I can’t be bothered with more then one bank anymore. Going to try and keep it to one bank, pension and investment platform.
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Coming in a couple of weeks
Not sure this is true.
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AER is based on compound interest: if you leave £2,000 in a 0.5% AER account and leave all the monthly interest payments in the account too then you’d end up with £2,010 at the end of the year.
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So a rate of 0.5% AER on £2,000 doesn’t mean 0.5/12/100 * 2000 every month since that value doesn’t include the compound interest for the monthly interest payments. The monthly interest rate is actually (1.005^(1/12) - 1) which is less than 0.5/12/100 * 2000.
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However, if a lower interest rate is offered for amounts over £2,000 then the monthly interest payments paid on the £2,000 experience the lower interest rate and therefore the interest gained over the year will be slightly less than £2,000 * 0.5%.
ie: the interest from the 1st month will only experience 0.25% AER instead of the 0.5% AER necessary for the total interest gained over the year to be £10.
NB: the amount of interest lost from the decreased interest rate might actually be less than 1p, which would mean people should still get the full £10.
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Your calculation isn’t correct. You’re forgetting about the compound interest, every month you’d be credited interest so your balance wouldn’t be £2000 for a year.
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I don’t know if this is correct but wouldn’t you get 0.5% for the first £2000 and then 0.25% for anything over? Or am I wrong?
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You’re correct.
And, as the principle is £2000 (the full amount eligible to earn 0.5% AER) the interest that is credited every month itself earns interest at 0.25% AER.
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I might be me misunderstanding but I thought you were implying that if you had £2001 over a year you would only earn basically a fiver as you would have 0.25 applied to the full amount rather than the ~tenner. (forgetting the compound interest for simplicity)
I’m saying what @j06 is above 
now what to spend that 85p or 87.5p or 90p on every month with my £2000 sat in the account - decisions decisions
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That’ll be the price of a Freddo soon.
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Sorry to disappoint but it’ll never really be that high on £2000 sitting there. 
(well you’ll need to wait until that £10 builds up to like £300 to get the extra 6p per month - could be awhile…)
Its pretty much going to be this because the interest on the compounded amounts is so insignificant:
M1 83.3’
M2 83.3’ + 83.3’
M3 83.3’ + 83.3’ + 83.3’
and so on.
Even if you ignored the compounding as it builds up, and take the end amount of £10 earnt from the base £2k and calculated that with 0.25%
0.25/100*10 = 0.025p
So it’ll be like 2p interest over a whole year 1, gained from the interest being added each month.
£2010.02
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Issues again with Starling (GPS)…
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You’re joking! Third (fourth?) time THIS WEEK! Starling needs to get a grip. Looks like the easy option not to take action when this was a big problem before (when Monzo took the plunge and built its own processor) has come back to bite Starling on its arse.
Edit: Checking, it’s been three times this week and once in August. Seems to happen at the same point in the day every time 
Bet Anne’s happy she pulled the plug on their forum, or she’d be being wheeled out by now to make some grovelling excuses.
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They really need to get off of gps it seems to be continuously unreliable.
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Hilarious the advice is to go to a Post Office.
You can tell Anne hasn’t been to a Post Office during lunchtime, or she’d know they’re the worst.
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I don’t think this is the same?
I believe Apple have provided an option to natively scale an app nicely for the iPad? No switching settings in the App Store needed for end users.
I believe this is what starling do (there app is listed and available on the App Store for iPad). Their iPad app is the mobile app but scales nicely for the iPad. It’s not got iPad specific layouts or features but it’s far far better than the god awful iPhone app in the middle of the screen stuff you usually see.
I’m really hoping for an iPad version of Monzo. At least the basics e.g scaled nicely for the iPad. I don’t mind empty space, but it would be nice to manage my account at home on what is effectively one of my main computers (my iPad).
It would also be a nice stepping stone to future development on both a proper iPad optimised app and OS X app (via their new cross platform stuff). And at the very least checks of a box and starting place for monzo on more than just the phone.
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I mentioned it on the forum when it happened several times within days. Anne responded and said as it affected a small number of users it wasn’t a priority for them. Then someone delete my comments as I kept a running list of all the GPS outages.
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They said to go to the post office at the first outage this week but later included post office withdrawals as affected 
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I love how transparent they are. Showing all the outages they have had… Oh wait, they only show their website outages … lets not mention transactions 
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That’s website outages, that’s been working fine
yep but you can’t select any other services… it only shows the website.