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.
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