Our new exclusive interest rate for Plus and Premium customers

Haven’t they stayed with monzo but cancelled Plus?

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Oh, I read it the other way and they’d moved bank. That kinda protest :melting_face:

@glenmcfar got it!

A mild British protest taking place in my mind :grin:


You could get the virtual cards free in Starling :thinking:

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Virtual cards are a minuscule part of the equation that made Monzo work as well as it did for so many people.

For those left disgruntled by this change, there’s really only Chase worth moving to if you’re going to leave.

If the virtual cards mattered that much at all, you probably wouldn’t be downgrading over this.

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Agreed, Chase wins hands down in my opinion. Yes my savings are elsewhere - Santander Easy Access, Santander Edge, NS&I fixed etc. but for day to day banking it is superb. I keep a small reserve in a savings account, which is topped up as required. From that I top up my current account to keep a minimum daily level of £100 when in the UK.

I will be going on holiday in a week or so and in that instance I make sure the money in the current is £200.

Now some might/will say that they cba to mess about like this, well it takes me less than 5 minutes in the morning & that time I am usually ‘sat down’ anyway so I am being productive in two ways.


Marcus have raised their interest rates today higher than the plus rate!

I’m a bit suspicious of Chase as they seem to be buying market share as many of the things they offer are not sustainable long term such as the cash back, as the interchange they make on transactions would not allow that level of payback to customers. So they are clearly running at a big loss to gain market share - would be my guess. Sooner or later they’ll have to roll back some of their benefits.


So you transfer your money while… making a deposit?
I’ll get me coat.

On balance (no pun intended), I’ll probably stay with Monzo, and probably stay plus, in spite of these changes. I was premium for a couple of years until about 6 months back, when Lloyds did a better bundle offer for insurances, but the combination of pots and joint account works really well for me and my better half, as we both get our own spending/savings accounts (though most of mine is in Santander now), and the joint has pots for bills, mortgage (it keeps changing at the moment, so we keep it separated), etc.

If we didn’t lean so heavily on the joint account, I’d look at Chase, but they don’t offer joint accounts at all (do they?) so it would just add too much inconvenience, and kill all the transparency for us.

Also, the cashback is no incentive, since most of our spending is on Amex at 1.25% cashback, anyway.


They also have ethical issues with JP Morgan if your into that sort of thing. JP Morgan (and Chase USA) have quite a few issues although the uk is a separate division it’s still one big company and that’s splitting hairs imo.

I rinse their cashback (until they ban me or remove it) but I don’t really like the app that much and don’t find it very performant.

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Chase don’t make their own app in house - it’s all done by a company called 10x Banking Technology (founded by ex-Barclays CEO).


A few bits of feedback from me:

  • The whole concept of splitting my savings into pots is dead. Why would I use 5 different pots, when if my money was consolidated, I’d earn more in an interest-bearing pot?

  • If I’m going to hold all my savings in one pot, why would I do that with Monzo when there are better rates elsewhere?

  • I placed so much value on the Google Sheets export, but it’s honestly so bizarre to see a company offer a paid feature then constantly introduce new features where the team haven’t taken the additional time to make sure they work with the Google Sheets export.

  • Other accounts in Monzo almost made me keep Plus rather than Premium, but NatWest and Halifax both offer this free. I’ve gone with Halifax since they support more banks, so I can still see all my accounts in one place.

  • The insurance features hold little to no value now as I have them elsewhere.

I think realistically I should have cancelled Premium a long time ago, but inertia kept me paying that £15 each month.
Really it was the change here to interest that prompted me to re-assess my position. If Monzo give Google Sheets some love, then maybe I’d consider Plus again, but for now I’ll stick with the free tier.


I’ve just moved money out of Monzo that I would have kept in had there been the option for more than one pot at this new interest rate. I like to segregate my savings for certain things and it’s just not possible to do this anymore and get the best rate within the Monzo app. Please fix this so that I can keep my money together!


You can have two higher interest rate pots if you utilise the Safety Net pot. Maybe not enough to suit your needs, but gives a bit of flexibility.

Thanks - I am already using that as a true safety net though!

Oh yeah. Never thought of that. Sorry lol

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I am very much in the same situation. If earning interest on pots was doable so should interest on an instant access savings account. Make it a benefit of the paid tier accounts.

The pots I was using are now obsolete.


@rossmonzo is any consideration being given to the feedback from customers here or are you progressing with the changes regardless?



(don’t know what the file name is - I just found this. Just imagine it says ‘Community Feedback’)


forum for democracy :nerd_face:


Speaking of which, I’ve just cancelled my Plus subscription today. As of next month all my direct debits will have shifted over to Chase.

Standing orders have been set up to move my income to Chase from Monzo as well. So Monzo’s role in my financial life will be completely removed. Contemplating putting in a switch, but decided against it for now. Whilst I’m doubtful Monzo will get back to a place I like, I’m not yet ready to fully give up on them.