You and me both. Metal lives on for now…
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The transfers between pots out from my savings has gone through the roof.
I transfer out of my savings pot, back to my current account, to then be added to my ‘no interest’ pot.
If we’re to see no change to rates in pots, can we at least have the ability to pay bills etc from your ‘savings’ pot which has been ring fenced. I’m keeping money in ‘no interest’ pots for the least amount of time as possible.
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I think that’s sure to happen now that Starling are paying interest on everything if they don’t want to see an exodus.
They aren’t going to change because there won’t be an exodus.
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Agreed but they will lose some customers over it.
I’m not going to move for 33p (that it would be this month) but as the first three pots increase, this gap gets wider and wider. If the last pot increases enough, Monzo will get ahead.
As I’ve said multiple times, it’s not about the money. How I have my pots and I’ve slimmed them down to four, suits my financial management in a much better way, I could bundle them all together but I (and many others) don’t want to.
If I could have 4.6% on all of them that would be much better.
Otherwise you’re basically saying that if I use Monzo Pots and segregate my money as you’ve suggested since you launched them, I’m going to be worse off.
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I’ve put all my different pots into my 4.6% account now as to not lose out on interests. Which kinda defeats the point of me using Monzo now
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Surely you could use the safety net for your Rainy Day Fund, and the instant access saver for the Coin Jar, and get another 0.80p (guesstimate, no calculator involved) per month that way?
Though , to be clear, I do absolutely agree with pots being broken, and dearly wish that we could have multiple instant access 4.1/4.6% pots, ideally with DDs coming out of them, but I’d be happy either way.
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Are we ever going to be able to clear a credit card from an Instant Access savings account?
Yes. Use Chase 
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Feel like I’m being edged closer to Chase 
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The main issue for me is that the interest rate goes from 1% boost (1.5% for Premium) to just 0.5% boost, on top of an interest rate that isn’t really that great anyway, AND you have to keep your money in 1 place to earn it.
Multiple pots to have a more focused relationship with your money is not possible if you want to gain maximum interest too.
For me, there are a few possible solutions:
- Make the instant access pot interest more competitve
Doing this will like make people not feel as compelled to move all of their money to the pot - Make the Plus/Premium boost at LEAST match the 1.0/1.5% they get now
- Give people the option top choose either 1.0/1.5% on everything" OR “boost in rate for your instant access savings” so they can pick which is best for them
- Add a Plus/Premium boost/perk to the “cashback” scheme currently being trialled
Such as 1% cashback on all card spending, like Chase, or 1% on household bills, like Santandar
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I’m also considering a move to another bank as Monzo just isn’t the same as it used to be. Chase is the bank i’m looking at currently but going to do some more research before I make a decision.
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It’s very close but because I don’t have vast sums in these pots, it doesn’t worry (annoy) me enough to move.
I have a JA, Flex and most importantly, the export, to keep me with Monzo. I know it’s not a huge issue to have these things spread around, I just like it all together and the value difference isn’t enough for me to move. If this change cost me £50 a month then I’d be gone by now.
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It’s obviously for each person to determine whether this change is to their benefit or detriment.
I was paying all my bills from a pot and I used to segregate spending money for food, as well as using the savings pot. It was regularly clearing over £2k per month.
The only other benefit I was getting was using the virtual cards.
All of which I am paying £5 a month for.
So I can get all these benefits for free with Starling.
One thing I have started doing though is putting my joint account bills pot money into a savings pot first. I get paid on 21st and all my direct debits come out on the 1st. I used to just top the pot up and leave it.
Now I put it all in the saving and then move it out the day before. 10 days of interest is better than nothing. I probably should have been doing this before this change anyway TBH, but at least it prompted me in to a better habit.
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My main reason for using challenger banks such as Monzo and Starling is to get away from the old-school financial institutions and Chase is just a fancy version of same old, same old.
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I thought Monzo Premium was 18-70.
As someone who is about to hit that in four weeks, I’m now a bit sad 
Has anyone raised a complaint on this, I did some time ago and had nothing back other than an acknowledgement saying they’re very busy with complaints but will come back to me.
A complaint won’t get you anywhere. They haven’t done anything wrong, people just don’t like it.
Complaining officially is a waste of everyone’s time. All you’ll get when they eventually get to you is a “Sorry you feel like that. Have £10 as a gesture of goodwill”
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