in :sunglasses: Looking forward to this! Hopefully they’re instant access :smiley:

20

I stopped using cash ISAs when the allowance was introduced because current accounts offer much better interest that I won’t be pay tax on now. I can’t imagine there will be many people with enough long term cash to need to use a cash ISA :neutral_face:

4 Likes