This would be a good solution
This ambiguity about which pots can and can’t be used is way more confusing for me than ‘interest will be paid regardless of where your money is in your plus account’.
For what it’s worth, I’ve signed up to this early but it’s frustrating to need to create a joint account pot (where I want my savings to be) only to have to archive it and move when the personal account has a better rate. It feels like I’ve done this several times recently.
Well obviously, it was a little tongue in cheek 
And that might be the case, but it asks this question
Is Monzo a software app or a bank. If the latter, paying £5 a month to get .5% of interest plus a dwindling number of paywalled items is madness.
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Both my partner and I have Plus so I don’t see why we can’t have 4.5% on our joint savings. It just makes no sense. It’s great that Monzo keep releasing new products, but I really wish they would give joint accounts some love. There is no need for this disparity.
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Last time something was received this well was… checks notes Plus v2
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For me, it’s both.
I still see value in the current offering hence why I’m still paying for it. To be honest the interest element of Plus and Premium never came into it for me. It’s a nice to have and of course I won’t turn it down, but still worth the money without it.
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From their reply, I think Monzo are interpreting statistics how it suits Monzo. After all, statistics can be twisted almost anyway you want. That said, this change doesn’t affect me so it doesn’t really bother me. But multiple interest earning pots would be nice.
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I think I generally agree with what others are saying. Multiple interest bearing pots would certainly help. Also someone mentioned in this thread that this may a way to balance against the cashback if/when that comes in.
Also pretty please fix export
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I may be in the minority here, I don’t know.
I’m quite happy with the change…BUT interest must be on all pots and there shouldn’t be artificial barriers that prevent me linking virtual cards or paying bills from said pots. (In some ways it’s like they forgot that there is a whole eco system they offer for paid tiers and interest doesn’t live in isolation to other parts of the product!)
As a result of this change I’ve consolidated a few more pots so that I’m getting as much interest in one place, but I will always separate out groceries, and bills from my main spending… And why shouldn’t I earn interest on those balances?
Hopefully this message is being heard loud and clear and that we’re talking weeks not months for the next iteration of savings pots now
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Multiple Instant Access Saving pots would be a solution - could be a Plus feature, each with the same interest rate of 4.5% (For Plus members). Also the same for a Joint one too.
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The Holy Grail.
But sadly, that’s not going to happen until Joint Accounts can have paid tiers like Personal Accounts.
If you haven’t already voted for the most voted for 
feature ever, please vote here:
No guarantees n’all - but the more votes, the more pressure…
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The contributions on this thread so far have made for a genuinely interesting read - we have staff members from a banking institution and customers openly exchanging measured (mostly), coherent and sincerely held - and sometimes opposing - views about one aspect of the future direction of the ‘product’. Things have changed considerably since I opened my first account with Lloyds many moons ago. The opportunity for this debate to happen at all should be loudly applauded.
Was the way interest was applied to the accounts confusing for most? Probably.
Is this more streamlined provision easier to understand? Very much so.
Does this new arrangement wreck one of the fundamental ways in which many customers use Monzo (Pots etc.,). Completely
Are there competitor institutions who offer pot functionality and all-pot interest? Yes.
So all-in-all it’s a bit of a dog’s dinner. Carry on using the excellent pot functionality and lose interest. Or, take advantage of a reasonably decent interest for the type of account it is and lose completely the benefits of the pot functionality, thereby making the customer experience worse.
At any point of change, an important consideration should always be, “Will this lessen the customer experience”.
For me, it will do, so my question to Monzo is, "Are Pots now finished with? Is this profoundly sensible budgeting facility/philosophy still considered to be an important feature of the account?
Why do I ask this? Because it makes no sense to keep funds in a part of the account offering 0% when a separate part of the account offers 4.5% and this is an important function of financial education/literacy, most of all for those customers with little spare cash, where the benefits of compounding over even a short period can be of significant benefit. On the other hand, the whole pots methodology is absolutely right in helping customers to budget. I wish I’d had this kind of functionality available to me 30 years ago.
The way I see it is that two features of the account, one excellent (pots functionality) and one reasonably good (4.5% interest silo) have been set completely at odds with each other.
It will be interesting to see how this is resolved.
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There’s an obvious trade-off between perceived convenience and value.
But Monzo can’t pretend there aren’t better value savings for free with other providers. And virtual cards for free. And free credit reporting. And free open banking.
I’ve said it before and I’ll mention it once more. It’s a conflicting message where on the Monzo socials they actively promote the separate pots thing as a way of neurodivergent people and those bad with money to manage their money, but actively punish that by only giving increased interest in the one pot.
If feedback said that understanding how interest was being calculated on an account waste this could have been made clearer rather than removing it completely
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Whilst, as I mentioned, I’m fully supportive of the idea of being able to have multiple full featured Instant Access Savings pots so that users can label their savings, use round ups etc and can see the general benefits of this and the way having just one discourages use of pots in a bad way — I am struggling a bit to understand the perspective that this particular change (the one this thread is about) makes all that much difference to that for most users.
Let’s say someone wanted to still use separate savings pots, thus forgoing interest on the amount they move out of the IAS pot. Then at most, the previous method would have given them £1.66 per month to cushion the loss. With the new method, they get nothing. I do understand that especially right now, every little helps for many people - I wouldn’t sniff at any amount of extra money people can get. But I feel like if someone can’t afford or feels it’s not worth it to sacrifice the interest in order to move an amount to another pot, then
- They’d most likely be looking for a better return on their savings anyway, with an alternative provider
- Getting £1.66 a month wouldn’t have made a difference.
Essentially, I find it hard to believe there are a huge amount of people out there who were fine with the way it worked before, because they got that £1.66 or less per month to “make up for it”. I don’t feel like that amount is enough to make a significant difference to how annoying/negative the no-multiple-pots issue is.
To phrase another way; to me it feels like the core issue here is that you can only have one savings pot. It doesn’t feel like whether you get 1% on the rest or 0.5% extra on the pot will make a huge amount of difference for many people i.e. a lot of the problems mentioned here don’t seem super related to the actual change (though I can see it’s a good time to mention them anyway).
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I agree. Even when I don’t like a change Monzo has made its great when Monzo staff engage in threads like this. Whilst the community only represents a tiny proportion of Monzo customers, we’re probably Monzo’s biggest cheerleaders and for many of us the opportunity for direct engagement with staff is probably a big reason we like Monzo.
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And that feels like a lovely place to leave things for the moment.
We’re logging off for the weekend, so we’ll close this thread for now. Let’s all get out to enjoy the sun, and pick the conversation back up on Monday.
Thanks as always for keeping your candid feedback coming, speak soon! 
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Hey everyone – hope you enjoyed your weekends!
Opening the topic back up this morning to continue the discussion
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