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!