Starling offering 3.25% on current and joint account balances up to £5,000 makes Monzo’s move to remove the already low interest on paid accounts look even more stingy.
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Monzo are really missing something here, barely responded to feedback, it’s like they’ve changed and just going for the easy option that’s less hassle for them rather than listening and taking note. I’ve raised a complaint on this to feedback officially and not had anything back at all yet other than chat closed please feedback request, quite disappointing.
I love monzo and have been with them since beta and generally see them as innovative but this change is such a step back especially being restricted to 2 paid savings accounts including safety net, without 3rd party savings.
Lots of work to do on this!!
Allowing multiple instant access paid savings pots with monzo would be a good start, something needs to change though, especially for ‘premium’
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This BS was the trigger for me to leave Monzo (after 4/5 years ‘all in’) for Chase and it is so much better. No regrets.
If Monzo had actually been communicative instead of blatantly ignorant following their insulting greed I am 95% sure I’d have stayed, so in a way I am glad they dealt with this so badly.
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I’ve decided that I don’t 100% like this change and I am now reconsidering Monzo as my primary bank. I’ve deferred the change until November but in prep for then I have resorted to:
- Moving all of my money into the instant savings pot
- *including all money intended for bills
- Paying exclusively on Flex where possible
- Monitoring how much i’m spending manually so I don’t go overboard
- Using Google Sheets to track all transactions
- Using IFTTT to move money in/out of savings automatically if my balance is not £0.00
- So withdraw from savings if below £0, and deposit if above £0
- Runs once a day at 11pm to minimize feed chaos
- I’ve also resorted to keeping the Joint account balance as low as possible, and only moving funds over the day before a bill is due.
- Which I have to do manually since Google Sheets export and IFTTT still don’t work with Joint accounts.
It might not be a huge amount of money i’m gaining from doing this, but in this current financial climate, every penny helps.
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I do the same regarding keeping all funds in the instant access savings and paying flex/credit cards. I just haven’t automated it.
I really hope they will consider allowing all regular pots to earn the interest rate so we can make use of them. Even with plus, I still worked this way anyway because of the small interest rate on the current account/regular pots.
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Downgraded from Plus and Hot Coral card arrived today and since I last had one of these the quality of the cards seems to have worsened 
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They keep spamming me to order a coral card.
I don’t want or need a new card. It’s a waste of plastic. I’ve turned notifications off and I’m ignoring the prompts when I launch the app to move a payment across to Chase. If they want me to have a coral card, they’re going to have to just send one, but I won’t be ordering it.
Banks should really be following Algbra’s lead on this by now. Make the physical card optional, not mandatory.
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yeah, I agree far too much waste. If you then decide tomorrow…oh, I want premium or plus back you then have to have a new card. That’s insane. I hardly ever use my physical card.
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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.
They already have if this thread (and I’ve been told Twitter) is anything to go by. I suspect more will go on November 7th.
I’m not sure how much they care either way though, the premium products haven’t been a priority for them for a while now, and nor do they really need that revenue in this climate with the new savings and investments products.
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?
It would. But honestly, if there was even a teensy weeny possibility of this potentially happening they’d have come back and suggested as much in trying to calm the reaction on here, but instead they doubled down.
The only glimmer of hope is that they’re exploring the possibility of having more than one savings pot, and that’s just disappointing and insulting. But it’s not just the interest that savings pots have to make up for, it’s the functionality. Starling have this thinking right. Monzo are behaving like a dinosaur in comparison.
The reason I’m gone already is because a bank already exists which offers exactly what you (and me) are hoping Monzo might deliver on some day. But the value of my (non-savings) pots already exceeded the £2k limit for plus interest. I have no hope nor expectation that this is something Monzo will ever deliver on. The fact they’ve since distinguished even further between pots and saving pots emphasises that.
However way you slice it, this change costs me £2.66 per month, and I can’t just conform to Monzo to correct for that. One pot is not enough, but I could have worked with 2. And as I’ve realised since moving everything to Chase, that staying with Monzo for that small plus boon was costing me over £18 per month that I could have been earning at Chase. I should have moved ages ago, but I didn’t realise quite how much I was sacrificing for the benefit of Monzo Plus and pots (and how trends tied it all together in a lovely coherent package).
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Yes. Use Chase 
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