Feel like I’m being edged closer to Chase 
2 Likes
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
3 Likes
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.
3 Likes
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.
1 Like
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.
That’s fair, and probably where we differ. I don’t have any of those other things tying me down to Monzo. For me, it was just my current account, so moving somewhere else is very trivial.
If I used those other things too, I’d probably be locked in with Monzo too, just not necessarily to plus.
1 Like
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.
3 Likes
I have Flex and use Shared Tabs but I only visit the app for those two things. Shared Tab usually covers the Flex payment and any surplus is moved out in a matter of minutes.
I have flex and like it, but it’s non-essential and not a credit card. I can live without it, I don’t need it, and won’t miss it.
I’ve been using it to split bigger things like holiday deposits and insurance. Though I still don’t know if I like it, it just feels like making future me pay for things.
Not that I’m overspending but rather just disrupting the flow.
1 Like
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.
4 Likes
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”
3 Likes
No, I just cancelled. It’s not an issue worth complaining over, and I’m not even sure you could formally complain about it. The changes sucks, but the bank has gone about informing customers and implementing them correctly.
The only issue I’m seeing online is some debate surrounding whether Monzo are supposed to inform you of your consumer rights when implementing changes like this, because they haven’t been doing that when communicating the most 3 recent downgrades to the paid offerings.
4 Likes
Hi @andys four months since you said you were looking into it, and two months since you were actively looking into it, do you have anything to share please?
21 Likes
It seems Trading 212 now offers 5% interest, paid daily and fully flexible from what I can see
3 Likes
Worth mentioning the Notifications > Earned Interest to avoid getting a you earned x each day.
Anyone need a T212 promo code I have unlimited being vip, won’t post it here but PM
When you login you’ll need to Enable the higher rate btw if anyone already has an account.
1 Like
It’s worth mentioning the higher interest on trading 212 is using money markets. It’s not the same as a conventional savings account.
5 Likes
As the title suggests, no longer getting interest on Monzo pots is frustrating. I’m being forced into using ‘Easy-Access’ accounts from third party providers within the Monzo app for my savings to earn interest.
This means I can’t use virtual cards on these savings pots - where before I was using virtual cards on pots assigned to Gifts, Fuel and Car Costs etc.
Are we getting interest on pots back?
Why was it removed?