@rossmonzo Thanks for keeping us updated. Is there any discussion around granting this better rate for joint pots where both parties are subscribed to Plus or Premium? It seems very unfair that the savings I have put aside jointly with my partner are receiving a lower rate, when if they were in my personal account it would be higher (we are both Plus).
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The fact you had to close the thread for the weekend should tell you everything about this product launch.
Any update on letting users have multiple pots?
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And letting people pay bills from them too 
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I get the feeling fixing this in any way is going to take a while due to all the technical and regulatory work that needs to take place - and all of that is only if the decision-makers at the top actually recognise that there’s an issue here.
Gone are the days that Monzo could just change course like a light aircraft, now it’s more like a large container ship.
Problem is, whilst Monzo try to work out which way north is, I’m moving my money away to Santander and it’s unlikely that it will come back any time soon. I’m re-assessing my Monzo subscription (I think in the end I’m just going to go from Premium to Plus) and I’m sure many others are re-assessing how Monzo fits in their financial life too.
It’s been wild watching this particular straw break the camel’s back, but this was always going to happen with the arbitrary restrictions placed on instant access savings pots.
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If nothing changes by the time this new decision is implemented, I will do the same. My budgeting is easiest when I have different pots for savings with different purposes, for example I save different amounts for vehicles, home heating (we buy oil), and home insurance every month (we pay it annually), and it’s easiest when I can see the current saved amounts each in its own pot. Monzo are already making this more difficult for me by forcing me to have it all in one pot and keep a separate record as to what amount I have saved for each thing. If they now also pay me less interest for it, it will go somewhere else with higher interest, simple as that.
It really goes against what I thought Monzo was all about - making budgeting and finances easier, leveraging all the new design and technology possible by bringing radical new ideas and new ways of working with money.
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Some of these comments make it look like monzo stripped out the Pots functionality completely and it’s an account, and savings account then nothing.
Pots are still here. Budgeting is still possible. Finances can be managed.
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That’s not what people are complaining about. They’re complaining that they no longer gain interest on their carefully split pots (which may have been non-zero in value), and helped them maintain managed finances.
Instead now, to get ANY interest, they need to put all their money in one pot, and then remember to move it out to pay bills, or whatever.
It’s a re-raising of the same issue when the pot was first announced, that you can only have one, but this is made worse because now there’s zero interest for Plustomers on money not in that central bucket pot.
As a result, it’s making it more difficult (and less rewarding) to stick with Monzo, vs putting money in other current accounts which may pay >4% as standard, save the £5 Plus fee, and get more interest.
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All £1.67 of it …
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33% of the plus fee. 
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Regardless it’s £1.67, or 1/3rd of a pint of beer per month … I could understand if it was £16 per month. I just dont understand the drama …
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I think you’re missing the point a little here. Whether the customer has plus or premium isn’t relevant. If there was no one pot limit on the IASP then you would be able to keep your saving split into pots and earn more interest. The current implementation means it pays to have all your money lumped in one pot.
It buys my kinder eggs for the month. Don’t knock it.
My bills and credit card bills will no longer reward me with 3 free kinder eggs each month unless I go somewhere else. That’s devastating.
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Yeah, as I see it having multiple Monzo instant access savings pots is a separate point to the removal of interest from current account / ordinary pots. I’d love to have many monzo instant access pots and in it would quell the furore about loss of a maximum of £1.67 / £2.50 for plus / premium customers. That is, if they have a £2k balance of in current account & pots for the whole month …
Two things
- losing £1.67,£2.50 per month due to the decision we are discussing
- allowing multiple instant access savings pots to maximise interest and allowing bulls to be paid from them.
Point 2) is just one possible solution to point 1)
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I think we’re more or less on the same page then.
Going back to the original comment that sparked this bit of debate:
I would argue that in some ways they have done exactly that. Yes the feature still exists, but it makes no financial sense to use it.
I wouldn’t say this is particularly linked to the capped interest plus/premium customers are now missing out on, it just happened to be that particular issue that ended up really exposing the pot limitations.
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Accumulated for a year, this is a whole day’s worth on a posh sun bed on a beautiful Greek beach.
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They can still be managed but plus and premium were sold on the facts that you get interest on your main balance and pots, it brings in a little and helps reduce the amount fees somewhat.
If that’s removed and replaced with just the savings accounts earning then most would combine their carefully managed pots into that or move elsewhere as that’s what other bank offers, I’d likely move my pots over to zopa but like them in monzo as it’s easier in one place which was the perk of the premium.
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I’ve just blown my 12 months interest on a few pints of KEO and a kebab on a Cyprus beach . 
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If Monzo has lost Revels, then something has badly gone wrong.
I shall shortly resume my vow of silence but I’m here to ask Monzo to reflect on two things:
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whether the savings team truly understands the wider product and how customers use it to manage their money. With respect, the evidence suggests to me that they don’t.
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how to engage with the community. Again, with the utmost of respect, closing topics to curate the discussion is not a good look. And nor is broadcasting marketing messages instead of an authentic dialogue that explains the considerations at play, preferably from the responsible product person.
Monzo has set itself high standards. It remains a market-leading product. But it risks getting carried away by its own hubris. What Monzo does next on this will be a defining moment for the company: will it double down or will it refind its humility?
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Welcome back!
Hope you’re well.
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