Right, so we can’t be far off the average person having to pay tax on their interest now right?
How much would you have to have saved at these rates to hit the personal allowances?
So with inflation pushing wages up, but the income tax thresholds staying static for years, people are going to be finding themselves in this situation a lot quicker than they’d realise…
Yep. Time to consider an ISA. The one from Virgin (exclusive for existing customers) is now 4.25% but lags behind with increases so will probably be 4.5 or above later on the month/early next
Is there any data on this?
I’d be interested in what percentage of people use savings accounts at banks/building societies which are different from the bank they use for their main current account. I haven’t been able to find any info myself.
Recently opened an isa with charter bank, easy access and 4.6%
Well at least some are instant unlike this. It didn’t even tell me what they were going up to when I clicked it 
EDIT: HSBC, innit.
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Curious as to how people use the instant access savings pots… do you replace all your standard pots with instant access ones? Or just have a couple of instant access?
As far as I’m aware you can only have 1 savings pot on monzo unless I’m mistaken to what you mean.
I have around 2 active regular pots plus 1 instant savings pot.
The savings pot I tend to not want to withdraw and keep a bigger chunk in.
One of my regular pots it’s just got a virtual card balance.
The other pot is for bills.
Oh that would make sense. I only have one instant access - I didn’t have a need to create another so I asked here 
.
I’ve been trying to generalise my pots recently (I.e., phone and subscriptions now just under a single bills pot). Don’t think I could ever get to just 3 pots, though!
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Its the first time I have used such a platform but several others also exist including Raisin and one by Hargreaves Lansdowne.
The advantage of using them is you don’t have to go through KYC checks with each individual institution as that is done at the platform level & you sometimes get better rates than from their main websites.
I believe they are quite reliable and importantly FSCS eligible.
The HSBC account didn’t show up for me on their website either - until I opened an account - and I only learned of it via a different forum.
Cahoot (aka Santander) is at 4.6%
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Fair enough, bit of a stretch when it’s one of their arms length brands
Looks to be 4.6% if paid annually but 4.51% monthly.
4.6% is the AER. It’s the normal way to report and compare interest rates between accounts.
If you choose to get paid monthly @ 4.51% and don’t withdraw anything from the account, you will still end up receiving 4.6% over the course of a year (due to the monthly interest payments compounding across the year).
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What’s the reason for not allowing automatic withdrawals from this pot?
I’d love to be able to set an amount to go into my main spending balance, then some into the bills pots and other things I’m saving for.
Guess it defeats object of saving if you’re taking from it every week/month.
If they were trying to discourage people from doing that, why have they made it instant, unlimited access? Seems quite arbitrary, especially when you can automate other savings pots.
I would switch to Chase as they let you do this and you can open as many interest pots as you want (and they pay interest on the main balance), but regrettably I closed my account in March without realising you couldn’t re-open it.
I completely agree with you.
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I’ve found a workaround to this using IFTTT that seems to work pretty well:
- If this → Date & Time → Every month on the → choose day and time → Create trigger
- Then that → Monzo → Move money out of a pot → choose a/c, pot & amount → Create action
Me too. It’s called a weekly Standing Order from my interest-earning Chase Savings account to my 1% cashback Chase main current account 
You could try this too. Oh wait, no, you can’t cos you closed your Chase account 
You could try a Skipton Bonus Saver 8A account, which pays 4.60% pa soon, and create a regular payment to your Monzo account. That should work too, though whether Skipton moan about its use like that is another thing.
I will find out soon as my weekly spend will take that route, well Skipton > Chase.