We're launching an exclusive 3 month Fixed Savings Pot with a market-leading interest rate!

That is the same with all of Monzo’s savings pots though (as far as I am aware). They’re not saying it is better than Marcus or a competitor for Marcus.

But a "hey, this is something else that is possible with Monzo, and if you went like for like you’d be hard pressed to get anything better.

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Why when there’s 2% out there with different terms?

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I can be market leading by offering a 3 month and 1 day fixed rate at 0.001%. Just feels a little cheeky from Monzo

Just because they have picked a time frame that is not common doesn’t mean they are market leading

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Just personally of the savings accounts I have seen they are generally 0.5 to 1. 5% so I personally consider anything above 1. 5 to be good

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Well done Monzo for helping more people save money. Ciao!

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The point is that there’s better options available with less restrictive terms. IMO, to claim that you’re market-leading, you need to be able to beat any options that are the same OR better when it comes to withdrawal limitations, etc.

Of course you can’t compare a product like this to a 12-month fixed pot, for example, but you can certainly compare it to something that has a <3 month withdrawal restriction.

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It’s not an instant access savings account. It’s a 3 month fixed term. Metro do them at 1%

But instant access is a better product than 3 months

So you would expect the 3 months to have the better interest but in this case that isn’t true

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I mean I just googled and found one from Metro, HSBC, Atom Bank - it isn’t like they created their own product and then went “ha ha - market leading!”

If you don’t want it, or want a ‘truly’ market leading product, be my guest - I think this is personally great and will help people who aren’t great with instant access.

Not to mention all of the previous rates have gone up!

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I’m not criticising the offering.

I just don’t think it is market leading / they have been cheeky with the way they have claimed it is

My argument here would be, what if someone doesn’t want an instant-access saver? They say maybe aren’t great with money not being “locked” away? Surely then the limitation is an advantage?

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Depends what product you want. If you want a fixed term 3 month product then this is best. If you want a monthly saver another bank is best, and instant access then Plus or another bank etc etc

There are many different products catering for different situations. Not everyone wants or needs the same thing

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Thanks! - wondered if the big cake would show up :rofl:

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Right, but in more general terms, a bank benefits more if you commit your money for a fixed length of time, and the longer this period of time, the more the bank can benefit.

With this in mind, to claim that you are market leading (leading being the key word here), you need to beat any options with shorter commitment periods.

I am absolutely not saying it’s not a great product, and for some people it’s the perfect option. Competitive rates? Sure. Best 3 month, fixed term savings? It seems so. Market leading? Not quite.

The blog post also states “you’ll get a higher interest rate than you can on an easy access account”. That just simply isn’t true.

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The money isn’t actually with Monzo but with the partnered provider but I do appreciate your point.

But do you? If you were to claim it was the market leading savings product - sure I’d agree, but they are clearly saying it is the market leading 3 month fixed saver. It is like a car manufacturer saying their car won Which? best car of the year and they actually won it in a sub-category - it still won?

As I said above, the post could probably be clearer in terms of it speaking solely about the Monzo eco-system and should probably preface with “you may be able to get a better deal/ interest rate elsewhere”. I do take your point on this one.

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The bank that strives to be transparent is being disingenuous. Market leading? It really isn’t. It is a lie.

Monzo stopped being transparent a long time back sadly.

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Who is doing a better interest rate on 3 month fixed?

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I don’t disagree but for people who maybe struggle with financial discipline locking money away is actually an advantage over instant access - you are removing the temptation to spend. I wont be taking any of these products out myself but the way I see it, Monzo savings pots are great for the types people who arent interested in trawling the market for the best rate and like the convenience of having everything in one place.

As I said, it is disingenuous. Market leading means anything better. Instant access with a better rate is a better product (for almost everyone).

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All of the feedback here is typically “your wording is a little disingenuous” - It’s not that the product itself is bad.

Monzo could have completely avoided this by simply announcing that all of their interest rates were going up, and they were introducing a new 3 month fixed rate.

Instead they went down the click bait headline that I’m sure most of us see day in day out on social media, all so people click on the links.

Personally, I think it does Monzo an injustice as there will be people (even a small amount who are “read up on such things”) that’ll read it, and simply sigh that it’s misleading.

You then have people arguing that it is in fact the best 3 month fixed product on offer…

Well, yeah. I’m the most handsome man in my town, working from home in the sun whilst wearing a red t shirt and playing the ukulele…

If you make the criteria specific enough, you’ll always get the outcome you want :man_shrugging:

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