Why you can’t create new Savings Pots – for now

(Sheri Farsani) #1

As of today, you won’t be able to create a new Savings Pot - but we’re working to make them available again soon!



(Dan) #5

Ooops :stuck_out_tongue: hopefully won’t be long until new accounts are available!

Maybe with some better rates too :slight_smile:


I’d be happy with seeing my Marcus balance in app :laughing:

(Jack) #7

Roll on the marketplace!

It’s great that it’s been so popular, pausing isn’t good though. Hopefully it shows how popular a choice of providers is and how it needs to progress.

(Splodf) #8

Surely has to be expedited now?


This is… unexpected.

Surely Monzo could foresee this happening pretty quickly?

Hopefully the next integration is much more seamless than the Investec one (in terms of withdrawing money!)

(MikeF) #10

It makes me wonder how a bank handles this sort of situation with their own saving products. Do they just quietly withdraw them for a while or does this never happen?

I don’t think seamless ness is an issue, just unpopularity of the terms in some quarters.

(Michael) #11

What was the limit that you agreed with investec?

((╯°□°)╯︵ ┻━┻) #12

This is disappointing and if I’m honest, unacceptable.

(Marcus Nailor, Hot Coral Detective) #13

Awesome to see how popular this option was tbh! :tada: Hitting the (likely many million pound) limit is impressive, if a little bit unfortunate :stuck_out_tongue_winking_eye::money_mouth_face:

Hopefully we’re not too far away from a renegotiated limit with Investec :boom:

Like @michaelw90, I’m super curious to learn how high (or low!) this limit is :eyes:

Really glad that this doesn’t affect existing users :sunglasses: This situation has been handled well, it’s clear from the blog & within the app what’s going on :raised_hands:

I’m sure it won’t be long before Savings Pots are back up and open for business :hot_coral_heart:

(MikeF) #14

If the choice is close to new customers or drop the rate to reduce demand, which would be preferred?


Pure speculation, and I imagine I am well off here… But…

The rate Monzo were paying (1%) added to their profit margin (0.15%) corresponded with Investecs savings account which allowed a maximum of £250,000.

Interestingly, that savings account is no longer available from Investec, and they now pay a rate of 1.4% with a lower entry (£10,000 rather than £25,000) and a higher top end of £1,000,000 (rather than £250,000).

Again, I could be well off with this, and I would have thought Monzo had negotiated special terms with Investec which would change the above stipulations.

((╯°□°)╯︵ ┻━┻) #16

None. It’s Monzos mistake so they should take the hit not the customer.

(Michael) #17

But the weird thing is, that they’ve said that those have accounts are still able to add savings…

(Marcus Nailor, Hot Coral Detective) #18

That’s true for new Savings Pots but if you signed up with v1.0 (and under the original T’s&C’s) I believe Monzo allowed users to keep their >£250k Savings Pot(s)…

I don’t have a source, I believe that was lost in the old Slack :stuck_out_tongue_winking_eye:

(MikeF) #19

No, it’s no one’s “mistake”. It’s a first attempt at something proving more popular than expected.

I never understand the need to find someone to blame for everything as if offence has been caused :frowning: (Society complaint, not Monzo community complaint!)

(Daniel White) #20

It is frustrating that yet again, Monzo have had a severe lack of foresight and haven’t seen the writing on the wall ahead of time. The CS debacle all over again?


Perhaps they are close to the limit, and giving themselves some breathing room? They have said that it’s not a guarantee it’ll be like this for ever (notice the end of the sentence…)

If you already have a Savings Pot, then don’t worry – for now, nothing changes. You can keep adding and withdrawing money, and you’ll still earn interest on your savings. We’ll let you know if that’s likely to change.

I personally doubt there is much in the savings pots (why would there be when there are quite a lot of better options)?

If they were close to the £250,000 limit, they may be taking precautions now before it’s too late.

Again, purely speculation :joy:

(Michael) #22

All it takes is 250 users to have opened them… Out of 1 million??