Monzo Premium interest on pots, needs an increase. Renew interest rates in interest earning pots

Feedback & Ideas
1

When I first joined Monzo Premium the 1.5% interest on pots and main balance up to £2000 was very competitive, I think if I remember at the time interest rates were about 0.9%

Now interest rates have dramatically increased and Monzo themselves have a pot with 3.2%

This 1.5% is therefore not a real incentive at all. Is Monzo going to increase this in line with interest rates and make this feature more competitive?

I upgraded mainly just for the white metal card and to help support Monzo which I think is the best banking app in the U.K. by far! But the interest across all non interest earning pots is nice as I do keep money spread around in different pots.

Another thing that is annoying is when interest rates increase, to get a better rate on a pot, one needs to close it, reopen a new one, add the photo again. And manually set up the scheduled payments again. It is quite some hassle. Some other banking apps simply have a button to renew the interest rate. Is this something that could be added? Or is Monzo deliberately not adding it so that they can maximise the amount they earn from
Money in pots?

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2

If you search this is all covered dozens of times in various threads.

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3

It is because balance in the instant pot earns both plus/premium and instant interest.

So plus/premium customers earn effective 4.2%/4.7% on the first 2k in an instant pot.

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4

Only if you have a 0 balance in your current account and no other pots.

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5

Thank you for your reply, but that is just the same, just worded different to make it seem like a better deal.

The 3.2% on instant pots can be ignored, because both free Monzo members and paid members get that anyway.

So the interest benefit of Monzo Premium still remains at a very small 1.5% on up to £2k only.

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6

Yes and No.

The interest stacks between the 1/1.5% and the 3.2%. But you can’t say it’s a 4.2/4.7% product.

It’s between 3.2% and 4.2/4.7% upto 2k (spending in where your money is) and then 3.2% on anything over that.

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