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!


#4

:flushed:


(Dan) #5

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

Maybe with some better rates too :slight_smile:


#6

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?


#9

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?


#15

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?


#21

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??