Why not have interest baring savings accounts that can withdraw instantly rather than next working day like my Nationwide legacy account- which I can’t close as its joint with an overdraft and free European travel cover…
I imagine there will be an instant withdrawal savings account in the future. I’m not really up to speed with the reasoning behind having delays but I imagine for the current providers it ensures a bit more stability in the deposits?
I think it is because the savings accounts are with a partner, and all of the money is lumped together in a “Monzo Account” (this could be incorrect) and is sort of held by them under your name.
So when you request the withdrawal, certain steps have to be made to ensure you get what is yours, hence the 1 day delay.
Ah that makes sense!
This could be wayyyy off but I think that is how it works.
Fair enough but less functionality than a legacy account…