This was the interest option I hopped they’d go for.
£4k at 1.5% AER = £60 interest per year, take that off the cost of plus (£6 x 12months = £72) means that you are only paying £12 annually (£1 per month) for the core offering.*
In my opinion this is great value if any part of Plus is attractive to you. At the minute that still isn’t where I’m at but once phone insurance, a metal card and perhaps more retailers that I can get a discount at (i.e. places I actually spend money at already) are on board, I’ll be signing up.
*Obviously ignoring the fact you wouldn’t have spent the intrest if you saved your £4k elsewhere and weren’t using plus.
I’m currently working on having an emergency cash pot which will have the equivalent of a few months pay (which will meet the max £4k criteria). I always intended this to be a standard monzo pot due to the purpose behind the pot, super accessible and instant in an emergency.
So this pot was never planned to earn interest for me but at least moving forward with Plus it will add some value for me.
It was the opposite for me. I have £4k+ lying around as a buffer, but I get 1.5% on it from Marcus. Having a higher % from Monzo on a smaller amount would have been better (for me), since the rest could sit in Marcus at 1.5%.
True, so if we let the 1.5% interest on £4k in either Marcus or monzo plus cancel each other out, we’re only really missing out on £25 per year (2.5% of £1k) actually it’s less if I have that £1k in a Monzo savings pot. I’m happy to forgo that to have everything in one place.
Again my own circumstances, I know it’s not how everyone feels.
I’d be interested if this was on the Joint Accounts. As that will be the main account which holds are monies in, I would want to have the payment from that account and have it cover both my wife and I.
I don’t have a joint account but monzo need to do some work to get plus on there sooner rather than later. I’d like to hope it was built with joint accounts etc in mind.
In their latest blog (as well as in this forum under the interest for main account for plus members) they say that they’re hoping to get it out by the end of the summer
So the rewards that give you a generic code, such as the hello fresh reward - surely anyone could use that as the merchant won’t be able to see who’s Monzo and who’s not?
