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

Will the new ISA and or savings pot be savings, or investments ?

First we’ll launch Cash ISAs

It’ll be a run of the mill Cash ISA :slight_smile:

No mention of any Investment (S&S) Pots yet :slight_smile:

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That’s good IMHO I see a lot of products which try to look like savings, but are actually an investment in a stock market tracker fund. These have their place but for budget goals less than a few years out they aren’t for me

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Only just seen this. My partner and I have been scouring the web looking for the best interest rates for short and long term savings.
You need to appeal to the short, medium and long term savers. We want a good deal, so a measly 1% is a bit rubbish. We want 2, 3, 4, 5%… What ever the big amounts are and we want to get a special deal for being with Monzo. If we can have this all in one place (Monzo App) it would be great. :slight_smile:

By the way, making suggestions for Energy Switches based upon number of rooms and people is also rubbish. You need to be able to input KW Hours etc etc and get an ACCURATE recommendation.

Sorry to say, but you are dreaming if you think Monzo have the capability to offer those rates right now.

1.5% is still one of the leading rates for instant access savings.

Anything more than that and you are into fixed term products.

Have a look at Dozens and their 5% trust bonds.

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They’re working on it:

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https://www.bankaccountsavings.co.uk/calculator

5% interest and no risk? I’ve had a look but I’m no expert. Am I missing something?

No.

Think of it as a marketing ploy.

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More info here.
https://forums.moneysavingexpert.com/showthread.php?t=5953486

If i ever need cheering up, I always read a MSE forum thread

‘We didn’t find it therefore its crap’ way of thinking.

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That thread really tickled me :joy::joy: literally their way of thinking = WE DONT UNDERSTAND AND HAVENT TRIED TO - RAISE THE PITCHFORKS!!

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I never said they had to be Instant Access. My point is that I’m fed up of having to look all over the shop to find the best deal. I want Monzo to be my everything, so would be good for Monzo to be able to offer a wide range from instant access to fixed variable terms etc…
I just keep hearing that Monzo are doing loads of cool stuff, but I’m not seeing it yet.

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I think whilst Monzo are yet to turn a profit and are in their infancy compared with most other banks, you’ll not be seeing anything “market leading” from them, if you value things like “best rates” etc.

Don’t get me wrong, I’d love them to offer the best interest rates and a whole host of options so I could literally only use Monzo for stuff.

But we are a long long way from that happening by the looks of it.

For now, Monzo is my current account, which effectively pays my monthly DD’s.

American Express is my spending account, and my savings are spread across a few different places (most recently, Dozens).

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Again, same here. I’ve lined up all the money I know I won’t have to spend for a while and put it in my Dozens account for tomorrow’s bond bidding. Amex is still my most used card with like 99% of my spending on it. I’m even putting my EE bills on it instead of direct debit (text notifications to make sure I don’t miss a payment)

Is there any update at all as to when we might see savings pots again? (Not the cash ISAs)

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Interesting isn’t it as that’s a different approach from Atom who are also in their infancy, not turning a profit but offering leading rates - though clearly eating into investors funds

Yeah but they also offer mortgages which fund these savings rates.

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Hi @Sheri - Do we have any update on when Savings Pots will be available again?
I’m wanting to move all of my savings over to Monzo, but I am hesitant to do so without interest benefits.

Thanks a lot,
Tom

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