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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Yeah, that venn diagram looks like a pair of glasses.
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There are actually quite a lot of savings accounts which now pay more than 4.5%.
Staring with Santander who are offering 5.2% on up to £250,000 - and you don’t need to pay any fees to get that rate either.
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So we are now restricted to one pot that will pay interest and all the rest are no better than keeping money under the mattress?
For me the USP of Monzo is being able to keep money in different pots for different things. I keep my main savings in an interest bearing pot but there is enough dotted through my regular pots to make this change seriously frustrating.
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That’s not right…
Monzo have two pots that pay interest at 4.0% (raising to 4.5% in November for plus/premium customers) and 4.08% easy access accounts at just over 4% with Investec / Paragon, or plain pots with no interest…
Sure you can get better rates elsewhere… but personally I’m willing to sacrifice a small amount of interest to keep it all in the Monzo app…
Honestly the Barclays app is just frustrating, security to get in, clunky screens, I’d rather deal with it as little as possible and at the moment after buying a house, a ton of furniture, going on holiday etc. my savings aren’t anything to call home about, so for now it suits me. Give it a year and maybe I’ll go searching for a better place to store my savings but for now this is marginally more convenient. At the moment I store all money for the month in savings as well, and dip into it as and when needed, so doing that with the Barclays app is annoying
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They’ve just made it worse. Stick your money in Chip for 4.84% & instant withdrawls or 5.2% at Santander.
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