Just out of interest (pun intended), what rate are you getting with Marcus? Thinking about moving my own pots…
1.05% but its not open to new customers currently
1.15% until October as have a 0.10% bonus.
Not great, but I love the speed of the transfers, albeit my linked account isn’t Monzo as the account limits made it impractical when I opened the account.
Of course, Marcus is also only one pot and so a spreadsheet would be needed to divide anything stored in there, however, I do that anyway. Google Sheets is perfect for it for me
You say not great but think you’ll struggle to find much more than that?
Yeah, I did wonder whether I had worded that phrase incorrectly.
It’s not great for savers, however, a decent rate across the market.
Given that we only have a few thousand across several pots, I’m going to keep things as they are for the sake of ~£20.
Having done the maths, the pennies difference in interest is not worth any more of my time.
I recall something like Monzo was making a small percentage like 0.10% on the Interest Pots. Is that still the case?
I think it used to be, but you can get 0.5% if you go direct rather than 0.3%.
There’s a minimum balance of £1000 to go direct so it won’t be possible for a lot of people
It would be good if that information was still present. I just looked at the Paragon 0.5% account on Monzo Pots and it’s not on the initial screens. I tried it upto the deposit screen and it didn’t say anything about this. To me it feels like it should be clear if they do take a small cut for the service.
In other news. Chip are looking at adding a interest account, it’s through a partner which will pay 0.9% ( currently ). Sort of surprised Monzo can’t get something similar.
I mentioned it as clearly some people have over £1000 here. For those who need lower deposit limits you can get 1% at NS&I with a minimum deposit of £1.
How much? 0.10%? 0.20%?
Sorry I know I’m off topic but is that after the deposit screen?
Also why can’t Monzo say clearly we will take x% commission instead of showing the range?
I only have paragon as an option and since I already have them set up I’m not sure where it would appear if you were opening a new pot with a provider for the first time
It’s under the pot once you’ve set it up.
It’s a tiny range tho
I have just gone through the steps to set up an interest earning savings pot. Although it says they take a cut, it doesn’t specify the amount anywhere in the opening process
I haven’t set one up in a while now but I am sure it used to show the % when you were going through sign up
Yeah, I got that email yesterday - pretty big drop. Good while it lasted though - finding a better deal somewhere else shouldn’t be too hard.