Monzo / Oaknorth - Fixed Term Savings šŸ˜Ž

Monzo Chat
45

Yep, thatā€™s generally how fixed term deposit accounts work.

3 Likes
46

I did not know thatā€¦ every day is a school day I guess!

Obviously knew you couldnā€™t withdraw but didnā€™t know adding extra was off the cards tooā€¦ Thanks :slight_smile:

1 Like
47

Itā€™s the same for fixed terms everywhere, Iā€™ve got a couple of fixed terms with Atom soldiering on at the moment.

Normally you get 7-14 days to top the account up at the beginning before it shuts, Monzosā€™ is a little different and it all has to be deposited as part of the application. The 14 days can be detrimental too as I didnā€™t realise Atom gave me a period to transfer money and subsequently locked my Xmas spending pot until the 21st December (DOH!).

3 Likes
48

I put some in a Pot to stop me ā€˜treatingā€™ myself which I keep doing and knocking the amount way back down. Itā€™s things I donā€™t need and could wait for :see_no_evil:

1 Like
49

1.55%, but the UK inflation rate is currently 2.1%, so the money you get out at the end will be worth slightly less than what you put in.

That doesnā€™t sound like a particularly good dealā€¦perhaps Iā€™m missing something?

50

Out of curiosity, how many savings accounts (which match the entry criteria for these Monzo fixed term savings pots) match 2.1%? - I donā€™t really know many savers that can achieve this right now in this climate.

2 Likes
51

Itā€™s a fantastic deal compared to getting 0% interest by not having it in a savings account. If you donā€™t want your money to lose value then spend it, thatā€™s the entire point of the 2% inflation target.

52

The UK inflation rate isnā€™t hugely important for an individual, though. The personā€™s individual inflation rate is more important.

For example, if the price of petrol triples in a year, then the UK inflation rate will tend to go up, but not for those who donā€™t buy petrol. On the other hand, someone who buys a huge amount of petrol will find their personal inflation rate a bit higher than the UK one.

3 Likes
53

I thought the whole point of the inflation rate was the across the board measurement for an average person?

I always love that here in N.I they gauge it by the price of an Ulster Fry :laughing:

2 Likes
54

Yes. But a significant number of people arenā€™t average. The very poor spend money on different things to the very rich. The inflation rate is important for those deciding policy, for individuals, however, it really depends on whether their spend is roughly average.

55

Most people will find the price of petrol passed onto them in pretty much every product they buy. No matter how broad you make the basket you use for calculating inflation, most products that are sold have pretty similar inputs.

56

CPI seems to have a fairly broad range of constituent parts, so should be fairly reflective of what people spend, generally.

1 Like
57

Does anyone know if you can have more than 1 fixed savings pot. So letā€™s say I put 1k into a fixed pot today, is there anything stopping me putting another 1k into another fixed pot next week.

58

You can definitely do this. I have three on the go at the moment.

3 Likes
59

What happens when the account closes? I assume you are notified and the money is put back in to your account? can you choose whether to put it into a regular pot in a review?

60

Itā€™ll just go back into your main balance, like when you delete a regular pot.

1 Like
61

Thanks

62

Itā€™d be great to have a fixed saver with no minimum (or Ā£1/ Ā£10)

Essentially a locked pot that cannot be unlocked :slight_smile: for 3/6/9 months

64

I believe this is the case if you can prove financial hardship.

66

Your savings agreement when you click on a pot.