Join the waitlist for ISAs with Monzo

[Jackcrwhitney (Jack)]

@nexusmaniac

Will there be any interest paid on a Monzo ISA? (If you’re able to reveal that at this time)

Surely the whole definition of an ISA means there’s interest?

@Sheri

Stay tuned, we’ll share more when we can

Patience people

[jtaylor69 (Jordan Taylor)]

Signed up. Looking forward to trying this out.

[nexusmaniac (Marcus, Backend Engineer 🛠️)]

@Jackcrwhitney

Surely the whole definition of an ISA means there’s interest?

I realised how poorly I worded that question I was more curious about the potential interest % we might be looking at for a Monzo ISA

If it’s >1% then I’d move my Investec pot to the ISA, for instance

[jaisullivan]

@nickh

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!)

Yeap that sounds about right to me, cash ISAs are fairly pointless unless you’ve got a silly amount of savings. You’re better off shopping around for a better interest-bearing account.

Edit: Unless of course they are a HTB or LISA where you can qualify for the bonus.

[swok1080]

LISA

[Drew58 (Drew - Joint account feature parity please Monzo)]

A good move, it just needs to be a good rate. Now that tax rates have changed on savings most people won’t benefit from the odd thousand in ISAs (a pot would be just as good - if they open again) - where you can put more in every year is where they come into their own.
Please don’t give poor market rates - compare the best rates first - 1% is not enough unless I’m saving £20k every year for over 10 years then compound interest comes into play.

[nathanthomson8 (Nathan)]

Have signed up but lets face it, im not going to move my money over to it unless it matches or beats the 1.5% marcus is currently offering

I feel this is going to be another proof of concept rather than a market leading isa like the investec savings pot

[Marth (Marco Schepisi)]

Hi
Can I ask you guys a quick (and probably stupid ) question? Having a Cash ISA with another bank, would it be possible to transfer it to a Monzo Cash ISA?

Thanks for your help.

Marco

[melph (Matt)]

If the interest rate is worth it I’d transfer my cash ISA in

[MattGo]

Any chance we’ll be getting a Monzo LISA? I’d love to consolidate everything to one app!

[rolanddeschain]

@Marth

Can I ask you guys a quick (and probably stupid ) question? Having a Cash ISA with another bank, would it be possible to transfer it to a Monzo Cash ISA?

If the provider Monzo pairs with allows transfers in yes, but cannot be certain of that yet.

https://www.moneysavingexpert.com/savings/cash-isa-transfers/

Not all cash ISAs accept transfers in, especially the top paying ones. Their high rates are intended to grab headlines and new customers, but cost the banks as little as possible. Yet at the moment, many of the best ISAs do allow transfers in, which is great news!

[rolanddeschain]

Looks like these are the ones to beat for anyone who a ISA fits more than a savings account:

• Easy access, withdraw anytime:

• Virgin Money 1.45%

• OakNorth 1.44%
  

• Shawbrook Bank 1.43%

• Fixed ISAs (with access):

• Shawbrook 1.74% fixed for one year

• Coventry BS 2.05% fixed for three years

• Coventry BS 2.3% fixed for five years

[nexusmaniac (Marcus, Backend Engineer 🛠️)]

I’d love a Monzo LISA but I don’t believe they can offer one natively (yet)

Monzo are authorised to run several ISAs & Junior ISAs but not LISAs

https://www.gov.uk/government/publications/list-of-authorised-isa-managers/isas-authorised-managers

Hopefully in the future this changes but for now we’ll have to rely on other providers

[Gavinator (Gavin)]

Yikes, my HSBC cash ISA is 0.55%…

Edit:
Now former HSBC Cash ISA…

[rasasu (Beta & Plustomer)]

Done yesterday

[pysharper]

Signed up. I like Pots because it’s basically segregating a current account balance across multiple, labelled pots (adequately named!). Hence the lack of interest isn’t really a concern to me because I don’t tend to keep significant balances in my current accounts.

I would hope any Monzo ISA would possess similar functionality, ie 80% of one’s cash ISA might be for long-term financial goals, then 20% as emergency savings that will hopefully never be used. Mentally you can do the arithmetic, of course, but that’s what’s great about Pots: you don’t need to. ISA + Pot division = winner.

[anon98360489]

Any details ?
Nationwide offer 1.40% Instant access ISA
I don’t believe that Monzo will offer better or same deal.

[16bitkieran (Kieran)]

@anon98360489

Nationwide offer 1.40% Instant access ISA

Where are you seeing this?

[anon98360489]

In my account

[16bitkieran (Kieran)]

Must be account account specific