Our all-new Savings Pot is here 🎉 [Multiple Instant Access Cash ISA Pots now available!]

[DaveJ (Dave)]

You know it’s going to be an answer you don’t like they’ll of forgotten about it

[Paulw (Paul)]

Amazing work sadly I’ve reached my 20 pot limit and wondered if that limit can be increased? Also pot2pot transfers would be awesome here.

[MalaiseForever (Ethan)]

Great news, will move my Zopa savings to this rather than Chase now.

[bukisule]

You aren’t able to set scheduled withdrawals or make payments directly from Instant Access Savings pots as we designed them to encourage you to keep your savings and budgeting separate.

Instant Access Savings Pots are best suited for saving towards short-term goals like building up an emergency fund or saving up for a holiday.

Our other Savings Pots might be better for savings you don’t need to dip into. And Regular Pots are best suited to setting small amounts of money aside for budgeting or paying bills.

[DaveJ (Dave)]

@bukisule

Our other Savings Pots might be better for savings you don’t need to dip into

The majority of your 3rd party pots are irrelevant now to be fair, especially the ones under 3% interest rate.

[Peter_G]

@bukisule

Instant Access Savings pots as we designed them to encourage you to keep your savings and budgeting separate.

I feared that would be the case.

I wouldn’t mind so much but the Premium interest rate is pretty poor. And I have yearly bills that I save for monthly - so looks like I’ll have to continue to put that in the savings pot () then manually take it out when the bill comes.

Sadness.

[ThePowerOf3]

Can we open joint pots?

[andys (Andy Smart)]

I’m Andy - I’m the General Manager for Wealth at Monzo, which covers Saving & Investing.

We’ve made the decision not to support bills, virtual cards, or scheduled withdrawals for this pot to begin with. The idea here isn’t to provide a mechanism to let you automate your money into an interest bearing account (otherwise we’d just pay interest on your current account) but instead give you a low friction way to start building savings habits.

We’ll keep an eye on it, but just so you know our thought process

[andys (Andy Smart)]

Yep

[DaveJ (Dave)]

If someone at Monzo can add a few more hamsters to the task of rolling this out quicker, that would be great

[andys (Andy Smart)]

That’s a bug - it’s on our radar and will be removed in a future release, but we were keen to get this out to the community early on for feedback

[Sachaz (Sacha Zarb)]

well you can just dip in and move the money across, bit of friction on a savings product isn’t such a bad thing

[bukisule]

Monzo Plus and Premium users earn interest on their account balance and regular pots (up to £2,000). With the introduction of Instant Access Pots, these Pots will also count towards this £2,000 limit. Plus and Premium interest is paid directly into their personal account on the first of each month.

Plus and Premium users will also be paid the agreed interest rate on the balance of their Instant Access Pots which is paid directly into their Instant Access Pot on the first of each month.

[Ashton]

This is pretty decent. I haven’t received it yet the the moment I do, I’ll definitely create one.

[Revels]

@bukisule

Plus and Premium users will also be paid the agreed interest rate on the balance of their Instant Access Pots which is paid directly into their Instant Access Pot on the first of each month

Plus/Premium interest shows on the sheets export.

Will this be the same?

[Peter_G]

@bukisule

With the introduction of Instant Access Pots, these Pots will also count towards this £2,000 limit.

I don’t understand this. Does that mean that, assuming my current/spending account balance is empty then I’ll get 4.5% on the Savings Pots as they’re counting for Premium and for savings?

[JIMMWX (Village Idiot)]

I actually deleted my comment because on reflection it was a little harsh - this is a good product. And other clarifying comments have since come which tally up more in my head, like this:

@andys

give you a low friction way to start building savings habits.

Which is good

@bukisule

introduction of Instant Access Pots, these Pots will also count towards this £2,000 limit.

Wait, what?

[Ashton]

@Peter_G

Does that mean that, assuming my current/spending account balance is empty then I’ll get 4.5%

I thought the same. It’ll be amazing if you do get the 4.5%

[JIMMWX (Village Idiot)]

@Peter_G

then I’ll get 4.5% on the Savings Pots as they’re counting for Premium and for savings?

I read this different. The money in the 3% pot is counted as part of the 1.5% on up to £2k, so in essence, if you have £2000 in the pot you’ll get 3% on that, and anything else, but lose any interest earned on the main account.

EDIT: @andys explains it below!

@andys

Scenario 1 - you have 2k in your current account, and 5k in your instant access pot. On Premium you’ll get 1.5% on the 2k, and 3% on the 5k.

Scenario 2 - you have 7k in your instant access pot. You’ll get 4.5% for the first 2k, and 3% on everything after that.

We’ll boost the first 2k in your account with your paid interest rate, on top of what you get from instant access.

[MalaiseForever (Ethan)]

Will be good to get this clarified if the Plus/Premium rate is additional to the new 3% rate.