Notice Savings Pots / Accounts

I’ve recently been taking a look at Zopa Smart Saver. I like their Boosted Pots feature. It’s basically notice savings accounts but in pots form - with the varies niceties that brings (custom names, pot images, etc).

Monzo should do something similar.

What would you like to see in Notice Accounts from Monzo?

Massive asterisk ** * ** although I work in savings this isn’t me speaking as Monzo but just curious your thoughts on notice accounts.

This looks cool. Definitely something I’d use if Monzo had something similar in the savings pots options.

My use of pots often involves gradual accumulation with a predictable date at which I will need the money in mind (e.g. monthly savings towards a particular annual expense).

Because of the predictability of when I need the money, I don’t need the savings pot to be instant access. I’d rather give up some accessibility in return for a higher interest rate.

One way of achieving higher interest rate is through fixed term savings, but this is only suitable if you have entire lump sum to deposit from the start. If you are accumulating, notice accounts are more suitable - they enable gradual saving whilst still giving a slightly higher rate than easy access.

Couple of limitations of Zopa’s Boosted pots that either doesn’t apply to Monzo or Monzo could address:

  1. Zopa don’t enable their accounts to be accessed via open banking via 3rd parties. Monzo already do this so a plus for Monzo.

  2. To withdraw money from a Zopa Boosted pot you have to give notice on whole amount in the pot (the whole pot gets covered to easy access pot after notice period). It would be better if you could just give notice to withdraw a portion - for example if you just wanted to withdraw £1000 from a £2000 pot.