I’ve just noticed the interest rate on the Paragon easy access pot is now advertised as 0.35% (was 0.3%). Will any pots I have with Paragon be updated to 0.35% in the same way they were dropped recently?
Ahh they really gunna make me close out my pots and recreate them
Im surprised actually that monzo dont sent out notifications for this, surely an updated rate is good for monzo as they will get a slightly bigger cut on interest?
I only ever see the rates get progressively lower it would be good if they automatically increased them as fast as they automatically reduce the rates
I’m not surprised, that’s not how savings products work. If a savings provider launches a new product they don’t go updating the previous accounts they offered that were created at a lower rate.
The lowering of the rate is connected to that specific account.
Well that would be unique if monzo did the cancellation of the savings account, moved the money out, then recreated the savings account and moved it back with the provider. Might piss the provider off as they would lose out on those with the lower rates that haven’t spotted they could do better.
Now that would be truly disruptive… imagine saving with Monzo and been guaranteed to be on the best savings rate at all times
Yeah although those wanting the best rates would probably go direct anyway.
I mean atm you can get 1.16% easy-access (NS&I), I’ve no idea why you would want to sacrifice so much to have it under one roof via monzo.
Indeed… but imagine if somehow your money could be moved around external providers such as NS&I and still be shown in Monzo as pots… maybe a future iteration of open banking could enable this in the future…
If you’ve got money in these products then you don’t really care about interest given that NS&I has the best rate around for easy access.
Also just noticed the Standard Charter one is also now re-available at 0.46%.
still 0.30% for me
Is this really true, all the automatic decreases that have happened on my saving pots over the last few months will not automatically increase over the next few months? I have to close and reopen each one? This is really not good! If Monzo can automatically decreases the rate they can automatically increase it.
And direct with Paragon the same account is 0.5%, how can Monzo say it doesn’t effect the rate we are given when it clearly does? Sorry if this has been covered before, just feeling a bit deceived by Monzo at the minute
Monzo have never said this to my knowledge. As far as I know they’ve never said anything on the topic other then they get a cut of whatever interest is paid.
If you pretend to open a savings account in the app, the info screens say it. I couldn’t take a screenshot
Ah, I understand what you mean.
What it deliberately doesn’t say (and has never said) is that you get the same interest rate in pot form as if you went direct to the provider for an account. This has been pointed out repeatedly since Savings Pots were launched.
How people interpret the words, of course, is a different matter. I’m sure it’s a very carefully constructed sentence!
Easy access on Monzo?
Do you already have a Charter savings pot?