Where have external next day savings options gone?

[mattwaddy]

I’ve been using the other banks savings options for pots along with an instant access pot to ensure I get a decent interest rate whilst keeping savings within Monzo. I’m now only offered Monzo instant access pots or ISA option with no other banks or decent interest rates. As a result I’m going to move thousands of savings elsewhere, what a poor move! Is the interest rate of the instant access products also dependent on the tier of account, if so this feels very underhand

[Ordog]

You can still use the ones you’ve got.

We no longer offer new Easy Access or Fixed Term Savings Pots. If you already have these Pots, you can continue to use them normally.

We’re always exploring ways to give you the best savings experience and make saving with Monzo easier. For now, that means we’re only offering Instant Access Savings Pots and Instant Access ISAs.

We hope this helps, but just let us know if you’ve got any other questions.

External Savings Pots No Longer Offered

I’ve just gone onto the app and this is all I see (when I select the option to open a new savings account): [image] I used to have access to every savings account Monzo offered (minus ISAs). And so I’ve gone and looked at the Monzo Website, and there’s absolutely ZERO mention of the option to have external savings with Monzo anymore. They used to have an entire section dedicated to fixed term savings and a list of all the savings accounts you could get! [image] These appear to be the only…

[mattwaddy]

That’s ok, but anyone who’s used them for years knows that you often have to create new ones to lock in a better rate as they generally don’t increase but rather decrease over time. So eventually all of them won’t be worth keeping.

[Ordog]

I understand. I wasn’t arguing your point, I was just answering your question of where they’ve gone.

The fact is that they’re going/gone. Maybe they’ll come back in the future under another guise, but for now, if you have a lot of savings, you should explore moving them somewhere else.

[Revels]

@mattwaddy

As a result I’m going to move thousands of savings elsewhere, what a poor move!

For you maybe, not for Monzo. But if you really cared about the market leading rate it shouldn’t have been with Monzo in the first place.

@mattwaddy

Is the interest rate of the instant access products also dependent on the tier of account, if so this feels very underhand

A perk of upgrading is a better interest rate. Incredibly common and not underhand at all.

[mattwaddy]

It’s a balance of a reasonable rate mixed with the ecosystem advantages, the balance of that has now changed.

Secondly I have zero interest in paying for perks such as interest rate, its another subscription I don’t need. They make money on the value locked in their ecosystem and should share that as a flat rate. Maybr you disagree, but they make plenty of money from anyone storing large amounts with them. You won’t change my mind on that I’m afraid