Hey Folks, I’m Andy - I lead the savings and investments groups at Monzo. I wanted to drop a few thoughts on this, as I can see it’s sparked debate among our community. I can see there’s some tensions around how pots and savings are interacting with each other.
First up - we are looking into considerations around earning interest on multiple Instant Access Savings Pots – but we don’t have an update or timeline just yet, as I’m sure everyone here understands, these decisions take time to plan and agree on.
For context, as with any savings product there’s a range of factors for us to consider and work through around this, like how it would affect customer behaviour and the implications it could have for our business more widely.
In the same way Instant Access Savings Pot and third-party Savings Pots work now, we may continue to distinguish between Pots for growing your savings longer term (i.e. Pots where you build up your savings through regular payments and round-ups, earn interest and don’t spend straight out of) and Pots for budgeting and organising your money day-to-day (with the functionality to pay bills and spend straight from the Pot). We’ve taken your feedback from this thread, and we’ll be continuing looking at how savings Pots intersect with regular Pots.
Our goal with this change is to help and encourage more Plus and Premium customers to grow their savings with Monzo – by making it clearer / easier to understand, offering a preferential rate and a much higher limit of up to £100,000 – which significantly increases the potential interest you could earn. Data from across the customer base so far shows this is leading to more Plus and Premium customers opening Instant Access Savings Pots and moving more of their savings into them.
We know we have much more to do with joint account parity generally, that’s something we’re actively considering both in our team and across the company more widely.
As pointed out, the Google Sheets export feature currently only works with current account transactions, and not with Savings Pots including the Instant Access Savings Pot. I’ve passed this feedback back to the team as I know for folks who are using it, it plays a key part in your day-to-day personal financial management.
I’m grateful for your feedback on this - I know not all changes will land positively for everyone, and appreciate that this might not work for the way everyone uses Monzo. As we continue to develop and iterate on our savings products, I’ll continue to share updates here with you all.