If my maths is right, you need £12k to make Plus free.
£12k @ 4% = £480
£12k @ 4.5% = £540
But now you have to have it in a pot, you’re not gaining interest on your bills pot, your coin jar etc.
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Oh, I’m just stupid and didn’t see that! Should be on the top, super confusing
First option shouldn’t be there, seems a check for account status failed?
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Don’t get me wrong, for those with decent amount of savings, this is a GREAT change for them. Nice little boost in interest gained.
As someone who has low savings, and most of my wages being kept in a “bills pot” until payment is taken, I was earning a small amount of interest each month on this money. With this change, I can now only get interest on what’s in my savings pot, which works out LESS overall than the current system.
Edit: If i’ve worked it out correctly, anyone with £4k or more in their savings pot (and has Plus) will get the same or more interest. Those with less than £4k will vary depending on what they have stored in their other pots and account. If you have Premium, then it’s better to have £6k (I think).
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There is nothing exclusive about this. It’s effectively a discounted interest rate while still charging the same monthly premium.
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I would also like to know if the safety net pot is included in this?
I have the email but no option to option to upgrade yet
@rossmonzo is there any headway on having multiple interest pots instead of the current restriction of 1?
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I’ve just turned this on early and the safety net pot is reporting an interest rate of 4.5% as well.
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I like that fact that interest for plus/premium customers is now clearer, but as others say, removing interest from current account / pots will affect some people negatively. I’ll probably collapse some pots into my Monzo instant access savings pot, or move them to other providers easy access pots…
Maybe this is the start of the plus / premium package overhaul?
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I like the idea of savings pots earning more but the one pot limit is frustrating.
Also, it would help if the bonus could be applied across both regular pots and potentially ISA pots if you launch these in the future. I’ve moved funds out of non-ISA pots to avoid losing 40% of the interest. It only takes £12.5k of savings at 4% to hit the tax free allowance as a higher rate taxpayer.
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Just got the email, and I am sorry to say that the below wording by Monzo is far below the honesty standards I’ve come to expect:
This change brings my interest rate for the first £2000 (which is I expect what most people have in there or less) down by 0.5%, so it is most definitely not rewarding.
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I’ve opted in but it looks like I’m in the minority. It won’t suit people that have low savings but as my direct debits go out within 3 days of being paid I wasn’t earning much that way anyway. Fortunately I have a decent amount of savings in my pot so I will benefit. All criticisms above are valid though, it looks like this is a way to push people to open an Instant Access pot.
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Similarly most of my money is in either of the two Monzo pots so this works well for me.
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Maybe I’m missing something here, but this change means that no interest is payable on the main balance for the account. It is only payable on money sidelined into a Restricted Pot which does not allow payments to be made from.
For me, it’s a no. My main use of Monzo has my mortgage and all the bills for running the house going out at various points during the month. This is within a Joint account.
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I’m a bit confused. Can someone clarify? Obviously I don’t keep my savings in Monzo because the interest rates are diabolical. But one reason I think Plus is okay is because the interest on the current account pays some of it back.
It looks a bit like this post says ‘hey! You told us interest was important to you so we are removing it from Monzo plus’?!
Or have I missed something?
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I don’t understand why having it all in one place is convenient when you can transfer funds instantly (or almost instantly) from a number of other accounts paying significantly more interest. It’s better for resilience to not have all your funds in one place, IMO.
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Removed under the guise of simplifying.
“Hey, you’re gaining interest on your bills pot and 3 people said it was confusing, so what we’re going to do is take that away and give you a .5% bump which only makes sense if you have over £12k and we’ve done the sums internally and know that’s 2.6% of our customer base, so this will save us money overall”
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I don’t think so - I was thinking the same thing myself.
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Right but also if you have managed to save 12k you should also be money smart enough not to put it in a savings account that’s well below the market rate. This feature is only good for people who are both good and bad with money at the same time 
. (I mean I’m sure they exist, but it’s pretty limited and they must know that)
In my view, this is just an announcement that they’ve removed interest from Plus 
. I was enjoying it, but this bumps the cost up quite a bit, so I’ll probably ditch it now
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This is a pretty nicely wrapped significant downgrade IMO. I would have to now completely change how I use Monzo to even come near to getting the same sort of benefit, which just doesn’t work for me.
It’s hobbled further by the fact you only get one of these pots (an argument can be made for 2, but that second one is a very specific limited use case).
This change just pushes me more towards Chase for everything now my bills pot and credit card pot will be doing no work for me.
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