Join the waitlist for ISAs with Monzo


Anyway… currently they offer 1.10%… good deal
Monzo will offer 0.60%-0.80% - my opinion

(NM) #42

I reckon less useless they are going to use a third party provider

(Sean) #43

Signed up :raised_hands::tada:


Some requests/suggestions for the initial cash ISA

  1. Make it easy access rather than fixed term
  2. Make it a flexible isa
  3. Don’t impose a minimum balance (like with the recent Investec savings pot).


I’ve joined the waiting list but I’ve no notification i.e email confirmation of this :confused:

(daniel costin) #46

Signed up :slight_smile: Ive only got a Lifetime ISA and a couple savings accounts with natwest so the Cash ISA will work perfect and can cancel one of my natwest savings accounts as long as the rates are good :slight_smile:


It would have to be competitive to be useful. Currently the savings pot at 1% isn’t worth putting your money in especially with the delay in getting your money out I hear. The ISA will need to be competitive or face the same issue of not being worth the bothering with.

@Daniel.costin1990 Marcus do savings at 1.5% (1.35% after 1 year), it’s unlikely monzo will match or beat this with any option.


The convenience of having it all in one account means I find the savings pot useful for keeping some money in, top it up from my salary and every so often move a chunk to a higher interest but less visible account.

I don’t have much use for a cash ISA, don’t have enough saved for the tax savings to be useful, but still interested to see what is offered.

(Adam) #49

The ‘delay’ for the saving pot is the next working day.


You’d think this, and it might be true for temporary pots of money you move every month, but it’s fairly easy and simply to move money in and out of a Marcus account (for example) from any bank including monzo.

The convenience somewhat disappears from that perspective for me.

@walderston that makes it somewhat more pointless, at least for me. Not to mention the savings pot/account can’t even be had anymore anyway…

I hope they improve it but it was a poor implementation, I’m hoping they do a better job with their ISA, but I also feel it will be fairy pointless (at least on interest) for most if not everyone who uses monzo anyway.


I have a Marcus account. I still find the monzo saving pot useful.

(Adam) #52

I was just putting the so called delay into prospective. I have an easy access savings account with Virgin Money and when I make a transfer it takes ~3 business days.

I imagine the ISA will be very similar to their current savings pot in terms of how it works.


Id be interested to know what your use case is? For me it just makes no sense to have more than £1k in a pot of any kind for more than a few days. The savings pot has a 1 day hold to remove your money, its also at %1 interest. Marcus for comparison has no hold period and %1.5 interest.

I can’t find a use case to use monzo for holding money for any significant period of time that would generate interest in the first place.

Even for an emergency fund you’d be better holding your money in a Marcus account than Monzo purely because of the delay in removing your money, never mind the interest.

See above. Virgin money might have a 3 day hold to remove money, but considering there are same day options out there with higher interest, that makes Monzo just the same as Virgin Money.

(daniel costin) #54

Il have a look cheers


Hello. I don’t have much money and was wondering if there is any more info on this? I’d like to keep my money safe and therefore not use high risk investments or bonds.



I like being able to see it in one interface. .5% isn’t enough to matter (though of course a higher rate would be best). Larger sums are moved over, but day to day I prefer to see it grow in one visible place until it hits a round number to then move out.

I have a credit card, so even in an emergency the delay doesn’t matter. It would be nice for it to be instant, but for me it makes no difference.


There isn’t any more information than what is provided in the link in the opening post. However, since Monzo have said it will be a cash ISA you can expect it to be covered by the FSCS


As this is a cash ISA, rather than a stocks and shares ISA, then there is no risk.

If you do ever look at a stocks and shares ISA (there is a thread on here) then the general recommendation is only to do so with money that can be left in for a minimum of 5 years.

If you are not earning over 1000 in interest (not 1000 saved but 1000 earned) then these days there is less use for a cash ISA, and a regular savings account may be better for you.


As @rolanddeschain mentioned about earning interest, if you’re not earning £1k~ in interest over your money a cash ISA is generally not really worth your time for a while as they tend to offer poor interest rates compared to other normal savings accounts.

Marcus for example offer 1.5% interest and can be opened with any amount, and money can be added and withdrawn at any time without holds or penalties. It’s a normal savings account with the usual FSCS protection. There are some other savings accounts with interests close to this as well.


Count me in!