I understand that 1.50% interest rate was fine when the Bank of England Base rate was 0.5% or lower. Now its terrible in the current climate. Does monzo have any plans to raise it?
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Not that they’ve said.
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Have changed the thread title, Monzo doesn’t have a ‘Platinum’ account.
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My opinion is that current accounts don’t really ever track the base rate for interest and Premium interest is really only a nice thing to slightly reduce the fee, if you put a lot into the account. Don’t rely on it to follow the rating base rate; use a savings account for that.
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I understand that and Monzo might be understandably cautious due to the failure of previous packaged accounts. But i mean even within comparable current accounts it its behind the times for a platinum card. I think also the lack of companion regular saver like first direct or barclays lloyds and natwest with a higher rate hurts it as well. You can get the benefits cheaper elsewhere currently.
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Also, I suspect that the odds of Monzo making their paid accounts effectively free are close to zero.
If you have a search this is covered an awful lot.
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