That is explained well David but if I have for example a constant balance of Ā£1000 in current account earning 1.5% and say Ā£2000 in 3% saver, am I correct in saying I will only earn 4.5% on the first Ā£1000 in saver as I have used Ā£1000 of my Ā£2000 premium 1.5% allowance?
By the way I updated the figures in my example above as I think they were a bit confusing intially 
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You can certainly think of it that way. But itās probably easier to think of them as separate processes.
Your paid/premium interest gets calculated at 1.5% and we pay that into your current account balance.
Your Instant Access interest gets calculated at 3% and we pay this directly into your pot.
In your scenario we donāt consider it as:
Premium interest(Ā£1000 x 1.5%) + IA interest(Ā£2000 x 4.5%)
We consider it as:
Premium interest(Ā£2000 x 1.5%) + IA interest(Ā£2000 x 3%)
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Thanks well explained.
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Thanks for clarifying this. That makes sense. Some of the previous comments from Monzo employees didnāt explain so clearly as this and added to a lot of chin scratching 
This still needs adding to the T&Cās as I said earlier, as the premium terms specifically call out that you donāt get interest on savings pots
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This is where the confusion has come from so just needs updating as itās not true anymore.
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Getting extra 1.5% on first Ā£2000 is how I read it.
Yep youāre right
Weāll pay you interest on up to Ā£2,000 in your current account balance and regular Pots (this doesnāt include Savings Pots).
Although this is an āInstant Access Savings Potāā¦ Monzo still calls it a āSavings Potā in the app and the terms doesnāt have a glossary which defines what is a āSavings Potā.
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Ok Iām even more confused now as quite a lot have said different.
So to be clear:
For example if I have Ā£0 in my main balance but 2k in the instant access. Iāll be getting 4% since Iām plus or will the maximum for the instant be 3% and the 1% is on my main balance only?
You will be paid some interest into current account, and some interest into instant access account. On 1st of the month you will receive two interest incomes. One in current account at the annual rate of plus/premium, and one in the instant access account at its rate. In total, the sum of the two, will be the total aggregate of the two rates on the total two arregate balance.
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If youāre a premium account holder, you get 1.5% interest on the first Ā£2000 across your main balance, standard Monzo pots and this new pot.
Separately you get 3% on everything in this new pot (up to 100k).
The two rates stack if there is any overlap. For example if you only have money in this new pot, the first Ā£2000 in there will get both the 1.5% and the 3% while the remainder will only get there 3%.
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Well explained
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This is how I understand it, too. So if you only have your main current account with Ā£500 and the instant access saver pot with Ā£5000, youāll get:
Plus/Premium interest on the Ā£500 in your main account;
Plus/Premium + 3% on the first Ā£1500 of your instant access pot;
3% on the remaining Ā£3500 of your instant access pot.
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Yeah, thatās how Iāve understood as well.
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Thatās how I initially understood it too, based on Andyās second scenario. But, the following scenario from Jack threw me completely as it seemed (to me anyway!) to suggest you only got one or the other! 1.5% on the first Ā£2k then 3% afterwards.
Also I think itās a little disingenuous to talk about the boost. Realistically itās unlikely someone will only have money in the saver so I think it wouldāve been easier to ringfence them in honesty. 3% on the pot, 1.5% on the credit.
And, this also doesnāt say that in this world of having Ā£2k in your saver and the rest at whatever rate it gets (still conflicting info to me) you then get zero benefit on your current account.
So you may as well have nothing in the current account and all of it in your savings, pulling across as needed for bills etc.
I would really help if Monzo had a clear and consistent line in how the interest works. I donāt think weāve had that yet.
Iāll review the thread and if we do get this i will update my posts and remove any examples I use because I think others (me included) doing this are also helping to confuse matters.
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For simplicity, and as a Plus/Premium benefit, if it were me Iād have done it differently.
Maybe a greater headline rate (3.1% for Plus, 3.25% for Premium?).
Or if thatās unaffordable (although I donāt see how - theyād be driving up Plus/Premium subs and still have .9 and .75% margin respectively), then a bonus % on the first Ā£x - but not overlapping with the current account interest. Thatās all extra money though. But clarity is important.
It seems like we can see the joins again here. This is a Wealth product, but needs consideration from the App Evolution team to make it feel like a first class citizen in the app, and needs to be thrashed out with the Plus/Premium team to make it a compelling offer for those customers with preferably extra features for them - and in coordination with whoever is responsible for the basic account offer: Chase is doing a flat 1pc interest on the current account, if Monzo does the same does that stack with the savings pot interest etc etc?
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Yeah, I would have been happy with that. Keep the 1.5% for the main balance and standard pots and 3% for the new pot, no overlapping.
The current rules are just confusing a lot of people
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Iām glad I donāt have enough money for this to matter.
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You guys are all over complicating the whole thing haha.
3% interest on all funds in the instant access, made as an interest payment to savings pot.
1.5% interest on first Ā£2k across current account, regular pots and the instant access, made as an interest payment to current account.
Thatās it.
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As before, I think the only reason itās confusing is because āSaving potsā are specifically mentioned as NOT being interest bearing by Monzo. Once that is removed itās easy.
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