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