Da*n - that was going to be my next to get the full collection.
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Trying to do the math: (this doesnât take into account compounding)
ING Product:
I have ÂŁ1,500 a month - ÂŁ500 on bills so cannot move that in - ÂŁ1,000 in the account every night:
- 2% on ÂŁ1,000 recurring every day for 31 days = 5p per day = 5p x 31 days = ÂŁ1.55 over 31 days.
UK Bank:
I have ÂŁ1,500 a month - ÂŁ1,500 gets interest as it is all in the account
- 1.5% on $1,500 recurring for arguments sakes 15 days = 6p per day = 6p x 15 days = 90p
- 1.5% on ÂŁ1,000 recurring for the remaining 16 days = 4p per day = 4p x 15 days = 45p
So with a 0.5% difference in interest Iâm only losing 20p a month and I donât have to stop the ability to pay?
But they havenât - theyâve created a Current Account linked with a Saver
UK Current Accounts do BOTH
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OK.
Monzo say this is the best idea ever and decide to build it.
How do they pay for all this new interest they are paying that they havenât been before?
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a pence a day is 3.60 at the end of the year and this money no current account will pay you for on and off balances
This thread is a welcome and refreshing contrast to the posts of 24 hours ago
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Ok, I was pointing out how it was impractical (also not a guy so maybe you just were directing that comment to all the guys commenting)
My real issue is that itâs an idea that has absolutely no use to anyone at all
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I wasnât here 24 hours ago, what happened then!! Do I need more popcorn??
Letâs not go there. Weâre all OK nowâŚ
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And I care how Monzo do it because if they build this, they arenât building something else that I would personally find much more useful.
Spoilsport⌠(heads back 24hrs)
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again not our problem you as customers let the tresuary department worry about that and they get to set the interest anyways
its not like we are forcing a percentage on them
is that why ing managed to secure 1 millon new accounts ?
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Ahhh ok. Well I will part ways with this thread now as I do care as I am invested in Monzo and it being successful.
Who? Monzo will directly lose money from offering 1.5 to 2% interest as the Bank of England only pay them 0.75% interest on deposits.
But we are if they are to beat an âeasy access saverâ currently leading at circa 1.55%
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In the uk?
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1 million accounts in one country with differing rules and systems is not comparable here. ING may be the very best bank in Turkey but the same doesnât apply here.
are you guys serious do you really think thats all monzo does with your money ?
thats only when they cant sell it as a loan or an overdraft to other customers
bank of england rate is for the bit they have to secure as a deposit against our savings
OK, time to stop feeding this. Ciao!
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i have to go back to work too
just a suggestion
No but we know (because Monzo have told us) that 75% of all customer deposits sit with the BoE - that gives them 25% for loans/ overdrafts and 12 hour windows to make 2%.
I get the suggestion because it is something that has worked and is working for you - but when your current account already does it why is it needed?
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