Overnight interest bearing savings account

Feedback & Ideas
62

I believe the product exist in other parts of the world.
I don’t believe it is viable in the UK due to legislation and fairness rulings (whether you care about being fair or not doesn’t matter, Monzo is a Bank and is held accountable on such things).

And really all you are asking for is for the interest gained from time X to time Y (11pm to 8am?) to be shown every day, rather than every month.

Monzo already calculate interest daily, they just don’t display it.

So you aren’t asking for a new product just a different view on something that exists.

In that case, what is the benefit to me as a customer? That I see I made 3p interest? And what is the benefit to Monzo to invest time/effort into making this happen?

I understand the idea, I just don’t think it’s worth the time/effort to get it working.

63

while the app doesnt it does close for a certain day

you cant log in at 2 am on the 2nd of the month and expect to carry out a transaction for the 1st making it closed for the 1st in terms of time

i hope you get it come on work with me here

64

shown everyday and paid everyday should you want to take it elsewhere

if you dont see that as a benefit i dont think we are on the same page here

65

But why would it gain market share? We are talking pennies in your account a day compared to pounds at the end of the month.

It is also as @Eden has said a savings account not a current account - so why wouldn’t you just lock in your money for days at a time if you can afford to?

It isn’t that the product isn’t viable in other markets, I just don’t think it is possible in the UK.

Monzo make circa 0.75% on funds held in BoE - so they’'d need to work out how to make 1.25% in 12 hours EVERY DAY.

2 Likes
66

Fair enough. I’ll live with that.

67

Exactly. Not viable for Monzo as a business.

2 Likes
68

I know of no bank that allows such time travel.

2 Likes
69

I do get it, I just think that it’s not something Monzo will consider, not something I have any use for, and not something that fits with Monzo’s business model.

70

Roads? Where we’re going we don’t need roads…

slides down sunglasses

2 Likes
71

Really ? you cant see how its going to create new accounts ? pennies yes but you are giving the people who otherwise has no means of saving the oppurtunity to get more for their money

72

More for their money?

Keep that 3p in my savings so it’s £1000.03. Then add interest to that. It’ll compound over the month and earn me more than if I keep taking that 3p out? No??

I can’t. I’m out. This is bonkers.

73

No because instant access savers are already a thing? As is interest on your current account balance (Paid for on Monzo). I just don’t get the whole “lock down for 12 hours for x%” when you could just get the x% all day?

74

thats if they dont or cant lend the money out on a better rate to customers or other financial instutions

so a bit of a safety net

75

the whole day doesnt allow you to use your money during the day - and if you dont keep your money in a savings account for a month you get nothing

this product will aim people who cant normaly save

76

But this is literally what you are proposing. To take it out every day??

77

Gah. No I’m stepping out of this. Good luck!

78

But it does if it is a current account? - The product you linked is a saver so you have to physically put the money in to get the interest, interest on your current account balance means you can actually spend it and not put it in a designated product?

Not if your current account is paying you interest?

Why though? I could just move the money into an easy access saver at 5pm and get the interest, the whole “evening” thing I think is a red herring.

79

by the way this allowed ing turkey to open 1 millon accounts in a year

80

should you need to yes

81

the ing system does that for you by default

you dont have to deal with it eveyday its an automated system