I think this is more like it
Is the difference perhaps that Nov is a month of 30 days? That calculator (which I use all the time ) doesn’t allow you to enter how many days, and that’s important when interest is calculated on a daily basis
That said, mine is actually below what I was expecting too and I was using a simple calc (value * interest / number of days in year * number of days in month)
Mind if you opened the account on launch day (Thursday 1st) and transferred money to it on that day, it would only credit the next working day (Friday 2nd) and start earning interest.
This calculated slightly less than what I got today: https://hardwicke.co.uk/simple-interest-calculator/
Oh yeah - I had slightly more money in it for part of the month. That’s why
Ah that makes sense. Interest starts from the next WORKING day, as we could only get money in as of Fri 2nd, interest would only accrue from Mon 5th…
Ooo, using this calculator and going from 02/11/18 - 03/11/18 I only see a 1p difference That seems far more reasonable and accurate (based on it being calculated for a specific period as opposed to just monthly on the other calculator I was using
Cheers for sharing that link, I’m much more confident that nothing went wrong with Monzo / Investec’s calculation
Saving pots seem like a great idea. I like the idea that they are completely seperate, and they are easy to set up, not a long process like when setting up a savings account in bank. I’m quite happy not to earn interest, knowing my money is sitting, safe and sound and untouched. Very nice!
The 24 hour delay in getting my money out has meant I’ve just not withdrawn it. This is a good thing.
I recently started a savings account with Monzo but was very disappointed that it takes 24 hours to tranfer money out. Can this please be addressed as it’s not a great experience for what is meant to be a modern bank. I get faster transfers with my traditional bank.
I don’t think this will change anytime soon. They’ve explained why it is the way it is, and in the foreseeable future, it won’t be changing.
Two main reasons are:
it’s a third party holding it, so things take time and logistics
They intend it to be a little bit of a push from people just dipping into it.
I thought the conditions of the savings pot were outlined clearly before set-up and I look at it as a last resort if i need to get access to a sum of money. Instant access with interest will be nice down the road but this definitely fits a need.
Have you paid in or taken money out of the pot in the period that your summary covers?
I finally found out that this isn’t possible (yet)
Just need to trust that Monzo & Investec can calculate interest better than some free online calculators (to be clear I do have that trust )
The first calculation was 17p out and the second was only 1p out That seems close enough - And nobody but me has complained so I’ll leave Monzo to it
Also really want the ability re-order pots. I want my large savings pot to be at the end so that I can ignore it and not be tempted to spend!
Agree on the horizontal scroll too. For those that are increasingly using pots and have many of them there needs to be a better way of ordering/displaying them.
This 100%. Especially for those of us that like (MUST HAVE) alphabetical order.
It’s coming… not sure about re-order though…
Yes I was disappointed this wasn’t possible.
Will need the overall figure for tax returns but as it stands looks like I’ll have to keep track manually on a spreadsheet.
I’d have thought being able to get a statement some way was a basic requirement of the savings pot.
I’d love to be able to export statements/CSVs from Pots. Especially if Monzo launch a business account.