I hope it also includes moving from their partner ones too. Their rates are significantly less and otherwise you’d have to transfer out, then transfer back in to get the better rate provided by Monzo.
You can choose to see your all time interest or monthly total interest across all savings pots but it used to allow to choose one for default but now it always reverts back to all time. Be nice if the option for default was allowed again.
A feature that would be really useful would be the functionality of sub-dividing savings within the ‘Savings Pot’ and within Monzo’s own ISA.
As well as my Monzo cash ISA I have a ZOPA Cash ISA where I can create separate pots/allocations/baskets/cubes or whatever one wishes to call them.
This is a superb budgeting and savings tool.
Of course there will be some costs incurred behind the scenes in building this functionality in to the app but the overall amount of funds receiving interest wouldn’t change - it’s just divided up under several ‘headings’ instead of one.
If Monzo were able to replicate this kind of functionality, more of my spare cash for my ISA would find its way to Monzo rather than elsewhere.
I’m sure it would be another positive marketing opportunity to attract new customers and new funds.
Changes to Instant Access Savings terms and conditions
Hello N26throwaway,
We’re making some changes to our Instant Access terms and conditions from today - 24 July.
Instant Access Savings terms for Perks, Max, and Max Family
With Perks, Max and Max Family, you get a higher interest rate on our Instant Access Savings Pots and Instant Access Cash ISA.
Perks, Max and Max Family customers have had this boosted rate since they signed up, but we’ve now updated our Instant Access Savings Pot and Instant Access Cash ISA terms and conditions to reflect this.
Nope. They have to give us 14 days notice on decreases per the terms of the account. They may give us that notice today though. I’d be surprised if they don’t.