And now that 3.7% is higher than 1.5% (obvs) people see the bigger number and want to take advantage of it.
But in reality, is it worth the hassle of moving money around? If it’s your tax bill for next April, then absolutely put it in there, but if you’re moving your phone bill money between pots, you’re barely making pennies.
If you are a penny counter with interest Monzo was never the bank for you anyway (and I mean no disrespect to that group, I know there are people out there who do this and good on them).
Same. I see regular pots as a digital tool for envelope budgeting, and interest bearing pots as savings accounts.
Maybe Monzo created a problem by using the term pots for both.
Monzo aren’t ever going to pay 3.something interest on a current account feature. You’re going to need to find a different way of budgeting if they’re useless without that.
Of course, with inflation as high as it is, every savings account you put your money in will be, in real terms, as you say, “effectively losing money”.