Just wanted to know what is the monthly saving interest rate between Monzo and HSBC? thanks
you’ll need to be more precise, Monzo have many savings integrations and i presume HSBC the same
Basically, on my regular HSBC savings account, I earn a monthly interest rate of 5% fixed rate (I believe), just wondering if Monzo offers the something similar, if so what’s the rate?
Monzo offer instant access savings, fixed rate savings and ISA’s. HIghest rate of the top of my head is 1.81% on a fixed term savings account integration with Charter savings bank for 1 year
Ok thanks, so would you say I’m better off keeping my HSBC account for savings?
Apologies for my ignorance.
i’d say definitely better off sticking with HSBC
Monzo will possibly launch a monthly saver soon but 5% is a great rate
5% is a brilliant rate, so I’d say stick.
Okay, so it seems 5% is for Premier/Advanced customers, and regular (mine) is at 0.15% AER
Ah, in that case you need to move your money because that rate is utterly pointless
Do you have a lump sum you want to lock away for a period of time or do you want one you can add to and dip into when needed?
More of dip in at this moment in time, but will lock away and add upon later on.
The only problem is, if I move the savings over to Monzo, will HSBC not close my account? I’ve already moved my current account away, so it’s empty at the moment.
You can keep it open with just a small amount in it (check their terms and conditions to make sure). Why do you want it kept open?
The only problem with the Monzo savings integrations is they all need £500 minimum to open them, which is out of a lot of people’s reach.
If you have £500 + to save then there are savings integrations with both charter savings and paragon at 1.15% AER. It takes 1 working day for that money to come back to your monzo account if you need to dip into it
Another alternative is outside the Monzoverse with Goldman Sachs Marcus brand. They offer 1.5% AER. Some people are happy for a slightly lower rate with the monzo integrated savings pots as it’s easier to set up and it’s all in 1 place. Comes down to personal preference
I use Marcus
It’s not really 5% with HSBC. It’s just a regular saver with a low monthly limit (you can get higher ones elsewhere, say like First Direct) – something like £250/m if I remember correctly, so your effective interest rate is 2.5% on £3000.
I’d double check that. I’ve seen some Monzo experiments where people can open with £10.
Yeah but there have been so few reports that I’m guessing it’s a very limited test. All the options I have are £500 minimum
Same but worth checking nonetheless!
Right, so most people it’s £500 but in case you’re one of the chosen few in a test check your app to see if you have a lower option
If you use Marcus may I ask if you can you have the interest paid elsewhere i.e. back to my Monzo?
It’s is more of a backup and piece of mind as, I have had the account for a very long time.
Ah thanks, I didn’t realise Monzo doesn’t provide savings over their own. Unfortunately, I’m not aware of the saving providers you’ve mentioned, also don’t fancy creating another account just for it.