Our all-new Savings Pot is here 🎉

[ndrw]

The Peter_Grim Reaper appears again

@Peter_G

Created a separate section of the app for “savings and investments” in a vainglorious attempt to have “their” bit of the app - not only making it more difficult for the user but once again undermining the wider product

This Every time I look to move my savings I have to randomly click bits of the interface to try and figure out how deposits and withdrawals work now – and I like to think I’m fairly switched on.

[caribo]

@Peter_G

frankly, it feels like the savings and investment team are out of touch and treat the customer base with contempt.

Oooof!

[BurnyCubbers77 (Burny)]

I agree with this wholeheartedly, unfortunately.
However, one part of your comment is false (at least for me):

@Peter_G

Being as petty as preventing scheduled withdrawals and IFTTT being used to take money out of savings pots.

IFTTT does work with Savings Pots. At least the Monzo managed Instant Access one. Not sure about investments, safety net, or 3rd party savings pots as I don’t use those.

[louismiles04 (louis)]

Sorry, bit confused as to what’s changed. Are they getting rid of the 4.6% rate for Plus/Premium?

[JIMMWX (Village Idiot)]

@Revels post up thread explains, but;

Old World: 4.1% for everyone, 5.75% for plus/premium
New World: 4.1% for everyone, 4.6% for subscribers

Now, while that might seem a good move it basically undercuts, yet again, the value of someone deciding to have plus/premium. You really are just paying £5 or £15 for open banking/worse than market insurance now.

@Peter_G

Frankly, it feels like the savings and investment team are out of touch and treat the customer base with contempt.

First off, if you’ve awoken @Peter_G then you’ve really messed up Monzo! (And, I hope you are well!)

Secondly, man what a post. It completely summarises why I no longer bank with Monzo.

EDIT: Sorry, I misread @davidwalton’s email on rates. Pray for Monzo.

[louismiles04 (louis)]

ah I see, thanks.

[Nishi]

Where have Monzo stated 4.6% for everyone?

[ahj87 (Andrew)]

When is this change happening? I’ve not had any communication from Monzo. I know others have referred to an email they have received.

When I select to downgrade to a standard Monzo account it tells me my interest rate will be altered to 4.1% rather than the 4.6% currently offered for the IASP.

[Revels]

4.1% for everyone
4.6% for people who pay BUT removed the 1.5/2% interest across the account.

It’s all in this thread and the other one linked above.

[jparcher (JP)]

@JIMMWX

New World: 4.6% for everyone

Just looked on the Monzo website and it says 4.6% is only for Plus and Premium.

[ahj87 (Andrew)]

I am aware Monzo have removed the interest which accrued on the personal current account and pots, but the above posts strongly suggest that the rate applied to the IASP is now a flat rate (4.6%) whichever account you have, which is very different.

[chrisjamesgunn (Monzo Plus Member)]

I agree with everything, except I was able to get IFTTT to withdraw from a Monzo based Easy Access e.g 4.6% that became my workaround for what is a basic feature.

[JIMMWX (Village Idiot)]

@ahj87

but the above posts strongly suggest that the rate applied to the IASP is now a flat rate (4.6%) whichever account you have, which is very different.

I’ve edited, mea culpa.

The website is correct.

[andys (Andy Smart)]

To clarify what’s happening here, as I said in September we are actively looking at how we might allow customers to open multiple Instant Access Savings Pots. It’s something we were considering and we definitely heard your feedback in that thread about how important this is.

What some of you are seeing is an experiment we’re currently running with a limited group of customers to begin with to learn more about offering multiple interest-earning Pots.

Customers are included in the experiment at random so it won’t be possible to add you on request as we need to make sure the results are robust.

For now this is just an experiment, but we’ll keep you in the loop as we work on this.

To address a few of the comments in the thread about the Plus and Premium Instant Access Savings benefit:

• The rate for regular Monzo current accounts is 4.10% AER (variable) whereas Plus and Premium customers get an interest rate of 4.60% AER (variable).
• The Plus and Premium rate applies to Personal Instant Access Savings Pots and the Safety Net Pot.

[StuartL (Stuart)]

I appreciate you taking the time to come and post on a bit of a hostile thread but at the same time…

@andys

we are actively looking at how we might allow customers to open multiple Instant Access Savings Pots.

The fact the these pots were built with the artificial limitation of 1 per account is the thing that gives me the most concern. How the team didn’t think that this was a bad move, and then didn’t self correct is truly baffling. It should never have needed community feedback.

@andys

Customers are included in the experiment at random so it won’t be possible to add you on request as we need to make sure the results are robust.

I get that you want to make the tests robust but this almost comes across like a hand wavy line, particularly with the amount of opting in the community has been able to do with early cashback and flex updates of late.
That being said if you could share some of the thought processes about the potential pros and cons of offering multiple IAPs it well help the community be more understanding of the current process, as I for one, can’t see any cons that would warrant the need for it being tested.

Again appreciate you popping on here, please keep doing it, we all care about the product you and the teams are building.

[ndrw]

@StuartL

The fact the these pots were built with the artificial limitation of 1 per account is the thing that gives me the most concern. How the team didn’t think that this was a bad move, and then didn’t self correct is truly baffling. It should never have needed community feedback.

It’s so hard to understand this point. What’s the difference between keeping £10m in 1 savings pot vs keeping £1m each in 10 pots from a Monzo perspective? There has to be a reason for them to want to make customer experience actively worse…

[BristolMatt (Matt C)]

I assumed it was because some people would prefer to separate all their money into pots (even though they don’t earn interest) which is good for Monzo, but if suddenly all those pots generate interest then it eats into what Monzo gets. I would imagine that not everyone is actively trying to make sure as much of their money is earning interest as possible which works in Monzo’s favour currently.

[N26throwaway (Sir Tom MacMonier)]

It cannibalises regular pots.

It’s better for Monzo’s bottom line (though not ours) to keep the two ideas completely seperate and distinct.

Monzo moves the boundaries only when it’s convenient for them to do so.

And the cynical take is that this experiment, and their approach, is rigged from the outset. I hope I’m wrong, but there’s absolutely a scenario where in a few months they come back and say we experimented with multiple pots, customers weren’t using them, so we canned em.

The design of Monzo’s savings pots were flawed from the outset. They should have been a natural evolution to pots. Not a separate product. And because they weren’t I don’t think there’s any fixing them. Multiple savings pots only go so far, and it’s not nearly far enough.

Just listen to @Peter_G. He’s bang on the money.

If there are the annual polls at the end of the year (and I hope there are because the US team and the Flex team, and the iOS health team have been amazing in their engagement with us over this last year for the most part and deserve all the praise in the world), Savings and investments are gonna be dead last (they’re trying in a hostile environment, but it’s marketing they’ve sent to deal with it, not product development so it all seems very tone deaf and false), with Plus/premium/open banking (however they’re grouped these days) won’t fair much better.

[Kumnaa]

I got rid of all my normal pots and deal with bills manually via the instant savings pot now to earn more interest

It’s not ideal but I guess interest, even the small amount the gave, on normal pots wasn’t in Monzo’s interests

[ndrw]

Ah, how naïve of me to not consider the “Making money work for (Monzo above) everyone” possibility