Say hello to Select Access savings - get a higher rate without locking your money away 🎉

UK Monzo Chat
1

Hey everyone :waving_hand:

I’m Harrison from the Savings team, and I’ve got some really exciting news to share.

We’re launching Select Access Savings Pots — and they’re available as a Cash ISA too :tada:

We know many of you already love using Instant Access Savings Pots to grow your money. But we also know that some of you would love a higher interest rate for the savings you don’t need to dip into as often.

What’s a Select Access Savings Pot?

A Select Access Savings Pot pays you a higher interest rate for making 2 or fewer withdrawals per year. It’s made for money you’re putting away with a specific goal in mind — maybe a house deposit, a big trip, or just for a financial buffer.

The key thing: your money’s never locked away. No matter how many withdrawals you’ve already made, you can always withdraw instantly. No notice periods, no delays — just your cash, ready when you need it.

Select Access - Community Image
Select Access - Community Image1920×1237 160 KB

The rates

  • 3.65% AER (variable) if you’re on Perks, Max, Plus or Premium

  • 3.15% AER (variable) if you’re on a free Monzo account or Extra

Interest is earned daily and paid into your Pot on the 1st of each month.

These rates apply as long as you make 2 or fewer withdrawals per year, per Pot. If you make a 3rd withdrawal, your rate will temporarily drop to 2.60% AER (variable) for free accounts or Extra, or 3.10% AER (variable) for Perks, Max, Plus or Premium, until your Pot anniversary — when your allowance resets. You can still withdraw instantly at any time, even on the lower rate.

Rates correct at 11/03/2026. See the latest rates in the Monzo app.

Things to know

  • Minimum deposit: £500 per Pot

  • How many Pots: you can have up to 2 Select Access Pots open at the same time

  • Joint accounts: joint Select Access Pots are supported too, with a separate limit of 2 Select Access pots

Keep it tax-free with a Select Access Cash ISA Pot

Select Access is also available as a Cash ISA — so you can earn your interest tax-free. And because Monzo now supports multiple Cash ISA Pots, you can hold an Instant Access Cash ISA Pot and a Select Access Cash ISA Pot side by side, splitting your ISA allowance across different goals without any fuss.

How to open your Select Access Savings Pot

  1. Head to the Home screen and tap the plus button in the top right

  2. Select Create Savings Pot and choose Select Access Savings Pot or Select Access Cash ISA

  3. Name your Pot and pick an image

  4. We’ll walk you through how it works, including the withdrawal rules, and ask you to agree to the Ts&Cs

  5. Make your first deposit of at least £500

If you can’t see Select Access Savings in the app yet, don’t worry. We’re rolling it out over the next few weeks so you’ll have access soon.

Let us know what you think! :speech_balloon:

Whether you’re opening one straight away or have questions about how it works, we’d love to hear from you!

Happy saving,

Harrison

Monzo current account required. UK residents only. Ts&Cs apply.
Cash ISA for customers aged 18 or over. The taxes you pay depend on your individual circumstances and could change in the future.

18 Likes
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This looks like a nice addition. If I had Perks, this would beat my Moneybox interest rate (once my intro rate drops in April).

There is no mention of Extra. Only Perks, Max, Plus and Premium, and then Free.
I’m assuming it’s the same rules as other savings pots (bar 1p Challenge), where it’s not got the boost, but would be good to clarify.

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Is Select going to be the new Monzo premier name? :eyes:

4

Personally, I’m not impressed.

Apart from the interest rate which isn’t competitive, the killer for me is

Withdrawals per month or even per quarter would be one thing but per year means it’s uncompetitive imho

3 Likes
5

Agree. The rates aren’t even that competitive for an easy access, let alone two withdrawals per year

8 Likes
6

Are we able to transfer in ISAs from another provider into this cash ISA, or is that not available yet (last time I checked you could only transfer into the S&S ISA).

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On a first read I thought that was good, but you’ve missed out Extra. It appears paying Extra customers also get the lower rate, which is not competitive vs e.g. Zopa.

If we got 3.65% it would be better than Zopa, but the restriction to only 2 pots still makes this a worse offering. Why only 2 pots? Surely there is no financial or technical reason why it can’t be more?

I use Zopa ISA pots for my sink funds. If Monzo’s rate was better (and a lot more than 2 pots were allowed), I would move them to Monzo in a heartbeat.

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8

I would imagine that is to prevent abuse. If you could make unlimited pots the withdrawal restriction would be pointless as you could just create a new pot after you’ve made three withdrawals.

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That’s still the case from what I can see (only transfers into S&S ISA)

10

Please can you introduce this to the “pot converter” functionality, and apply it to joint accounts too :folded_hands:

It was an absolute doddle to switch over my shawbrook pots to Monzo pots, but sadly I couldn’t do this on my joint account as the functionality doesn’t exist.

I have several pots that I’d like to switch over to this but it’s a hassle to delete them, recreate them, setup the scheduled deposits, image, name etc and you lose all your history too.

4 Likes
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Is the Select Access Cash ISA also a “flexible” ISA (like the Instant Access Cash ISA)?

It’s not specifically mentioned above (and I haven’t yet seen the Ts&Cs) but this might be an important point for some prospective customers.

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12

The rates are poor.

7 Likes
13

Maybe someone at Monzo needs to have a read of https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

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14

Who is this for? The marketing blurb talks about it being instant access, but it is specifically limited access (despite being called ‘select’).

The rate is below what you can find for truly instant access in the market, even if you pay for your bank account.

I want to do all my banking with Monzo so badly but the value just isn’t there - savings rates are poor and investments are expensive.

3 Likes
15

Most being above 4% unlimited access 🫪

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These kind of products are clearly aimed at people that Monzo believe will just use whatever is ‘in-app’ and can’t be bothered to do even the most basic research on the subject.

Which by the nature of this being a forum primarily for people interested in banking, rules most of us out.

Compared to the T212 Cash ISA I already have with infinite withdrawals/deposits AND daily interest AND it’s 3.6% AND there’s no fee, the Monzo offering is quite frankly embarrassing to read.

However I do understand it may be better received by general public.

2 Likes
17

If its not possible to convert an existing Monzo Cash ISA pot to this new pot, does that mean withdrawing money from my old Monzo Cash ISA and then putting it into the new Select Access Cash ISA is going to impact my yearly ISA allowance again?

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Yes, as that would be a withdrawal and deposit into a new cash ISA, not a transfer.

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19

That’s a shame there’s no conversion option then, means I’ll not be able to move it :sob:

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Where is an unlimited access ISA above 4%?