3.7% is fine for convenience, and if you want a better rate, sure there are robo investors and banks desperate for any deposits
Genuinely interested why people bother for such small gains. I can see moving from 2.5% to 5% or similarā¦
Do people really notice the extra 0.3%? for the hassle? This isnāt a dig at @Randomizer1234 by the way
Maybe people have hundreds of thousands in the bank, or have the philosophy that the rich people are rich because they pinch pennies
Yes, itās an extra minimum Ā£50 per year for me. I donāt earn Ā£50 in the 10 minutes it takes to open an account and transfer the money across, so itās worth doing.
I donāt regard moving money about, to increase my income, as a hassle. The funny thing about this is that there are many on Monzo, and other very similar banks, that go on and on about pots etc. as it makes their life āeasierā. That must take up far more time than moving your money across to a better rate considering just how easy it is.
Ā£1.15 for a kinder egg!? You must be in London!
85p (regular price, not a discount) in my co op. Or Ā£2 for a box of 3.
When I was young(er), they were about 40p and the toys were better.
But constantly checking every week, and transferring it all over multiple times when the rate changes, possibly dealing with banksā overzealous security?
Sainsburyās prices. Iām always shooketh whenever I go any shop lately tbh.
There really isnāt a lot of hassle, take a couple minutes at most
I check when the rates are announced, hardly every week. Think this is an agree to disagree thing, but if youāre happy with it in Monzo and people are happy to shift around and earn more, then everyone is a winner.
With Kroo offering (at the time of writing) 4.1% - would love to see Monzo match that:
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess
If my maths are right you would have more than Ā£150K in an instant access account ?
With interest rates rising a lot recently, some of the people quoting these figures might want to start thinking about checking whether youāre in danger of maxing out on your tax-free allowance and needing to pay tax on your saving interest. In which case, start using ISAs again. If youāre fortunate enough to be a higher-rate taxpayer, the tax-free limit is lower.
ISAās are still behind leading instant access, but fixing for a year or more has some good results.
The best strategy I think it to spread your savings around, fix some if you can (I use the 6 & 9 month ones where I know I need the money soon).
Ā£15k. Youāre a decimal point off somewhere
haha! I thought something was wrong !
Monzo arenāt desperate for any business
A 0.3% increase will pay for the SIM for my Pixel, so yes, worth it for me. No hassle either - transfer to current account then transfer to new savings account.