Our all-new Savings Pot is here 🎉

[PaulUK]

I wouldn’t keep more than £85k with ANY single provider

[kaiarnie (Kai Arnold)]

Fair point nice whole number

[kaiarnie (Kai Arnold)]

Another valid point

[DazF (Daz Fisher)]

Exactly this

[jaisullivan]

Immediately transfers all savings back to Monzo Great job!

[ThePowerOf3]

If you got a joint account you can only have 1 account as well! Disappointing​:sob:

[anotherbrummie (Liam)]

I noticed you can pick from the new Pot artwork when opening the savings pot, but once opened it can only change to the classic images.

Also the new artwork looks really odd with the text blur on the overview page.

[gt94sss2]

CHIP recently also launched their own instant access account recently instead of offering 3rd party accounts.

One key benefit they stated was that it would allow them to change the interest rate offered and react to base rate changes much more quickly.

Now Monzo are following the same path, does this mean we can expect to see Monzo do the same?

I see another provider is already offering 3.11% on their instant access account.

[JIMMWX (Village Idiot)]

Yes, I noted this too. Be good if you could select it back if you wanted.

I have to say, I tried this out earlier and it was a super nice signup flow, one of the nicest I’ve seen. Frictionless

[SouthseaOne (Michael)]

@delabere

we’ve added it as a Monzo Labs feature

What’s this in Labs??

[SouthseaOne (Michael)]

Ah, just seen the other topic. Move along

[SouthseaOne (Michael)]

Monzo are on an absolute tear right now. Things you love to see

[Chris_R (Chris Rimell)]

@andys

On Plus/Premium - think of this as a boost, here’s two scenarios:

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.

Sorry to go back to this @andys but I’m pretty confused about this and usually get this stuff.

Scenario 1 doesn’t seem to suggest a benefit/boost vs the advertised rates, and scenario 2 seems unrealistic as it’s not generally how people use their bank accounts - to maintain a £0 balance, and also loose out on the ability to use bill pots/virtual cards etc.

As an illustration of why I’m confused, based on what I’m reading there is an inequality between paying premium customers by about £60 a year (assuming 1.5% and 3% rates are maintained for 12 months).

Scenario 1 you’d get 1.5% on £2000 = £30 + 3% on £5000 = £150 (total £180)
Scenario 2 you’d get 4.5% on £2000 = £90 + 3% on £5000 = £150 (total £240)

Am I understanding this right? If so, I think it needs to be looked at again. I would suggest 4.5% should be the rate for the first £2000 across account/regular pots & instant saver with 3% on anything above that amount - meaning it doesn’t matter where the money is, everyone gets the same. Or 3% for premium so it again makes no odds, otherwise it seems like you’re penalised for having the money in a different place when it’s all counting to the same limit anyway…

Incidentally, I’ve not seen anything in the instant saver or premium T&Cs that explain how this works. The Premium savings summary is dated 7th Oct 2021, and the description specifically says it doesn’t include savings pots. So it all needs to be documented and made clear at any rate.

[Carlo1460]

Now in Labs: An easier way to add money to your account

Hello I’m here to let you know that we’re rolling out a new feature that significantly reduces friction in how you add money to your account from the Monzo app. We’re calling this new feature “Pre-approved transfers”. Add money Adding money to your Monzo account from within the app uses Open Banking to make a payment from your other bank account to Monzo. The main benefit of this is that you are not required to manually enter account details. This makes transferring …

Easier money movements

[Peter_G]

@Coolum

Would there be a way of creating partitions / splitters / pots within pots? This way all savings could earn the 3%, but within the pot you could see the different amounts for different goals.

So the more I think about this, the more I think this nails it.

The problem isn’t the product, the problem is the way that pots have been conceived.

I think taking a step back and making some adjustments would reap rewards:

• Instant Access Savings needs its own card up top in Overview (the new home screen) alongside Flex and the Current account (give it a name plsthx).
• When it has its place at the top of the hierarchy, it then makes sense for there to be pots that subdivide the savings account, too. There would be two sets: current account pots (which should share the interest rate and terms for the current account) and savings accounts pots (which share the interest rate and terms for the instant access savings account).
• Indeed, marketplace savings pots accounts could even have their own cards and potentially pots, too. Just change the “Monzo” wordmark to OakNorth or whatever. With hindsight, it was probably a mistake to ever label these as pots.

That would make things simpler and more logical, I think.

I think there’s more that can be done around goals and around the design, but that’s the crux of it, I think.

Basically, the new savings account is in tension with the design here. It can be fudged by offering multiple savings pots, but I think this is a better first principles solution.

(Cc @leepethers, @emmag and @andys)

[Alexxxxx (>50 categories pls)]

@Peter_G

When it has its place at the top of the hierarchy, it then makes sense for there to be pots that subdivide the savings account, too.

I love this. Perfect.

Also, as we’re talking about pots/division of money, and we now have another reason to keep money out of the main current account and in a pot…

I implore Monzo to stop penalising customers who have an overall positive balance with overdraft charges if their current account balance is negative. If I have £500 in a pot and negative £100 in my current account, I am literally not borrowing any money and not in any way indebted to Monzo.

To incentivise pot use (bills pots, locked pots, interest and savings pots, etc.) whilst simultaneously penalising someone who has an overall positive balance is just awful.

I will never stop asking for this because it is an inherently terrible system.

Second edit to say… maybe the idea of an overdraft/credit pot which I’ve seen floated before would help this? That way you could have your total balance at the top level, with one negative overdraft pot, but so long as your top level total was positive, you wouldn’t be charged anything.

[Stompy]

This is such a brilliant announcement, thank you to everyone who worked on it. I can’t wait to get the roll out

[Peter_G]

Totally. I think that has to be the logical conclusion.

I’m imagining the account “cards” on the new home screen being configurable to show the total amount in that account (so for the current account that’s the main account plus pots) or a subdivision (e g. the main account minus pots, or a specific pot).

Writing that was quite torturous - there’s no name for the current account excluding pots. It would be helpful to see it as a default spending pot. So you get the current account, then if you add a pot you see two things - a spending pot (the main account) that your cards and direct debits are linked to, then the pot you’ve just created.

(I’m tired so that might not be expressed as simply as I’d otherwise have hoped).

[RichardL (Rich)]

Okay so on the face of it, I think this is a fantastic feature and I’m glad that Monzo have finally moved into this space.

But - I really think that this is overstepping the mark of what a bank should be:

@andys

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.

You shouldn’t be telling us how we should be managing our money. Building in these restrictions has created something that’s vastly at odds with how many Monzo customers use their accounts and manage the money across their balance and pots. I really hope you take the feedback that’s been given in this discussion on board before launching fully, because you can already see customers trying to fit a square peg into a round hole in order to grab the interest.

Really and truly, you should put the brakes on the current iteration of this and just handle this the same way you handle interest on Plus and Premium accounts. It shouldn’t matter whether the money is in your main balance or a pot - interest should be paid anyway.

[JIMMWX (Village Idiot)]

It’s in labs now