Savings

True - it is one reason why I don’t yet have my salary paid into my Monzo account, until you can exclude things from showing in spending, and have incoming payment categorisation the Spending tab becomes completely broken if I have Monzo as my main account and not my day-to-day spending account.

@brandscill - You are correct mate, I looked into it a bit more and you have to move across 2 DD, plus use the CASS… both of which I am not doing so bacically neither of us get the £100… but there again I still get the 5% so cant win them all :stuck_out_tongue:

To get the 5% you need to pay in £1000 min per month to the CA, SA is capped at £250…

I will also put my wages into that account then Standing order them to my Monzo account… so ticking the £1000 pay in box…

Monzo spends does mess up… however I get paid on the 24th of each month so at the moment it doesn’t work for me anyway… when Monzo fix that (which is coming in the next 12 months) I will move it all back to Monzo… however until that time I will take advantage of the 5% interest :stuck_out_tongue:

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@DanRoizer

There are other options, though, from savings accounts with banks. I have my savings split between P2P lending and an investment in the stock market.

P2P lending (I use Zopa) generated 5.5% for me last year. It’s very low risk, because of the way loans are spread. Right now returns are a bit lower, about 4.5%, but it’s still a good return.

I use Nutmeg for investing. In a higher risk portfolio I’ve made an average of about 10% a year in the last three years - really significant growth - I keep about 40% of my savings in here. It’s a long term option though as performance is volatile over periods of less than about 3 years.

Anyway - these are all a bit lower maintenance than your current option so worth a thought :grin:

If you have any intention whatsoever of buying a house, you should immediately get a help to buy ISA as effectively they have a 27% interest when saving for a housing deposit.

Thanks for your information :slight_smile: I have recently started looking to Stocks and Shares ISA / Investments… however still need to do my homework on that one first!!

Also I could have a Help to Buy ISA, however, I already had one, used it then we broke up and sold the house so I can’t use a Help to Buy ISA again :frowning:

:rofl::rofl::rofl::rofl: so… I applied for Nationwide online… Application process was ok… a bit long but I had all the information required…

SUCCESS… but wait… “what happens next…”

We write to you within 5-7 days!!! To tell me that I need to come into a branch… with my driving license and utility bill to prove who I am… SERIOUSLY! I setup Monzo in less than 5 mins!

I didn’t truly realise how old school these old banks are until I had this experience… wow… just wow… we need more FinTech Savings products so I don’t have to go through this revolting experience again… :rofl:

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Yes, I recently applied for a NatWest account online, and had the same experience (and that’s despite me already having a NatWest credit card, even).

That was the first time I had to go to branch to open an account in years, though. (Was quite an experience as well: loooong queue, fight broke out, Police called - oh well, I guess it was at least much more interesting than if I hadn’t needed to do that. I guess I should thank NatWest for the experience :smiley: )

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I’ve been wondering about savings for a bit. I’ve decided I’m not prepared to open another current account to get 5% interest on my money. Though I have been lucky with a few sign up bonuses in the past (First Direct and Yorkshire Bank).

5% interest on £1000 actually works out to about £3 a month. How easy is it to mindlessly spend £3 in a month on a coffee and a bun :coffee: :doughnut: , a magazine or an App :iphone: ?

For me, it’s not worth it, I’d rather just be more conscious of what I do spend than trying to squeeze an extra 1% interest or so by shuffling my money around different accounts. Keep things simple with Monzo. :mondo: :white_check_mark:

That said, for long term savings, I do invest in a stocks and shares ISA via Moneybox and was also lucky enough to get to invest some money in Monzo too.

I’ve also got some premium bonds - not a great savings product really but you never know, I could get lucky :money_mouth_face:

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