Savings Pots Feedback


(Neil) #222

I got the notificaion in-app a few days ago and immediately transferred my “I should really be doing something productive with this money” pot into a new savings pot. It helps that I was authorized for an overdraft on the same day, so in the event of a premature evacuation of my main balance I have the OD to fall back on while I wait for the savings pot withdrawal.

Generally seems about as painless as you could ask any accessible savings scheme to be, really.


#223

If Monzo are geared up and ready to max on the 0.75% BoE exchange rate, it would seem to me to make sense to offer 0.5% interest on their standard pots with easy (instant) access while retaining full control of people’s funds - providing the best UX possible. Monzo would still get 0.15% in revenue which is the same as they get with people shipping out to Investec. I’m not sure the standard savings pots really offer enough added value for a significant cohort of users when no interest is given; they are merely a logical wrapper.


(Nick) #224

Pretty sure the main value for Monzo comes from testing how marketplace integration would work. Whether they have a system that they can scale out or whether more work on a solution is needed. Something that is certainly worth taking a hit on the revenue in this case.


#225

I should have said standard pots don’t add enough value from the users perspective.

Agreed that the Investec Savings Pots are a good test of marketplace functionality.

What I was really getting at is that it would seem logical to add an interest rate onto standard savings pots of 0.5% for consumers (with Monzo taking 0.15% out of the BoE rate of 0.75%).

I don’t think that offering 0.5% on standard pots would necessarily hit revenue - if users put 10x the funds in standard pots, this would be better for Monzo.


#226

I think the legal complexity of owing interest to customers is quite high, which is abstracted away she providing it via an integration, allowing focus to continue on other things.


#227

You might be right Roland.
It is certainly doable though - Starling have been doing it for a little while.
I am totally on board with marketplace integrations and very much agree that the platform approach is the future but think it would be interesting to explore options in terms of interest on standard pots.


#228

I was wondering if there are any updates on a wider rollout of the savings pot? I still can’t create one.


#229

I have given up waiting and transferred my Savings Pot to another provider - for more interest!

Was prepared to give it a go, however, my patience is in low supply at the moment.


#230

I am still prepared to give it a go but some indication of when the rollout will progress would be helpful.


#231

Yeah, communication from Monzo unfortunately is weak again…


(Marcus Nailor) #232

@PaulUK @mp7 @StanVee

Because we want to understand how you’re using them and make sure they work well, we’ll be rolling them out gradually. So please be patient (and please don’t message us to ask for early access! :wink:)

That’s a quote taken from this blog post:

I can appreciate the frustration here :slight_smile: I was lucky enough to get in on launch day but some of my fellow Monzo friends are still in the same boat as, seemingly, many others :stuck_out_tongue_winking_eye: They’re eagerly awaiting savings pots and I know they’ll be thrilled once that notification pops up :tada:

Monzo did state that it would be a staged rollout, granted there was no indication of precisely how long this rollout would last but there’s certainly reasons for it :slight_smile:

Once you all get the notification for savings pots I’m sure you’ll forget the wait :grin: It’s only been 8 daysafter alll :wink:


(Bruce) #233

I am definitely one of those waiting, and it’s very frustrating. But it’s the right thing.

It’s the negative side of being so open and allowing normal customers to trial new products. That those not involved feel left out. And in my case have less patcience than a lion in a zebra park.

:slight_smile:

Good things come to those who wait, or really nail it on the lottery.


#234

I don’t have £1,000 to put in a Savings Pot now. Safely parked elsewhere at 1.42%


#235

I agree with the sentiments but I do wonder how many potential savers aren’t willing to wait and have decided to deposit in alternative accounts. This is money which could have been deposited through monzo and is therefore “lost”. Anyway we need to be patient I guess. Let’s hope the wait isn’t too long!


#236

8 days could be a few pounds already!


(Richard Cook) #237

Hey everyone :wave:

Just a quick update from us about how the Savings Pots rollout is going, and a change we're making to how they work.

We've currently released Savings Pots to about 300,000 people. And we'd love to add another 200k people as soon as possible. But we need to make a small change first.

We're adding a maximum deposit limit of £250k in total across all your Savings Pots with Investec.

We need to make sure that Savings Pots are sustainable for the other companies we work with When your money’s in a Savings Pot and held by Investec, they earn interest on it by lending it out and investing it. If individual people can deposit very large amounts of money into Savings Pots, it also means they can take that money out the next day. This becomes risky for the bank, because it means one person has the power to significantly impact the amount of interest they’re earning, at very short notice.

That’s why most easy access savings accounts have a maximum amount you can deposit, and £250k is quite a common limit.

As we said when we launched, this is only just the start! Our goal is to work with a range of different banks, to offer you a choice of accounts. These will have different limits and rates, so you can choose the ones that work for you. It’ll also mean you can spread out your money to make sure it’s all protected by the FSCS.

What if I've already got a Savings Pot?

This change will apply to everyone who creates a new pot from today onwards. If you already have savings pots, the limit won’t apply to you until you create a new Savings Pot. Based on current usage, this should only affect a handful of people.


Making Monzo: Savings Pots
Making Monzo: Savings Pots
(Andy) #238

I wish I could be angry about this :stuck_out_tongue_closed_eyes:


#239

Yeah, I think the number of users who have too much money to put in a savings pot is a fair bit smaller than the number who don’t have enough to even open one.


#240

I’m in!

If nothing else… I apprecite the push notification when new features go live (despite the fact I won’t use it).


(Jack Stride) #241

I got this too but it still says coming soon…?