Monzo / Oaknorth - Fixed Term Savings 😎

(Marcus Nailor, Hot Coral Detective) #1

:eyes:

Just headed to the pot creation button and saw something shiny :raised_hands:

Fixed term pots are here / rolling out :grin::grin:

I’ll have to fix the ordering when I’m on a desktop :yum: Android is being finicky

7 Likes

(Marcus Nailor, Hot Coral Detective) #2

I found the limit :stuck_out_tongue_winking_eye: I’ll call that… My stretch goal :laughing:

7 Likes

(Tristan Thomas) #3

Everyone should have these as of today :slight_smile:

13 Likes

(NM) #4

Any penalisation for early withdrawal?

0 Likes

(Emma (still not the app)) #5

Not showing as an option for me on iOS

2 Likes

(Graham - Mental health professional) #6

For a six month fix 1.55% ain’t shabby. :+1:
(If I’m reading it right…)

Edit: I wasn’t - it’s a sliding scale between 1.36% for 6 months - 1.55% for 12. :blush:

4 Likes

(Colin Robinson) #7

It’s a locked pot (as in Fixed Term Savings) so no withdrawals.

0 Likes

(NM) #8

Hmm, I don’t know if I am fan of fixed products that don’t allow any withdrawals at all without penalty(I know NSI for example recently changed their policy to no withdrawals) Its definitely a product that will suit some people though :slight_smile:

0 Likes

(Nathan) #9

its the locked pots all over again :joy:

In my eyes when you sign up to a fixed rate/term isa you should basically forget about this money until the terms up. If you cant do that then this really isnt the product you should be using

5 Likes

((╯°□°)╯︵ ┻━┻) #10

If it’s not for you then you can use the flexible savings pot. Everybody wins! :tada:

0 Likes

(Kevyn) #11

Except you lose the interest… :sweat_smile:

0 Likes

(NM) #12

Its not though.
My logic behind lock Pots is it was meant to develop good spending habits by locking away money for a time chosen by the user(a week etc.)
The purpose of that is to develop good spending habits for people(The benefit for the user is to empower them to start saving((Importantly I would have loved to look at committed lock Pots((I.e they trigger at the beginning of the month and are used to ring fence important outgoings such as rent and bills)). Monzo is meant to promote good spending and part of that is learning how to save(against your own impulsion((especially if they have gambling addictions or any other mental health concern that effects their spending))
My argument is why can I not have a fixed rate of Zero that allows me to lock away money for a self determined amount of time.
A fixed rate/term is is not the same and shouldn’t be looked at as such. One rewards the user interest for savings, one was a functionality to help people.

0 Likes

(NM) #13

I have other fixed saving products that have a higher interest rate and allow withdrawals for a fixed 90 days interest penalty(Only because I renewed mine before they changed the T&Cs)(They also have a higher interest rate) :rofl:

0 Likes

((╯°□°)╯︵ ┻━┻) #14

You can’t have everything! :smiley:

You get a better rate because you’re putting more money in for a longer period of time. It’s banking 101 :stuck_out_tongue:

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((╯°□°)╯︵ ┻━┻) #15

That’s great. Now you have even more options.

Choice is good! :ice_cream:

1 Like

(dan costin) #16

Sorry if I’m sounding dumb but with the fixed rate savings can I put £1000 in the pot to start then put an extra £30 in each month?

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(NM) #17

Monzo are making quite a good margin on the product…

1 Like

((╯°□°)╯︵ ┻━┻) #18

But you don’t have much to compare it to. You only know this because they’re transparent with it :stuck_out_tongue:

1 Like

(Emma (still not the app)) #19

Just appeared in my app

3 Likes

(Emma (still not the app)) #20

I like this bit

4 Likes