At the moment, if want to open an Easy Access Savings (EAS) Pot via one of Monzo’s providers, you have to periodically check your options via “Earn Interest On Your Money” to see the available option(s).
Given the current increases in savings interest rates, it would be good if you could get an opt-in option to get personalised alerts informing you of a new easy access savings pot that is a higher interest than your current product (for example, if your pot is 1.25% and a new pot offering 1.50% becomes available), and give you the option to leave your pot alone, or migrate your current EAS savings to the new higher interest pot within 24 hours (takes 24 hours to withdraw from).
I’ve recently started using Monzo as my principal savings bank, and have gone from a 1.54% saver, to a 1.71% - another option again today has become available for a 1.80% saver.
I think your problem here is this. Monzo has neither the best rates nor is it easy to get the rate increase when it updates. Having to wait to for it come out just to put it back in at the higher rate.
You would be better off elsewhere. Lloyds, Barclays, chase all have better options.
But, I agree
Banks make more profits by having a percentage of customers not move their savings away at the first sniff of a rate increase elsewhere. Why would Monzo make it easier to lose those lazier customers, who make it more money?
Have a search and add your vote to one of the other threads suggesting the same.
Gotta remember monzo don’t offer savings, it’s the end companies that offer this. And I guess it’s their tech that stops them automatically updating?
Not sure if anyone from monzo could shed further light?
Yes, all are 3rd party savings banks, which is why I feel Monzo would be more likely to offer it. Not a banking guru (clearly) but my understanding is they get a commission from the 3rd party banks. Presume that’s why they change quite regularly which third-party pot they’re offering at that time versus the previous month, and could want to entice savers to higher yielding interest accounts.
Regarding saving elsewhere, for me, it’s a case of Monzo being the most convenient bank with a reasonably decent %. I have the Barclays Rainy Day Saver of 5.12% but you can only put £5,000 in there. Monzo’s pots, I believe, are unlimited (maybe up to £85,000, which is years away for me).
From research, there always seems to be caveats that put me off when I consider switching easy access savings.
- Blue Rewards saver doesn’t really allow withdrawals without tanking your interest for the month and is lower than most Monzo offers anyway.
- Lloyds have monthly and time-based conditions even on their non-fixed savings.
- Shawbrook (privately, not through Monzo) offer very good rates, but I think you need £500 minimum withdrawal each time you want to access your money.
Overall, Monzo is my main bank and the convenience of decent interest and only needing to wait 24 hours be it £10 or £1000 is attractive, was why it would be nice to know of interest prompts for those who do utilise their 3rd party savings products.