Our all-new Savings Pot is here 🎉

[PaulUK]

@JIMMWX

See what Kroo and Chase are doing,

Kroo pay 3.03% on their current account, but don’t offer a pots facility

Chase offer 0% on current account (atm), though strangely allow DDs and SOs on their 3% savings accounts (each with own account number).

This is why Chase wins for me, atm.

Santander down to a quid now, but never allowed scheduled regular transfers anyway, only individual one-off payments.

[Chris_R (Chris Rimell)]

Oh I agree it’ll get resolved, but hide the mess from the public would be good

It just feels like it was rushed out with a “we’ll fix that later” attitude. Nothing against iteration, but this isn’t my idea of iteration by leaving things in that you know don’t work (especially when you’re rolling it out to all customers and not just testing it in labs)

I don’t personally mind if it’s simply a saving account with no extra functionality in the end. I just don’t like broken things in a live product

[Coolum (Calum)]

Thanks for your reply!

So I have a slightly convoluted way of using monzo which might interest you (and any developers reading):

As a freelancer, I have a Monzo business account primarily because every time I’m paid, it chops 20% off for tax.

I then transfer that 20% over to my personal account to a savings pot with a high interest rate. The tax I will have to pay thus accumulates interest until it’s needed.

But recently I’ve started transferring the total balance of my business account in the same way, so interest can be gained on that too. The instant access thing therefore really appeals, because whenever I have to pay myself from my business pot, I don’t have to wait a whole day for it to land in my current account.

The new savings pot is a great idea in theory, but it still makes no sense for me to have separate savings pots with less interest, other than the fact I can visually separate the different piles of money I have for different purposes. I think sub pots is the answer.

[Revels]

People need to chill out a bit. It’s been in labs less than a day and it’s being deconstructed to such a degree with “Monzo must do this!!!11!!”

It’s a savings account, by Monzo, that’s easy access, with a good rate. All things people have been asking for, for a long time.

So you cant pay a bill from it, or use a virtual card but can do you do that from other savings accounts? (Apart from Chase, which probably won’t work anyway) Zopa was the flavour of the month recently, you can’t do any of that there.

I understand people manage money in different ways but a simple savings pot with good interest is more than enough for most people.

Give it time and maybe the extras you want will come.

[npc_06]

Can’t you split your Zopa savings into “pots” though? Which many here would like to be able to do with Monzo’s offering.

[o99]

@RichardL

I’ve got a suspicion that this decision was made so that Monzo would end up paying 3% interest on a smaller amount of cash overall vs paying the interest on the balance. I imagine if they went down the interest on balance route, the amount of interest they’d end up paying across all accounts would be much higher, so they’d balance this out by offering a lower rate. It also makes me wonder if they can change path at this point now they’ve offered 3%… purely speculation though

My suspicion is that it would just be harder to monetize the customer deposits (via lending) if the volume of customer withdrawals relative to deposits is higher and more variable than with typical savings accounts. This would probably happen if budgeting aids like multiple pots and bill payments were supported.

So maybe those things will never happen on interest bearing pots or maybe Monzo needs more time to figure out how to offer those features and still monetize the deposits effectively.

[Revels]

@npc_06

Can’t you split your Zopa savings into “pots” though?

But with a worse rate and/or a delay on getting to that money.

[npc_06]

As of yesterday compared to Monzo yeah, but that wasn’t my point anyway.

[JIMMWX (Village Idiot)]

@Revels

People need to chill out a bit. It’s been in labs less than a day and it’s being deconstructed to such a degree with “Monzo must do this!!!11!!”

I agree - and I think it’s down to the next stage of growing pains for Monzo. Going from a small company that can rapidly interact and do everything the main customer base (read, forum members) want to using feedback from here to inform, but not direct, future work and also engaging with core strategy and the wider customer base through direct research and feedback too.

[Randomizer1234]

Anyone still not got access to this?

My money in chase is waiting Monzo haha!

[ndrw (Mr Popular)]

Have you checked Labs?

[Rob17 (Rob)]

I haven’t got access yet, and even turning it on in Labs don’t work either for me.

[twigusa]

Is your app up to date?

[jackcully]

@wellsworld

Any chance of a similar pot in the Business Account?

[Rob17 (Rob)]

Yeh - app is updated…

I’ll just wait for it to rollout to everyone.

[PaulUK]

Have you tried, activate in Labs, force close app, restart app?

Worked that way for me on Android.

[Randomizer1234]

Mine is now working, enabled in labs and didn’t show - now working after closing the app and the usual gubbins. Did wait an hour, mainly as busy though

[WillsT (WT)]

Apologies if already covered… but I was sad you can only open one Monzo instant access savings pot!! I was ready to close all my other 3rd party pots and open up Monzo instant access pots. I don’t want to mix my money in one savings pot because it’s all for different purposes and tracked

[Rob17 (Rob)]

It’s been removed from Labs now - anyone know when the full rollout happen, as I’m still waiting?

[jamesallison]

If you’re on the latest app version you should see it in your app now, no need to enable in labs