Hi,
I just recently discovered an easy access saving pot provided by Oaknorth which offers 4.05% AER for next day withdrawals.
I checked Oaknorth’s website to find out what the rate would be if I were to go direct and it’s only 3.5% AER.
So both options offer next day withdrawals, no fees, but the rate through Monzo is much better which doesn’t seem right, especially taking into consideration that Monzo is also earning a commission for the former option. I have to note here that if going direct with Oaknorth the min deposit is £1 whereas the product offered via Monzo is min £10 but that arguably doesn’t explain/justify the better rate offered via Monzo. Am I missing something?
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Because millions of people use Monzo. They’ll give away the extra percentage points to gain customers.
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