Savings rate

[Koby83]

I’ve noticed that the interest on new savings pots has risen to 0.31% where as my current saving pots are still 0.25%
How do I go about getting this rate for my current pots?
Is it a case of withdrawing all my savings into my main account and then opening new pots?

[Ordog]

@Koby83

Is it a case of withdrawing all my savings into my main account and then opening new pots

Yep

[andrew_fishy (Biggest horse fanatic in Leeds)]

Thanks for the heads up, just done the same

[monzo2018]

It’s a pity you have to do this (close and reopen) as it makes it more difficult to keep track of my pots over time. So I haven’t done this with any pots.

The rate on my existing Paragon pots started at something like 1.15%, went down as expected due world events, and is currently 0.15%. I’d hoped that as the rate on existing pots is variable - as it has repeatedly gone down - that when Paragon started offering better interest rates for Monzo customers (new Paragon pots are 0.31%), existing pots would start to creep up again.

[Paulw (Paul)]

You can vote on it here if you haven’t already. There’s all sorts of variations on the idea too

Pot to Pot transfers

So hopefully I haven’t missed the blinkin’ obvious here but I’d like to be able to transfer money from Pot to Pot. For example: my round up pot is looking healthy so I’d like to move some of it to a pot with a saving goal. At the moment I have to do two transfers instead of one.