Savings Pot AI

Feedback & Ideas
1

Hi,

I opened a flexible interest savings pot a few months ago and noticed if I were to open one now I could get a slightly better interest rate. Also as a Plus customer, I would get 1.5% up to £4000 thus if I had £4000 lying around, it would be more lucrative to use the regular pots.

Possibly less complex than the likes of Chip and Plum, would it be possible for the app to either automatically optimise (consent driven) or inform me with better ways to maximise interest on my savings? I can see an agency issue here where certain vendors are getting priced out of the flexible savings pots but it would be better for the consumer!

Thanks!

2

The interest rates could be far better. I am in middle of moving all my savings to another bank offering a better interest rate. I like Monzo but think they should be looking after the customers they already have.

2 Likes
3

:wave: agree with you but it’s a balancing act. The biggest benefit of interest within Monzo is the cash wrapper element that enables you to open multiple fixed pot ISAs.

But there are many pitfalls:

  1. As you correctly stated, there are better interest rates available. Monzo (understandably) will not tell you to go elsewhere and maximise your savings yield
  2. You could go direct to the ISA vendor and possibly get a better interest rate (this might be fake news - I haven’t done the research); but you don’t have the wrapper element