Shawbrook now reducing to 0.30%

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.

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I agree.

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%.

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There’s a minimum balance of £1000 to go direct so it won’t be possible for a lot of people

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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.

https://www.nsandi.com/direct-saver

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:slightly_smiling_face: How much? 0.10%? 0.20%?

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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

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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

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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.

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I noticed today that Shawbrook are paying 0.5% on their easy access account on their website, yet Monzo are only offering 0.15% for the same Shawbrook account - that’s a significant cut they’re taking from customers. Think I’ll just close my pots & go direct to Shawbrook…

Makes the whole Pots thing pretty pointless.

It’s not the same product is it? You need £1k to open the savings account with shawbrook but £10 with the monzo pot. :sweat_smile:

Who’s going to open a pot with £10 @ 0.15% interest? It’s pointless.

Those who still have a pot with a few grand in are losing out by 0.35% interest to Monzo - Monzo are actually earning more interest on their customers money than their customers are - more than twice as much actually.

Paragon are also paying 0.5% - with only £1 required…lol

Unless Monzo start raising their rates to at least match their providers rates I can’t see anyone using the pots feature anymore.

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This has prompted me to check my pot; thank you!