Our all-new Savings Pot is here 🎉

Feedback:

I would like to be able to schedule withdrawals from the savings pot. It’s weird that this functionality is missing.

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Hey everyone :wave:, we have an exciting improvements to our Instant Access Savings Pots that we wanted to share:

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A great move!

All we need now is a competitive rate :thinking:

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Monzo’s rate is better than Chase UK…

And especially if you already pay for Perks/Max/Max+Family

Yup, apart from their Boosted savings acount.

I, however, have access to 13 savings accounts with higher rates than Monzo’s enhanced rate, and a further six above 3.85%

So, they may be competitive against a few, but not against the market, in my opinion.

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Not to be pedantic, but are they all Instant Access with unlimited withdrawals?

For example, I have a CovBS Triple Access, which on top of being charged a fee for 4+ withdrawals in a year, it’s also next working day withdrawals.

Either way that’s very impressive.

This is good to hear.

Something else that I think would be good in relation to instant and easy access pots is ability to change providers without losing transaction history. For example say I have a Monzo pot but I decide I want to change to Paragon. It would be good to be able to do this without losing the existing transaction history in my pot. Starting transaction history from scratch when switching instant/easy access account providers in my opinion adds friction to the savings marketplace. I assume its probably easier for you to use the existing approach of transaction history coupled to the provider, but I suspect its technically possible for you to have a transaction history layer that sits above the underlying provider in order to uncouple them, at least in the app UI. But if impossible, as an alternative please make it possible to access and search transaction history of closed pots.

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Unfortunately Monzo still don’t offer the extra 0.5% interest for paid accounts on Joint instant access savings pots.

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It does today if both of you have access to the extra 0.5% (aka paid accounts) I believe.

Nice to see this. Would be good to see the ability to have multiple pots under one ISA wrapper, similar to what Zopa do.

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Thanks for spotting this, it looks like Monzo have announced this today.

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My OH and I both have paid accounts and when I went to create a new joint savings pot it still shows the lower 3.85% rate?

Perks or Max? The older plans don’t qualify.

Aaah, that’s it. She’s only on Extra ATM.

If me and my partner had Perks at £14 but decided to have Max with family extra, would one of us on Max, the other cancelled still enable the bonus interest?

When sorting wages in to your pots, are savings pots included in the sort list?

Yup.

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Not joint instant access pots the last time I tried though…