Just realised there are new types of pots that pay higher interest than the one I have. Would be good to get notified when that happens, and be able to switch in one click.
are they not tied in to a specific time, fixed rate though ? or are you wanting an indication that now your savings period comes to an end this would be a better rate , presumably monzo will notify us in the feed that the fixed term rate has now ended and we would then be able to select the best rate on offer at the time ??
No, I’m just saying the new easy access one you can open with a tenner is paying a higher rate than the one I opened earlier this year, which also had a much higher minimum.
2 Likes
I suspect such a feature may make it difficult for Monzo to get partner banks to participate in the marketplace. If those banks think its likely that a lot of people will switch away from them as soon as another bank comes along with a slightly better rate, they may take a ‘why bother’ attitude to the marketplace.
7 Likes
Possibly true, although it’s not exactly hard now - would just make it slicker
1 Like
Agree that this would be a good feature now that interest rates are on the up!
1 Like
Just came in here to suggest this. At the very least, it would be good if you could be switched to a higher rate of interest from the same provider - I have a savings pot with Shawbrook that is on 2.3%, yet I see I could open a new one with Shawbrook for 2.4%. I can open a new pot and switch of course, but that takes a day or so to go through and is quite annoying with the rate at which interest is increasing currently.
Incidentally, does anyone know if interest continues to be paid while my money is pending withdrawal from a pot? In my scenario above, the 0.1% increase might be negated by 24 hours of earning no interest at all.
2.3% to 2.4% is worth 3p over the month on £1,000.
You will move you up, it’s just very slow. If you’re rate chasing then you’re probably better off elsewhere but I wouldn’t be worried for a tenth of a percent.