Apologies if this has been answered but hadn’t seen it before.
I know that Monzo does not plan to pay interest on its current account (which has been discussed many many times). As a customer, I feel that Monzo’s value far outweighs that of other accounts that do pay interest, partly because at the moment the base rate is so low and most current accounts on the market have negligible interest making Monzo’s experience benefits worth the trade.
My question is whether Monzo has given any indication as to what will happen in the future if/when bank of england base rate rises or returns to ‘pre-crisis normal’ (as an example base rate was 5.75% prior to the crash).
Using Monzo when other accounts offer 1% is an easy tradeoff to make. If the others get to 5% I wonder whether people might need to make a tougher choice