I recall something like Monzo was making a small percentage like 0.10% on the Interest Pots. Is that still the case?
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.
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.
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.
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.
This has prompted me to check my pot; thank you!
Yes, I know my opinion is probably unpopular on this, but I have never really understood why I would use Pots, personally.
Especially in the very low interest market, I want to maximise my interest as much as possible, and I am willing to shop around for this.
I would much rather do this than accept an inferior rate, which Pots are always going to be due to Monzo’s cut. So the extra time and effort of shopping around is worth it to me, compared to the convenience of Pots.
I do understand that things like Pots and Roundups may help people who struggle with money management and want some help to start saving, but if you are already on top of your finances the usefulness of this is very limited.
I reckon this pretty much sums it up. Some give the impression that searching for and setting up a third-party savings account is somehow onerous.
Truth is, it takes a fraction of the time many spend in a session on these here forums
Based on what?
I’ve not used pots since the rate cuts started, went to marcus then moved to atom.
I’m hopeful rates start to go up or is having 50’s under the bed going to somewhat of a good savings option due to negative rates.