Our all-new Savings Pot is here 🎉

Anyway - I’ll leave it here. This is great news and l wish Monzo all success in launch - great timing and I think it will really help drive signup :slight_smile:

EDIT: I also want to note my posts were simply to seek clarity, it’s great to see staff come on here, post and interact. Long may that continue!

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not got it yet but

:soon: hopefully :eyes:

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Haven’t yet got this but very exciting!

Is it just one savings pot that can be created or is there the ability to have multiple (I like to keep my Car, House, and Holiday savings separate)?

Also, assume this will be more revenue-generative for Monzo than the existing ‘commission’ taken from Oaknorth etc.?

At a 3% rate Monzo will make 1% against the current BEBR of 4% versus something which I assume is a lot less with the third parties…?

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yep, more on deposit at the BoE earning money and increasing revenue

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The interest-rate on offer here will great for my short term savings (e.g. savings for annual expenses and events). I already use Monzo savings marketplace for this.

However, for my long term and emergency savings (which are much larger sums of money) I’m reluctant to move my money to Monzo. Reason being I’m not keen on having very large sums of money accessible via apps installed on my day-to-day phone, especially if that money is instant access. This is partly privacy-related (I don’t want a shoulder surfer seeing how much money I have in savings or investments when I open my banking app) and partly security-related (I’m slightly concerned about muggings involving being forced to transfer money to another account under duress).

As such, if Monzo is to become a place for me to store larger sums of money/investments, I’d like to see a few additional features.

  1. Option to set a savings pot (or invesment account when those are launched in the future) to hidden/obscured with an extra tap needed to reveal the balace or access the pot.

  2. Option to set a withdrawal delay from a Monzo pot/investment account (like the delay that’s inherent when using 3rd party pots).

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Isn’t it already possible to hide pots ?

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You can only have 1 Instant Access Savings Pot. But you can still open other types of Savings Pots too :slightly_smiling_face:

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Feature request please :pray:

The ability to have multiple Monzo Instant Access Savings pots would be amazing.

I was all prepared to close / archive three pots I have with Shawbrook / Oaknorth ready to transfer everything into this. But, as it’s at the expense of losing the distinction of my different savings, I now need to choose one particular pot.

Monzo are therefore losing out on about 2/3rds of my savings that I really want to put into this.

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If I remember correctly, the commission on the 3rd party accounts is around 0.2%. So yes, this would be accretive

So who have I got to bribe to get bumped up the queue?

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It all sounds fantastic!

What timeframe are we talking about for rollout? Is this over the next 24 hours or few days?

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W… w… why would you do this to us? :cry:

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Jesus, pitchforks come out before a full explanation of how the interest rates will work.:joy::rofl:

Can pack them away again people, the points on them don’t need sharpening yet.

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If it’s similar to previous roll outs it’s usually a few days.

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So it is, I hadn’t realised that. Just tried it and the implementation isn’t quite what I’d like - I don’t like that to temporarily access a hidden pot you have to unhide it and then remember to re-hide it again after accessing it. I’d prefer a mechanism that didn’t involve having to remember to re-hide. But its better than nothing of course. Will feedback in another thread where pot hiding is the focus.

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That’s taken the shine off it slightly, just means I’ll either have to combine my separate savings into one, or decide to stick with what I’ve got.

Decisions, decisions :joy: tbf it’s a minor thing for me to contemplate, given everything else going off in the world.

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Sharpening your pitchfork?

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Hopefully this will encourage the other providers to beat this rate. Monzo having their own savings pot allows them to play a key role in driving the arms race and competitiveness of the marketplace. Really great move :slight_smile:

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Why would I be, I said it’s minor.