I’m coming back to the community after the amazing support you all gave us which helped us win the British Bank Awards last year. Thank you so much!
I’m now the Product Marketing Manager for the Savings team. And I’m here with some exciting news
We’re launching an Instant Access Savings Pot
In a cost of living crisis, we know how important it is for you to get more from your money, especially your savings. To date, we’ve responded to this need through our Savings Marketplace that offers a range of savings products provided by external partners.
We’ve listened to feedback from you and other customers, and today I’m really excited to introduce the latest product coming from the Savings team - a Monzo-backed Instant Access Savings Pot
It’s designed to give you the flexibility to grow your savings without having to wait around for your money when you need it.
How it works
Earn 3% AER a year, paid monthly into your Savings Pot
An Instant Access Savings Pot earns you 3% AER (variable) every year, paid monthly into the Pot you create. It’s great for saving towards those short-term goals like building up an emergency fund or saving up for a holiday.
This is the rate on 14/02/2023. See the latest rates in the Monzo app.
Withdraw your money instantly, anytime
Emergencies don’t wait, and neither should you. Instant Access Savings Pots are flexible, so you can take money out at any time. Withdrawals usually go into your Monzo account instantly.
There’s no minimum deposit
There’s no minimum deposit, and the maximum you can have in a Personal Instant Access Savings Pot and a Joint Instant Access Savings Pot is £100,000 each.
How to get started
Please note: we’re rolling out this product to Monzo customers starting today. So if you don’t see it in your Monzo app just yet, you’ll be getting it soon!
To open an Instant Access Savings Pot:
- Head to the Account tab or Overview in your Monzo app and tap Create Pot
- Select Savings and choose Instant access
- Name your Pot and pick an image
- We’ll explain how everything works, and ask you to agree to some terms and conditions (which we’ve written in plain English and takes less than five minutes to read)
- Make your first deposit or come back to this step later
And that’s it! Your Instant Access Savings Pot is open and ready to start earning you interest on your money.
Instant Access Savings Pots work seamlessly with some of our existing features too. You can choose to schedule deposits, turn on Round up payments or lock your Pot until a chosen date.
Let us know what you think!
We’d love for you to try it out and share your feedback. In the meantime, now’s a chance for you to say hello to some members of the Savings team. They’ll be introducing themselves in the comments below
Stay tuned for more to come!