It’s really great that Monzo is adding features like savings and overdrafts, and I can’t speak about the later, but the savings rates are really disappointing.
Why would anyone save any amount of money at 1.55% which is lower than CPI and not in line with other savings providers for 12 month fixed rate, which is around 2% typically.
There are so many reasons to switch to primarily using Monzo but every time one gets ticked off like savings has for me today it’s mediocre. I have a Santander 123 account with a in-credit savings rate of 1.5% up to £20,000, cash back on direct debits/standing orders from bills and optional regular savers accounts etc…
I would happily switch to Monzo and keep Santander as my backup, but currently it would cost me a fair amount of money in cash back and savings interest so I stay as I am.
Does anyone else feel like Monzo aren’t really playing their A game when it comes to features, and slowly the high street banks are catching up with the thing Monzo hooked us all with which is the online banking apps and website.
Just to be clear, I really like Monzo, and want it to succeed but I need the bank to offer basic features I need.