Paragon Savings going down to 0.3% on 1st August

[PaulUK]

That’s the rate currently displayed on the Monzo site too, so assume new customers get 0.30% with immediate effect.

Edit: My five interest bearing pots yielded a combined sum of 73p this month

[don_quixote]

@PaulUK

Edit: My five interest bearing pots yielded a combined sum of 73p this month

Don’t spend it all at once

[Anarchist (Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)]

@PaulUK

Edit: My five interest bearing pots yielded a combined sum of 73p this month

In just one more month, you’ll be able to buy a first class stamp!

[Paulw (Paul)]

If only Monzo allowed to change a savings pot to another without having to close, delete, recreate and open

[don_quixote]

Would be so much easier

[PaulUK]

Only Paragon on offer at the moment

[Paulw (Paul)]

Yes of course, but prior to this or indeed after when more providers available, it would be a handy feature

[PatMan]

If you use Paragon directly you’ll get 0.5% interest, currently.

[Demmedelusive (Graham)]

This has to be one of the saddest threads for a while. I just don’t see it ending well

[DaveJ (Dave)]

There’s not really much point in having a savings space with a 3rd party through Monzo at the moment to be fair, they skim off a % which is already quite low to the customer already. You can go direct and in most cases still use the faster payments system to get the money out, which is probably slightly quicker then you’d get it by requesting it from Monzo.

[Gavinator (Gavin)]

You’ll be hard pushed to find a good interest rate at the moment given how low the base rate is. Best to hold anything you don’t need right away in index funds, particularly as rates are unlikely to go up any time soon.

[PaulUK]

I have ZERO Third Party Savings Pots with Monzo, and have for just over year, after discovering Marcus and same day withdrawals.

Didn’t see the point of them.

Though, while still open, Marcus doesn’t have any more than a £2 of my money today.

[Demmedelusive (Graham)]

@DaveJ

You can go direct and in most cases still use the faster payments system to get the money out, which is probably slightly quicker then you’d get it by requesting it from Monzo.

My sense is that this has always been the case, the benefit of the Monzo marketplace offering simply being neatness in the mind.

Shopping around isn’t anywhere near as arduous as some think, and frictionless access is easily had.

But as @Gavinator points out:

@Gavinator

You’ll be hard pushed to find a good interest rate at the moment…

Like many, I currently push a few quid from one easy access account to another more for something to do than anything else.