Savings Pot Auto Switch

Feedback & Ideas
1

AFAIK monzo don’t alert anyone if a savings pot of higher rate appears.

Maybe simple alert would suffice, OR how automagical would it be if assuming same type of terms etc you could say ‘auto move all my money in pot/s xyz if a higher savings rate appears’

I’ll admit I spent at least 3 minutes thinking about this so accept there may be many holes in it.

With recent easy access pot rises I’ve been manually shifting so would be great if could set this to be automated in some way.

And would this encourage the savings banks to offer higher rates!?

Thanks

2

The reason it won’t do either is Monzo makes more money doing it the current way.

The point of Monzo is to make money.

What you’re describing is a tracker, and the downside to rates going up automatically is rates going down automatically. Monzo deliberately didn’t design a tracker.

3

‘if a higher savings rate appears’ so arguably I didn’t describe a tracker, but thanks for your thoughts

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4

I’d settle for Monzo giving the same rate on a pot with to existing users as they do to people opening a new pot with the same provider.

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5

This.

I can understand not autoswitching between different providers- different agreements and T&Cs with the customer and all that.

Offering higher rates to new customers before the existing ones is just bad though.

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