Savings Pot - Provider fee query

[Lewis_P]

In the terms for the savings pots it states:

This will be between 0.15% and 0.20% (depending on the Provider) of the money in your Flexible Savings Pot.

And just so you know, the fee we take on the money you save doesn’t affect the interest rate you get.

I appreciate this transparency. And I understand this fee is not applied to my balance but instead taken from the provider, but I’m curious of the frequency of this 0.15% fee. I’m assuming it is 0.15% APR?

Anyone have any ideas?

[danmullen]

That’s how I’ve read it.

[michaelw90 (Michael)]

Yes it is, ultimately look at it this way, if you went directly, you might get 1.15%, but if you go via Monzo you get 1% – there’s no fee for you to pay, as you get the 1% … but Monzo get a cut direct to them which would be the 0.15% that you would otherwise potentially have got.