Probably just one of the experiments that Monzo are always running to try and figure out what approach works best for their customer base.
1 Like
Yeah I guessed as much - would just be interested if it’s at random, or based on certain customer characteristics (e.g. lowering the barrier of entry for those who have no savings currently?)
My last job was at a company whose main business was Savings Accounts and I’m really interested in the whole financial resilience piece…
1 Like
But again not in an ISA wrapper = too much admin hassle for those on self-assessment.
1 Like
Really? I don’t find it that big a deal.
I thinks it’s worth noting that none of the other mainstream savings marketplaces (HL Active Savings, Octopus Cash, Raisin) offer cash ISAs of any form. So I think it’s praiseworthy that Monzo does. At the moment it’s only Easy Access cash ISAs, but I would expect fixed term cash ISAs will come sooner rather than later.
1 Like
Thank god it’s not an ISA, I can’t fathom wasting my ISA allowance on a savings account with a negligible interest rate instead of an S&S ISA. Especially when capital gains tax is (relatively) more complex to calculate and report, and you have a personal savings allowance.
You might already be using your personal savings allowance for something that is inherently non-ISA wrappable - like income from non-UK P2P.
And re the ISA allowance, of course everyone’s circumstances are different, but the main thing is to get money inside the ISA wrapper - you can then move it around (including everything saved in previous years) as you see fit. I have a S&S ISA too - I just prefer to save anything I save directly into an ISA of some shape or form.
You might already be using your personal savings allowance for something that is inherently non-ISA wrappable - like income from non-UK P2P.
I don’t think income from a non-UK P2P falls under the personal savings allowance.
I just prefer to save anything I save directly into an ISA of some shape or form.
I only put £20k into an S&S ISA, and don’t use a cash ISA, that’s time out of the market.
Depends on your horizon. Cash is perfectly legitimate for the short term. Of course, if you use up your whole allowance on long term savings 
1 Like
I don’t see why not. It’s not mentioned as being taxed differently here:
I have declared it in a previous year as part of PSA income and didn’t get pulled up on it.
2 Likes
That’s not what this thread says:
Appreciate that’s not the HMRC website though, so keen to know if you have information contrary to that.
Sure, but you might want to do some liquidity management by sometimes putting money first into cash and then only later into the stock market - but with the priority being to get it into an ISA tax wrapper in some shape or form.
Gone on mine too
2 Likes
Lasted a good two weeks. Monzo maybe underestimated the uptake of it, like what happened originally on the very first interest savings pot
7 Likes
I wonder if it was to stop direct competition between that Charter option and the Investec pot 
Hi CJ, I think there’s been some confusing messaging here. Fixed Savings Pots have a fixed interest rate for the whole time you have the open, but you cannot add or withdraw money during that time. If you open a 12 month Fixed Savings Pot, you cannot add or withdraw any money until the time is up. There’s some more info on Fixed Savings Pots here. Hope that helps!
2 Likes
Hey Nathan! So our Savings Pots are set up as a market place model, where different providers offer different products to be the right fit for you. Charter Savings Bank came to our marketplace recently with a 1.81% Fixed Savings Pot; however, their appetite has since changed and at this time they’re not offering a top of Monzo marketplace rate. They might return with this product or rate later, or another provider might change their rate to become more competitive in the 12 Month Fixed Savings Pot space.
You can read more about why we picked this marketplace set up here.
I understand it’s frustrating that this rate was only featured for a short amount of time, and in future we’d like to build up our marketplace to have more weight in discussions with providers to get better deals for you. We’re working on this, and I’ll take this discussion as feedback to the team.
2 Likes