Apologies in advance and forgive my ignorance, but all the easy access savings pots are the same apart from A Who provides them and B their AER % (right?), so assuming most people aren’t too concerned what the provider is, why would anyone ever pick the lower rate options!?
Only scenario it works in my head is if you’re near your PSA and don’t want to fill out a Self Assessment
No need to fill in a tax return just because you exceed the PSA. A quick phone call to HMRC or logging on to your digital tax account is all that is needed in such cases
Its an uncommon reason, but: you get £85k FSCS protection per provider (In addition to the £85k protection which applies to your balance held directly with Monzo); so if you’re in the envious position of having £255k to save and for some reason fixed term savings aren’t an option for you then you might create a pot with each provider and deposit £85k into each
At the moment this does not apply to the available options, but I would would expect at some point in the future the available providers will have differentiators other then interest rate. For example different minimum balances and different withdrawal speeds.
All fair points thanks all, hopefully will be useful for someone else in the future, marking providers with Monzo rated good ethics / carbon indicator would be an interesting nice to have.