What happens at the end of the fixed term? Does the pot revert back to a regular pot, or can you re-open it again for another fixed term?
I think it deposits back into your account balance. I’ve got a couple expiring soon from launch so I guess I’ll find out soon!
I have to say Monzo team. This man has it spot on. I saw your headline and as a Monzo fan/investor instantly clicked ready to move my savings from my NatWest instant access cash savings builder (min 50 quid a month and I get 1.5%) but alas it did turn out to be click bait to a degree.
Again as others who have criticised this have said. I am also a massive advocate for Monzo but I am also one of the people mentioned where the rate is ultimately the most important thing as I want whatever savings I can get together to work as hard as possible
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Dilly dilly!
I very much agree!
Interested in the answer to this one too!
As others have said, this is not a great rate compared to the market leading Marcus. I can’t see any reason to open this all the time Marcus is offering 1.5% instant access.
Marcus will almost certainly renew their bonus rate in September to stay market leading - might just require a click of a button on their website.
Nice to see more savings options available, it’d be nice to see a bit more variety available. Eg. if you were able to add offerings from National Savings & Investments(https://www.nsandi.com/), as they have some products that are substantially different from typical savings accounts.
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I personally dis-agree with the statement “market-leading”. That’s misleading in my opinion, there are many other savings accounts, locked or otherwise with a much larger interest rate, you’re really clutching on technicalities here.
Not to look a gift horse in the mouth (really like the iterations in savings within Monzo, keep em coming!), but I think you should be clearer on this
But is it? What three month fixed savings account has a better rate?
I admit that I cannot really see the point of a fixed savings account for that short a period personally, but for those who do want it they get the best rate around
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Well, if we are being pedantic - and look at the 3 month part, its not.
My point is around the interest rate, which while nice, is hardly market leading.
Wasn’t your point that there is a MUCH larger interest rate available elsewhere? I may be wrong but the market leading one everyone is pointing to is 1.5% instead of 1.35% I wouldn’t call it much larger. But still yeah this has all been gone over many MANY times above so probably best to just read those not rehash the same thing 
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Yes.
And while many others have also mentioned it, my understanding of how a forum works is you are allowed to have an opinion, which may align with others. Point taken however 
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Surely the 3 month part is the time that you have to give before withdrawing your money. You can leave it in as long as you like. I think some people are confused thinking the cash only invested 3month!
No, that would be a notice account which is different from a fixed term account.
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No I don’t think so. It’s a three month fixed term account.
The way these accounts work elsewhere is that the money is popped in. The account closes and runs it course.
At the end of the fixed period you can either out the money in another fix, or it is closed and returned to you.
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Is this the official terms and conditions of the account, or do we not know yet?
Screenshots from the app indicating the pot will be closed and return your money to you on a fixed date:
No but you’re describing a notice account not a fixed term account.
The clue is in the name, the accounts term is fixed I’ve got some open currently have done for a while. There is no option to withdraw from them or provide notice.
Thanks for clarifying.
