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

I don’t have that. Noticed the green line in the Safety Net pot saying ā€œ10 of 30 days savedā€ has now gone.

Hey everyone! :waving_hand: I’m Harrison from the Savings team.

We know how much you love using Savings Pots to organise your money — whether it’s for a holiday, a rainy day fund, or a house deposit.

We also know that many of you want to make the most of your tax-free ISA allowance. So, we’ve made a change to how our Cash ISAs work.

From today, you can open multiple Instant Access Cash ISA Pots!

How it works

Previously, you could only have one specific pot for your Cash ISA. Now, you can open multiple Savings Pots within the same Cash ISA.

This gives you the flexibility to spread your annual ISA allowance across different savings goals and move money between them without leaving your Cash ISA.

How to get started

In Savings tap ā€œCreate Savings Potā€ and then you’ll see the option to open another Instant Access Cash ISA.

A few important things

  • If you ever decide to transfer your ISA to another provider, you’ll have to transfer the entire balance - including all the money held across every pot within your ISA.

  • This isn’t available if you have an Easy Access Cash ISA.

  • The taxes you pay depend on your individual circumstances and could change in the future.

Looking forward to hearing what you think!

15 Likes

This is really great! So much better for tax efficiency and managing the PSA thresholds. Related to ISAs more generally - being able to transfer a Cash ISA in from another provider would a game changer.

Also - it would be great if we could set the safety net pot as an ISA too. It is more likely that you will hold these funds longer so want the safety (no pun intended) of tax efficiency.

1 Like

Lifetime ISA when? :eyes:

3 Likes

Is there a blog post or webpage with this info too? Maybe I’m just not looking hard enough but I can’t seem to find much on Monzo.com about the ISA offerings at all.

edit: just tried to find ISA info in the app and it’s hidden away there too, at least for me anyway. Top right menu > start saving > See other savings products > ISAs

Just trying to work out the mechanics here. I have an existing Instant Cash ISA with Monzo. Am I able to open a 2nd ISA here to add cash to an ISA pot?

In my Monzo account it is now prompting me to open a Cash ISA, even though I have one with you already.

1 Like

@harrisonh This is great, I’ve already opened a couple. One thing though, the help info on ISAs is out of date. Refers to having only one Cash ISA with Monzo (the investment ones also). I was looking because I wanted to double check they were flexible ISAs (which they are and I thought was the case, but wanted to be sure).

And secondly as a question - when are you going to allow transfers into your cash ISAs?

1 Like

Even with Perks it’s still a lower rate than many other options out there https://www.moneysavingexpert.com/savings/best-cash-isa/#topeasy

That is correct! If you already have an Instant Access Cash ISA Pot with us you can now open more than one.

This is great feedback JayTay - we are working on making our Cash ISAs easier to find in the app, so expect to see improvements soon.

Thanks for the heads up! We are updating our help articles now, it may take a couple of hours before these populate in the app.

6 Likes

@harrisonh any comment on if/when ISA transfers into Monzo will happen?

2 Likes

Lifetime ISAs are being reformed/replaced so I can’t see anyone investing in supporting them ATM.

1 Like

ā€œWhile the 25 per cent government bonus has been undeniably popular, the product itself has carried serious flaws and the withdrawal penalty has punished savers at a time when they have faced significant financial strain*.ā€*

Change the penalty to only take back the % the gov has paid in on that balance, not the whole withdrawal. It does need a review but I don’t think it should be withdrawn. Unless it comes with better terms of course.

Help to Save could work better, £1 in, 50p back like those on UC.

3 Likes

I don’t understand this bit. I can create another ISA pot so not sure what isn’t available.

1 Like

OK, I’m confused. I’ve opened a new Monzo ISA and moved all the money over from the old Momzo ISA. But there still doesn’t seem to be a way to create additional sub-pots in the new ISA to divide the money up. It looks exactly the same as the old one.

It’s not ā€œsub-potsā€, it’s just pots. You can now have multiple ISA pots, where previously you could only have one.

2 Likes

Oh. OK. I read that as you could open a second one, within which you could create separate areas.

Given that the pot is called an ISA, having multiple ones doesn’t seem like ā€œthe sameā€ Cash ISA.

Thanks for the explanation though, appreciated.

1 Like

Good riddance! They need to bring back Help to Buy ISA, or allow savers to forfeit the government bonus/only get standard interest if they drop out of house buying.

1 Like

I’m assuming the answer will be ā€˜no’ but is there a way to, or is it planned that you could, easily convert an existing savings pot to an ISA pot without having to create lots of new ISA pots?

I have a few I would arguably like to ā€˜convert’ but opening multiple new ones, transferring balances, setting up pot photos, redoing my Salary Sort on payday… all seems to be quite a bit of friction.

4 Likes

Agree. I only had 3 to do because most of ours are joint pots (because, death) and even that was a pain. It was a lot of faffing about to save a small amount of tax.

Although the salary sort bit not so much because however many times I select the option to remember the sort since they changed the design, it doesn’t work the next month.

2 Likes

Love this feature. I had a variety of pots for specific savings goals such as an ā€œiPhoneā€ pot for myself, my wife and each of the kids. Love that I’ve now been able to turn these into Cash ISA pots so that they earn interest.

What I’d would love to see however is an option to choose where the interest for each saving pot is deposited, so that I can redirect the interest from my various smaller Cash ISA pots into one specific pot, or my main account balance.

2 Likes