Our all-new Savings Pot is here 🎉

[Lewis_P]

But if you’re happy to have a day delay, I suspect you’ll be able to get a better rate than 3% pretty soon as that’s the direction the rates on easy access products are going. Granted that’s not the case right now, but I’m pretty confident we’ll see that soon.

[Revels]

I think it’s getting a bit too far fetched to think someone will take your phone, make you unlock it, locate your banking app, check your balance, make you undo your savings, transfer it to a new payee all while you stand there and comply.

But turn it into a script and Hollywood might buy it.

Keep a decoy app on your phone that shows your bank balance at £1 and this Narnia level of fiction wouldn’t get beyond the first stage.

[projectfortytwo (Chris)]

@DaveJ

I was going to close all my pots with the 3rd party providers. However after thinking about it, it would make monitoring my savings a nightmare. I don’t want to have to keep a track of what the amounts are for, that’s the beauty of the individual savings pots.

Agreed.

Opted in and pots created for personal and joint accounts. I’ve combined two personal account pots which basically served the same purpose, but left the rest as is because I need visibility of separate savings purposes (income tax current and previous years, gifts fund, clothes fund, etc.)

Similarly in the joint account we have a not inconsiderable sum of money I’d love to get 3% on, but 17 pots all with a specific purpose. I don’t want to lose that visibility so it’ll be a case of choosing one with a steady high balance to set aside and leave the others as they are.

A great start, but please let us have multiple instant access savings pots, even if there’s a limit on the total funds eligible for the 3%.

And thanks for enabling this in Labs for early access

[andrew_fishy (Biggest horse fanatic in Leeds)]

Just say you use Lloyds (as they seem to be near constantly down, it’s a good choice), they’ll probably move on

[Ashton]

It’s more common than you think, especially when people are drunk as they don’t need force you just point the phone at you for facial recognition etc as it’s in the local news regular here, although it’s stupid as the Payee it’s being sent too if it’s the criminals own account then the bank has their details - which most of the time it is.

[Revels]

It’s not common in the slightest. It’s incredibly far fetched.

Lots of things have happened a handful of times.

[o99]

I wouldn’t be surprised if 3rd party easy access accounts get deprecated in the near future.
I don’t imagine its very appealing for 3rd party banks to compete with a first party option.

I think 3rd party ISA, notice, and fixed term options will remain, but I wouldn’t at all be surprised if the easy access options go away.

[andrew_fishy (Biggest horse fanatic in Leeds)]

Workaround: Use NatWests blink feature, it never works anyway (i wear glasses and it works maybe 20% of the time, or 1 in 20 blinks), they’ll get bored while you stand there and constantly blink

[sacha]

You hear of loads of people who end up sharing what they are doing with others on their banking app under false pretences.

Wouldn’t take much to ask a gullible person if they have a savings account with the same bank and ask them to move the funds into their current account and then out “to a safe account”.

[Revels]

That’s common and completely different.

[coffeemadman (Jonathon 🏳️‍🌈)]

@o99

Just an option to opt-in to a withdrawal delay on the instant access account, as a delay will give peace of mind to some.

Cue the “Monzo wouldn’t let me access my savings and I couldn’t feed my children” posts.

[andrew_fishy (Biggest horse fanatic in Leeds)]

That’s why it’ll be OPT-IN

[Revels]

So was locked pots, didn’t stop it happening.

Not every single product can be exactly to someone’s precise requirements.

If you want instant access, it’s going to be instant.

If you want some friction for whatever reason, then use a different product.

[coffeemadman (Jonathon 🏳️‍🌈)]

Oh I don’t think that would matter for some people. Opt in or not, when emergencies hit and you need the money now I guarantee there will be those complaining despite setting the delay up.

This is an instant access saver. Clue is in the name. Need a delay? Get a different saving account (still within Monzo and currently at a higher interest rating). I don’t see the issue.

[o99]

@Revels

I think it’s getting a bit too far fetched to think someone will take your phone, make you unlock it, locate your banking app, check your balance, make you undo your savings, transfer it to a new payee all while you stand there and comply.

I’ll comply if they’re holding a knife to me. But regardless of how far fetched it is, the possibility exists in my mind and that will stop me from depositing large sums of money into my Monzo account that can be accessed at an instant. Monzo can either ignore that, or build something into the product to appease people like me.

[Revels]

It’s going to be the former, so then you vote with your feet and save elsewhere.

[andrew_fishy (Biggest horse fanatic in Leeds)]

I put a limit on what I am allowed to transfer to people, Perhaps this can be made into a feature? Currently my limit is £100 daily

Currently only Monzo staff can set this up, in the people with vulnerabilities team, but my guess is, that will also cause issues for people

[Coolum (Calum)]

This is great. It’s tempting to transfer all savings pots into this one so they can all gain interest but I’d lose the handy categorisations and visual of separate pots. 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. Does that make sense?

[o99]

It wouldn’t be my preferred approach (as you say, it might introduce some issues), but I suppose asking for a lower transfer limit is an option.

[Benjo]

Will you be releasing a fixed deposit saver? 12 Months will be nice.