Using Monzo just for savings pots

I have a family member who wants to open a Monzo account just to use savings pots. They don’t (yet anyway) intend to use it for more than that. That’s ok right?

Probably a stupid question to ask considering people use their accounts in many different ways!

If that’s how they intend to use it that’s fine :partying_face:

2 Likes

Thanks, I’ll let them know :blush:

For greater money transparency, having everything in the same app helps, especially when it comes to bills pots :raised_hands:t3:

3 Likes

Bit of an odd choice given Chase let you open 10 savings accounts with individual account numbers offering instant access and 1.5% interest

That said at the moment Chase don’t seem to be too prepared for their own success so things aren’t going the smoothest

2 Likes

Family member may not have a phone compatible with Chase, but do for Monzo.

I agree with you though, otherwise.

2 Likes

A few reasons… they aren’t the type to move money around each time somewhere has a better rate - they currently have something like 0.1% (or possibly less) on their savings as a result. It’s incredibly difficult to convince them to open any kind of new account. If they open an account with Chase, and the rate of 1.5% goes down at some point, the likelihood is the money will not be moved elsewhere.

They like the idea of the 3rd party savings options built in to Monzo, so if a new pot option becomes available with better rates they can just withdraw the money from the existing pot and stick it in the new one without having to open a new account somewhere. They’ll likely use both easy access and fixed rates pots.

The rates on Monzo savings may not be market leading right now, but it’s been starting to recover in the last couple of months and I have faith that the marketplace/deep integration approach will pay off in the long term.

It’s quite likely they’ll want to get a joint account for savings pots too and I don’t think Chase offers joint accounts yet.

2 Likes

They may struggle to get a joint account with Monzo, can but only try though.

Do you mean because of the recent forum posts of people not being accepted, or another reason?

Applications for joint accounts have no relevance to your community posts :relaxed:

Joint accounts are subject to eligibility checks as with most other bank accounts, the above comment was in relation to people who come here to ask why they’ve been rejected.

Don’t worry about it :raised_hands:t3:

Yep I know that :+1::slightly_smiling_face: my question to Dave was if their comment was related to exactly that - people coming on the forum to say they have been rejected for joint accounts.

It is, as some feel joint accounts aren’t available, or they’re broken as alls they see is rejection posts :sweat_smile: