Monzo seems to have a lot of do-it-yourself solutions compared to other banks, though. So it seems like I’ll be alright considering there will be no need to contact support most of the time.
Its more for when/if you need it. But on a whole its not bad just the support can be limited at the best of times 
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The other thing I’d say is I got a response in 18 minutes from the team needed (savings and investment) for something that wasn’t urgent.
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Someone will have to check, but I presume then there’s no notice required to changes to the plus/premium bonus?
They’re legally obligated to give two weeks notice on savings decreases per their own terms for their savings account, but there’s been no decrease on the non-plus non-boosted rate. Still 4.1%.
I wonder if notice of decrease to that offer will go out today?
I believe that’s a bigger fall relative to the BoE rate than it went up by the last time the BoE rate went up, so that’s disappointing.
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Makes the paid tiers less attractive.
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Wonder if they’re just decreasing the paid ones first and the non-paid are to come 
The chat support screenshot above said it’ll be 14 days from now it’ll go down. So imagine it’s the same for them
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WAY less attractive
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Free and Extra will go down to 3.85%
I hope the change the price of the paid tiers to reflect this other wise it just isn’t worth it.
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Lol they won’t reduce the price at all. Anyone that’s getting premium tiers just for interest increase is silly.
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Not silly at all. I want my savings to work for me, same as most people. I signed up for plus because it was pretty good interest on £100K, after fees. The other perks add value, but fundamentally I use a bank to maximise the return on my savings.
An interest rate reduction doesn’t mean I will automatically move my savings, but it’s certainly a prompt to go and update figures in my spreadsheet to see if a move is worthwhile. Albeit I can see a lot of other places have also made interest rate reductions recently (albeit some have not).
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There is so many better places for the money, that will offer you a lot more just for holding the money.
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Please don’t keep 100k in your Monzo account lol.
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I personally don’t think this statement can be true while receiving a sub-average interest rate and paying for that privilege.
You’d put them in a higher interest rate account, which at an additional 1% would alone cover the cost of the paid account if you had100k.
Additionally you shouldn’t have over 85k with one establishment really to protect yourself against risk
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I can see the post already…
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Generally correct, but if you have more than £85K in savings it is a right pain in the arse to open up multiple bank accounts up so that you can spread your savings around to de-risk them.
You also don’t need a bank account for a savings.
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Monzo has never had market leading interest rates. You can get up to 1% more elsewhere and always have been able to. That’s £1000 a year more and no fees.
Every bank will update sooner or later in line with the base rate. Monzo shifts around a bit but broadly normally sits 0.5% - 1% under the market leading rates.
…and I’ve just remembered why I stopped posting here. Enjoy your meme responses.
Alex, its only because its a bit foolish to A) go over the protected amount and B) keep that amount of savings in a below average interest rate. But each to their own. For example I keep my cash under my bed in a city on another planet. (Actually in investments but the cash under the bed is more fun)
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