A ridiculously good savings account. In many ways I sort of regret jumping to HSBC from them.
Ā£5k limit though, drops to 0.70% after this is reached
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This is why I have multiple current accounts.
There is no incentive for me to jump anymore.
All but one of my current accounts have a purpose. The spare is waiting for an incentive I do qualify for.
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Exactly so the max you could earn from that account a year would be Ā£255 and then none of their other savings accounts come close so youād have to also have a Monzo savings or a chip, etc. I think itās only really worth the effort if youāre already in the Barclays eco-system other wise you have to setup accounts, move direct debits, not worth the hassle
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Well thatās true and I donāt think anyone is saying otherwise. Ā£255 Is nice though - clearly Monzo has no max limit so may be more beneficial if you are lucky enough to have that much in savings.
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Any news on whether weāll be able to have multiple savings pots and/or scheduled withdrawals from Monzo savings pots. Iāve got the majority of my savings in a Marcus account that I like because out of sight/out it might that Iād be interested in bringing to Monzo in a hidden pot
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Iād say itās unlikely. Weāve made entreaties to the team but they are maintaining radio silence.
Itās weird: it feels like this product was made by a bunch of folk who donāt really get Monzo.
(I can get that they might not want payments from savings pots, which leads to no scheduled withdrawals, but to prevent multiple savings pots blows my mind).
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Ouch, the rate is really not competitive. Were Monzo one of the naughty ones called into Downtimg Street for not passing on the rate rise 
Slightly on/off topic and itās probably been discussed elsewhere but I donāt get the point of regular pots and only 1 saving pot. I want to earn the interest on the money in my bank account while I have it so why would I put money in to regular pots when I have the instant access savings pot?
But what it means is I have a single instant access savings pot with all my money in and have to keep transferring funds to my current account prior to each bill etc going out.
Why not just pay 3.7% across your personal account and regular pots (+ the extra 1/1.5% for plus/premium accounts). Previously I was with Santander who did things the other way round. Their current account earned higher interest up to 20k and the savings account was at a lower rate. So I only had to move money to/from savings if I exceeded that threshold.
Itās fairly competitive when you compare to other banks who also provide current accounts. Among these Iām pretty sure only Chase (3.80%) is higher**. I donāt think Monzo really competes with banks who donāt provide current accounts.
** Iām only referring to bog standard easy access accounts (not regular savers, or accounts with a low cap on the maximum amount you can earn interest, or accounts with interest penalties in months you withdraw money).
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Due to their enhanced functionality, regular pots probably have a higher turnover of money than savings pots. My guess is that it becomes harder to predict (and therefore plan based on) future income on deposits in high turnover accounts. Perhaps interest on regular pots will come in future if/when Monzo is consistently profitable.
Also, paying interest on regular pots would probably kill off the savings marketplace for easy access accounts. Perhaps Monzo want to avoid that.
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Chip 4.26% now
Because that would cost them more money, they want to pay as little as they can so they can make more money.
Look at Chase, they were the leading saver back when it was 1.5% which would have cost them a lot but they wanted/needed the new customers. Now they arenāt doing the same.
Itās a business decision
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It could be capped. Santanderās current account pays 3.45% capped at Ā£25k. Iād be more than happy with a cap greater than my monthly expenditure. After that Iād have to move money in to the savings pot but even a cap of Ā£5k to pay the interest across personal account and regular pots would make them useful again. But thatās just my personal situation.
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It could be capped and then it costs Monzo money to that cap. Or they do as they are doing and it costs them less. When they are fighting to make a profit, the latter is more important. But obviously thereās a balance, if you leave the rate at 2% then people will move.
Couldnāt agree more @Peter_G.
I could almost get it for personal accounts if they donāt want to upset their partners like Oaknorth et al by having all of us immediately withdraw everything and move to Monzo.
For the business account, where no partner savings products are available, it makes no sense at all. Every time I raise the point, if I get an answer at all itās that itās to encourage me to save money.
But I have segregated pots that contain fairly large sums for anything from 4 months (VAT) to 20 months (Corporation Tax) at a time, plus an ongoing āmy moneyā pot. To maximise the interest Iām now having to move funds into the one savings pot and call it āVAT Ā£xK, CT Ā£yK, me Ā£zKā. Keep. Moving things in and out and editing the name. It defeats the object of pots, breaks Trends, and Monzo just donāt seem interested.
Itās as if, as you said, the people who developed it donāt understand Monzo.
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Kroo: 4.1%
Cynergy: 4.3%
If they donāt that by itself makes them uncompetitive. There are a lot of financial institutions now paying 4.25%+ (including building societies such as Yorkshire, Skipton and Coventry)
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Itās odd because the socials are always highlighting the benefit of separate pots to manage spending for those with ADHD for example, but then savings are limited the one pot
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Kroo doesnāt offer a proper current account as far as far as I can tell. Seems to be an e-money account.
Wasnāt aware that Cynergy now offers current accounts. Is that quite new?
I think there are probably a lot more people who want everything under one roof than there are people who are happy to chase rates by spreading their money across multiple banks (and the latter will generally be more fickle as customers). I suspect for this reason banks who provide current accounts feel its unnecessary and perhaps counterproductive to compete with banks and building societies who donāt (which are generally the ones who provide highest rates).
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Wise offers 4.22% at the moment. True there is no FSCS protection but still generally safe (disclaimer).
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They were previously an emoney prepaid card but gained their licence this past year or so.
Their account is quite limited though in terms of fintech compared to Monzo or Starling.
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