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UK Monzo Chat News & Updates
125

Unconfirmed but here’s what I can share for this week’s Beta update :smiley:

The ISAs might still have a next day withdrawal on them :eyes: I wonder if this is going to be the case once they begin rolling out to people :slight_smile:

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127

Surprising that Which? have got the scoop before any Monzo announcement. Looks good though!

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128

Quite an array of savings accounts (both savings and ISAs):

  • instant-access account, 1% AER
  • six-month fixed-term account, 1.36% AER
  • nine-month fixed-term account, 1.46% AER
  • 12-month fixed-term account, 1.53% AER
  • instant-access cash Isa, 1.14% AER
  • 12-month fixed-term cash Isa, 1.38% AER

Seems to tackle all fields! Minimum deposit of £500 though.

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129

How have Which got ahead of the official announcement?!

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130

Well its progress!

Personally will stick with Marcus but great to see options being expanded! :slight_smile:

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131

Open banking should bring Marcus into the app much like a native product pretty soon :crossed_fingers:

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132

I thought I saw on an Emma thread that they had no intention of bringing out anything API-like in the near future

133

I thought open banking was compulsory or did I make that up?

134

Only for the big players in the market and only for current accounts.

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135

Ahh ok thanks

136

Think, if memory serves me correctly, the rest have to follow by the end of this year.

137

But still only for current accounts or all?

138

Marcus will have to stay ahead of the curve as if anyone comes out with a product with the same terms of service but at 1.51 or higher, they’ll loose hundreds of millions for pounds in a couple of hours.

139

Excellent! Can someone explain what the difference between instant access regular account and instant access ISA is? Just wondering why anyone would go for a regular if the interest is higher on the ISA?

140

Interest on regular account is taxable once you use up your allowance. The ISA is exempt.

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141

thanks.

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142

Has it been announced whether the interest is paid monthly or annually? I know the previous Investec account was monthly, but wondered if this was the same.

143

Nope, premature press release with no blog post so will have to wait and see but AER means more than one compounding period so I’d imagine monthly

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144

Just to go further the “alllowance” is dependable on what sort of tax payer you are:

£1,000 total if you’re a basic rate
£500 total if you’re higher
£0 if you’re additional

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145

Many Marcus customers could well be losing their bonus interest soon too.

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