HYSA is a high-yield savings account for anyone who doesn’t want to Google.
Today I learned!
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I wouldn’t have said that Monzo offers one either - certainly not a competitive one.
Monzo’s isn’t terrible, especially if like me you have no desire to hop around from bank to bank chasing less than 1%. If NatWest offered even 3% at the moment I’d probably keep everything with them. I place a lot of value on simplicity when it comes to my finances!
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What I find confusing is how I pay for Monzo Max Family which allows me to add my partner to several insurance benefits, however she still needs to pay for her own “premium” Monzo plan to access additional features despite me already paying for a family plan that includes her.
We both want the features but seems crazy to buy the max plan twice.
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I’ve today signed up to Monzo Max - the primary benefit for us is family travel insurance, phone cover and car breakdown recovery.
I’m paying £22 per month for the service which is fine but along with sharing the insurance etc with my wife I feel it would be fair to allow sharing of some of the other elements. Seeing linked bank accounts and accessing higher rate interest on our joint savings accounts.
We’re not going to sign up to pay for another account upgrade for my wife but as we’re paying for the top level it would be a great benefit for rewards to be shared within the family.
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Vote for this here:
Still the #1 requested feature by the community - and, tellingly, has been for a looooong time now.
Monzo MVP attitude 
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Yes another vote for joint plans or at least sharing of benefits.
Wife pays for max, I have no need for a rail card or things like cinema or greggs so we’re unable to get the higher interest rate on our joint savings unless I pay £7 a month just for that (costing more than the extra amount we’d gain)
Similar for me, being shoehorned into paying of Monzo Flex and Monzo Max from my personal account when it has no money in it. We keep all our money in Joint.
I have no clue why Monzo insist on locking paying back their products from your personal account (and you should not have to use work arounds like pots and scheduled payments etc)
I can pay any other credit card from any account I want.
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That’ll be due to the fact Flex and Max belong to the personal account.
Schedule the money from joint to personal the same way you’d use a standing order to pay a credit card.
I know this, and I know the “work arounds” - my point is you shouldn’t have to to this. No other credit card forces you to pay from a specific bank account.
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Happy cake day.
Chase’s credit card only lets you pay from a Chase current account
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You can pay it from their savings accounts too. Good stoozing option.
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It’s such a pain with the new home insurance too - can only be paid for from my personal account which typically has no money in it - apart from an overdraft - despite my wife and I jointly owning our house. I’m not even sure on this new product I can notify her interest in the property or even make a claim on my behalf - we’re both retired.
Why are product management so inflexible and don’t listen to customers who rely on joint ownership/banking? Love Monzo apart from this anomaly.
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totally agree - I keep 0 in my personal account but it comes with all these inflexible ties
I currently have Perks, and my wife has Extra. My wife is considering upgrading to Perks to get the new UberOne perk, and I’m wondering if our joint savings pots will have the higher interest rate immediately if she does? Or will I need to archive and recreate the joint pots to get the higher rate?
Update: she upgraded and within minutes I had an email saying my rates have been increased (on the joint pots). Interestingly, they got changed to 3.5%, which is what my personal pots are going to on the 26th, so for the moment there’s still a rate disparity between my personal and joint savings pots.
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