Exactly this, well said 
2 Likes
No one offer 3 months to beat monzo 
What happens to my money after 3 months?
What do you mean?
The money is returned with interest
Savings account will be closed after 3 months or transferred to standard rate?
Hargreves Lansdown, 1.36% | 1.35% (AER|Gross)
1 Like
So it’s the same gross. And £1000 minimum. If you wanted to trust anything to do with HL at the moment 
So I give an answer and the reply is to now add additional qualifiers?
HL offer an equivalent rate. Both technically i guess ‘market leading’ since the rate its self is market leading, not the provider, as there is more than one offering the same rate.
You asked, I provided. Nothing wrong with HL either, not sure what the implication is there. Difference in minimum deposits yes, but that wasn’t asked. All depends on where you want to put your money, how much you have etc.
In this case, if you have a monzo account, and don’t have a HL account, the monzo 3 month is a good option, and OakNorth is as far as ive seen so far a decent savings bank.
But both options are perfectly acceptable if you need a 3 month fixed savings account, we can be realistic about it.
2 Likes
I was pointing out the difference in minimum balance for anyone who was interested
What qualifiers did I add?
I was referring to the current investigation into HL by the FCA
Originally the question was about interest, but minimum despot was added, and trust consideration.
Which one?
There’s more than one?
1 Like
I’m not aware of any, could you link to the one you know about?
The only thing ive seen is they were looking at if HL were to slow to remove Woodford from their list.
I would assume closed and the money put back into your main account
3 Likes
Hi everyone! I’m Max, and I work on the Savings team. First of all, thanks to everyone who’s taken the time to read the post and share their feedback.
There are quite a few comments pointing out that there are higher easy-access savings rates on the market - which is totally true! We appreciate that to many people, the rate is the most important factor in deciding where you put your savings. However, we’ve seen in our marketplace that fixed term accounts which guarantee an interest rate and lock money away for a set period are really popular, and we’re excited to be offering the best rate for 3 month Fixed Term Savings Pots exclusively through Monzo.
We’re sorry if it came across as clickbait - that hadn’t been our intention at all, and we’ll be mindful of this in future.
15 Likes
Its not click bait, I think people like looking for things to complain about. Im guilty of it as well.
The product is good, and the information is basically correct, it is the best 3 month fixed rate you can get (though HL also offer it). I think the benifit Monzo have to offer when you consider there are two people now offering the same rate, is that Monzo offer it in the app, at a smaller (i presume) minimum balance.
I like the savings offerings, there a good move that should continue to be replicated everywhere.
4 Likes
Is the rate being added retrospectively or is this all new accounts from now?
I’ve skim read, so apologies if it’s mentioned.
If it isn’t then surely Monzo can’t claim to be increasing interest rates, because they aren’t. They’re introducing new (higher) savings rates.
I hope that’s not how my comments have come across. Anyone who knows me will tell you that I’m a huge Monzo advocate - they weren’t voted Which? Best bank of 2019 for nothing! I just think its important to point out when things don’t seem quite right.
I think the community’s contribution to making Monzo is one of the most important factors in getting it to where it is now, and the way in which Monzo takes on board the feedback from its community, embracing and learning from the mistakes that they make, is what makes it the great bank that it is.
9 Likes
Its maybe just different perspectives. I don’t think the title is clickbait, its essentially true. And if it does come across as clickbiat to some, which i suppose given how news is advertised these days people are becoming sensitive to deliberately manufactured titles, then im not sure in this case that it was deliberate.
I actually think its not quite honest because Monzo aren’t the only ones who have the same offer, and the title gives the suggestion that they are the only ones who offer it. (even though on a purely technical level of the English its not false, the rate is market leading, they don’t technically say the offer they have as a bank is market leading, only the rate its self.)
i think that might need more consideration in the future than the title its self as clickbait. But that’s me 
1 Like
Remove/lower the minimum!
I think you should look at discoverability of the different savings account options in the app. When you click on Fixed Savings Pot it’s not apparent that there is a 3 month option or what the different options are for different terms.
I think you should group the options by term (duration) rather than by bank. i.e. first show all the 3 month options, then all the 6 month options, etc.
Or even better, do what HL do. They provide various filters and sort tools to easily narrow down the options of interest. Scroll down toward the bottom of this page:
1 Like
It’s actually only the 0.15% bonus that they’re guaranteeing for 12 months.
The 1.35% underlying rate can be reduced at any time (as with any variable rate account), although they will give notice on a rate change. I think they have stated they will give either 1 or 2 months notice if they decide to drop the rate.
2 Likes