Why are savings pots so unnecessarily manual?

Feedback & Ideas
1

I have just had to upgrade my savings pot (to get better interest) for the third time this year and I am failing to see why it’s so difficult.

Although the savings pot agreements say the provider can put up the interest rate, they don’t. Even when they offer the same pot with a better interest rate. But they are quick to cut the rates when interest falls. This forces me to examine the available savings pots every month or so, to ensure I’m getting the best deal. Then I have to go through the manual process if withdrawing into my everyday account and waiting a day before I can login again to deposit funds into the new savings pot.

Why can’t Monzo…
A) tell me when a better savings pot is available to me (just a notification would do)
B) Allow me to easily swap between saving pots (and maybe close the old pot), I don’t care if it takes a day to swap the money around in the background, I just don’t want it to be so manual for me.
C)Give me the option to automatically upgrade a savings pot (especially if it it with the same provider), I know this may be a tough ask.

These options may even encourage the providers to always have competitive rates and actually raise rates on existing pots to avoid losing custom.

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2

They do, just slowly.

If you have a search there’s multiple threads on this subject.

3

Just going through the painful process of closing 13 savings pots and reopening new ones, then setting up the monthly savings amounts. Again. Second time in a few months. Previously they were stuck at 0.16% when new pots were 1.02%. They’re still stuck at 1.02% when new pots are 2.01%. (Edit: both the old and the new ones are Shawbrook)

Not good enough, Monzo/Shawbrook.

3 Likes
4

It (mildly) annoys me having to close, open with £10, wait for the rest, add. I don’t have any scheduled transfers and I only have one. It’s not even so much the process, but the fact it’s not transparent.

I’d be really really annoyed doing that 13 times!

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