In today’s blog post we take a look at different kinds of savings accounts, from bonds to ISAs!
If you have a Monzo savings pot, is that technically a savings account since it is with a 3rd party? or is Monzo themselves now a savings account? If so which type would it fall under?
Instant access savings as there’s no notice period or regular payment
There is a typo in the article too…
Under the heading " Instant access savings accounts" the bulleted list is titled “Regular savings accounts – good if you”
But it isn’t instant access? or is up to 24 hours classed as instant in banking?
Also, not to be pedantic but Monzo also require a minimum of £1,000 so “Don’t have lots of money to open an account with” wouldn’t apply here either.
Why is banking so complicated
I used to work in Retail Banking until I was made redundant last summer. The best savings accounts for most financial institutions are Fixed rate bonds. The benefit is for both the customer and Monzo. The customer has a fixed return and Monzo have funds to use on investment of its future. When priced correctly word of mouth soon spreads.