So with Monzo Plus being opened up more people now, have the current Plus Card Quality issues been resolved now?
Not that anyone was asking for it, but I did a quick comparison of annual interest rates of the various balances offered in the Plus Survey.
Obviously, it doesn’t take into account daily compounding of a fluctuating balance, or the fact that if you hit the cap you’d likely move it to a different pot but…
Basically at the 1.5% rate, this is the most “effective” between a balance of £1666 and £6000.
So for most, the question would be on average is your balance between £0-£1600 or £1600-£6000.
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When Monzo launch taking direct debits out of savings pots. Won’t this mean that there would be money less money in the Monzo account to gain interest on as people would leave just their spending money in the account?
Nothing has been announced yet and there’s no indication that any of the interest rates in the survey or the limits are actually going to be selected.
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that flowchart, insane organisation skills. I do mine on a boring spreadsheet. £2.3k in general living expenses so we’re in a similar situation.
How did you make that BTW?
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If commited spend pots launch, AND the interest paid excludes ALL pots, I’d probably switch my vote from 1.5% of £4k to 2.5% of £1k.
Excellent stuff, I was doing this earlier and including the easy access pots but got distracted and didn’t finish.
My balance is never that high because it doesn’t earn interest at the moment but I would prefer to keep some more as a buffer and I wouldn’t feel like I was losing out with either the 1.5% or 2.5%.
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If you need more than 1k to pay monthly bills, sounds like budgeting is needed
Sounds like someone doesn’t live in London…
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Or have children
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I have two kids, but don’t live in London.
Budgeting.
Not the person your replied to, but it’s a Sankey diagram (not a flowchart), built using http://sankeymatic.com/build/ – it’s fairly popular over on UKPF as well.
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If I do sign up, but don’t change my card, do I still get the stickers? Going to wait for the Investor Plus cards before that change.
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Rent and council tax alone for me come to £800 so with everything else keeping it below £1000 would be difficult
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Impossible for me!
@Ibkee my mortgage + council tax + service charge is over £1,400 a month. You can’t say someone is bad at budgeting if they’re spending over £1K a month…
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Ahhh hopefully soon for you 
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Another £1,000+ in bills person here 
Mortgage, council tax and utilities take me over that amount and that’s before I get onto “non-essentials” like broadband, car, groceries and everything else.
I live nowhere near any major city 
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Same. 
absorbed by bills very rapidly - over £1.5K for essential committed outgoings. And also nowhere near a big city.
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As above. Under £1000 a month? No chance. Mortgage and utilities only get me there. I also feel eating is important so there’s another few hundred a month gone (family of 5).
Not complaining about it, mind you, it is what it is and the kids were out choice but if anyone thinks that bills of over £1000 can be solved by budgeting alone without considering no of people and location… I mean they can, I just won’t heat the house.
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Love a good Sankey diagram. I wish I had more opportunity to use them at work.
I have Monzo plus now but can’t use till tomorrow cos did not have the £3 for the subscription today so have to wait to use Monzo plus till tomorrow till the payment is taken again bit unfair don’t u all think after waiting all this time for it now got to wait one more day lol