Monzo Plus - here's what's coming next!

If I remember correctly in the video they said it was open for all. It came under the “core banking features” that should be accessible to all.

Didn’t that mean all plus users as opposed to a plus addon though? That was my initial understanding

Nah. Interest on Main Account is for Plustomers only I believe. :slight_smile:

Well I was sure but now I’m even more confused :laughing:

Earn interest on your balance

Help your money grow by earning 1.5% interest on your balance and regular Pots (up to £4,000).

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Includes balance in regular pots, nice!

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1.5% is pretty good for a current account, happy with that

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(I’m amazed that people voted for this cos)

If that’s what got the majority vote then fair enough though ¯\_(ツ)_/¯

Ayeeeee, nice for it to go live today thanks @tjvr :rofl:
I assume there will be a splash screen talking about it soon? OR an update to the interface to show this ?

I’m presuming the vote was just to get opinions and not the final say

This means less money in savings pots and more held by monzo so they can increase their lending

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Doesn’t this now make using a standard interest pot with 1.12%-1.14% virtually useless?

If you are getting 1.5% for money in a normal pot, with instant withdrawal, and other :monzo::heavy_plus_sign: benefits, why would you use a interest pot?

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The amount for regular balance and regular pots is only up to £4000. If you need to save more, then the ISA or Easy savings pots pots will be the go to for that

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All depends on balance and if you’ll use the other features. And you’d use the savings pots if you have over £4K

and this has appeared at https://monzo.com/plus/ but when you click the button, the page goes no where.

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Yes, but after £4000, I might as well go to a fixed pot or Marcus for a much better rate, as there is less incovenience when you anyway have £4k in your account!

So flexible interest savings pots will get cannibalised!

:eyes: Blog post coming soon!

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I also thought this, not everyone might have £4k+ in savings so seem’s a little pointless unless you did to have anything other than a normal pot?

True, but the whole point is that its all in one app. Plus Marcus is 1.5% with up to 0.15% bonus right ? The Fixed ISAs are up to 1.55% anyway which in theory is more if you play it right

Damnnnnnnnnnn. Sad it wasn’t 2.5% on the first 1k but alas.

Would be interesting to know what the average amounts held with Monzo are - if that is data that could be shared. Feel like modal would be quite interesting especially for this sort of thing?

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I’m happy with that. It means I’ll just keep more money in my Monzo account and leave the rest in my Marcus one.

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