Our all-new Savings Pot is here 🎉

[Peter_G]

If that’s the case, I’m out. And would possibly reconsider Premium.

It can’t be the case. Such a way to snatch defeat from the jaws of victory!

[michaelw90 (Michael)]

@N26throwaway

cancel Plus over it, or leave my cash in Atom if they did that.

Exactly why I said I’d not bring my savings over But if it’s actually 4.5% on the first 2k, and 3% over that, then I’ll move stuff over

I’ve closed my savings account with Monzo already tbf - cause I hate the temptation of it being in the same account etc.

[MalaiseForever (Ethan)]

@JIMMWX

I read this different. The money in the 3% pot is counted as part of the up to 1.5% on £2k, so in essence, if you have £2000 in the pot you’ll get 3% on that, and anything else, but lose any interest earned on the main account.

This makes no sense at all? Surely not!

[andys (Andy Smart)]

On Plus/Premium - think of this as a boost, here’s two scenarios:

Scenario 1 - you have 2k in your current account, and 5k in your instant access pot. On Premium you’ll get 1.5% on the 2k, and 3% on the 5k.

Scenario 2 - you have 7k in your instant access pot. You’ll get 4.5% for the first 2k, and 3% on everything after that.

We’ll boost the first 2k in your account with your paid interest rate, on top of what you get from instant access.

[JIMMWX (Village Idiot)]

@N26throwaway

Some clarity please Monzo!

Indeed. I’ll review this thread and update my interpretation accordingly so as to not add to it, and help others get it clear. But as of writing this, I’m very unclear.

[Peter_G]

Phew! That’s reassuring. Thanks for the clarification!

[JIMMWX (Village Idiot)]

@andys

Scenario 1 - you have 2k in your current account, and 5k in your instant access pot. On Premium you’ll get 1.5% on the 2k, and 3% on the 5k.

@bukisule

With the introduction of Instant Access Pots, these Pots will also count towards this £2,000 limit.

Thanks for the clarification.As feedback can I suggest that, to me anyway, these two posts contradict each other

[Sachaz (Sacha Zarb)]

[Peter_G]

@andys

I’m Andy - I’m the General Manager for Wealth at Monzo, which covers Saving & Investing.

Also, @andys , when you gonna come chat to us about investing?

[Peter_G]

@JIMMWX

these two posts contradict each other

They don’t (at least I don’t think they do) but @bukisule’s post was open to interpretation which was why @andys’ worked example was so helpful.

Also, @bukisule, don’t worry about your post - I know we’ve all jumped on it, but not because you’ve done anything wrong - we’re just hungry for all the details of the Monzo investments product.

[Sachaz (Sacha Zarb)]

[npc_06]

Would love to use this but since my Mrs got refused an account there is no point just me using my Monzo.

[JIMMWX (Village Idiot)]

@Peter_G

They don’t (at least I don’t think they do)

@Peter_G

open to interpretation

Anyway - I’ll leave it here. This is great news and l wish Monzo all success in launch - great timing and I think it will really help drive signup

EDIT: I also want to note my posts were simply to seek clarity, it’s great to see staff come on here, post and interact. Long may that continue!

[dannymidd]

not got it yet but

hopefully

[richycran (Rich)]

Haven’t yet got this but very exciting!

Is it just one savings pot that can be created or is there the ability to have multiple (I like to keep my Car, House, and Holiday savings separate)?

[richycran (Rich)]

Also, assume this will be more revenue-generative for Monzo than the existing ‘commission’ taken from Oaknorth etc.?

At a 3% rate Monzo will make 1% against the current BEBR of 4% versus something which I assume is a lot less with the third parties…?

[Sachaz (Sacha Zarb)]

yep, more on deposit at the BoE earning money and increasing revenue

[o99]

The interest-rate on offer here will great for my short term savings (e.g. savings for annual expenses and events). I already use Monzo savings marketplace for this.

However, for my long term and emergency savings (which are much larger sums of money) I’m reluctant to move my money to Monzo. Reason being I’m not keen on having very large sums of money accessible via apps installed on my day-to-day phone, especially if that money is instant access. This is partly privacy-related (I don’t want a shoulder surfer seeing how much money I have in savings or investments when I open my banking app) and partly security-related (I’m slightly concerned about muggings involving being forced to transfer money to another account under duress).

As such, if Monzo is to become a place for me to store larger sums of money/investments, I’d like to see a few additional features.

1. Option to set a savings pot (or invesment account when those are launched in the future) to hidden/obscured with an extra tap needed to reveal the balace or access the pot.

2. Option to set a withdrawal delay from a Monzo pot/investment account (like the delay that’s inherent when using 3rd party pots).

[awjdean]

@o99

Option to set a savings pot (or invesment account when those are launched in the future) to hidden/obscured with an extra tap needed to reveal the balace or access the pot.

Isn’t it already possible to hide pots ?

[SayjalM (Sayjal Mistry)]

You can only have 1 Instant Access Savings Pot. But you can still open other types of Savings Pots too