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

(Graham - Mental health professional) #123

Ok. I’ll take the “Whoosh”…:blush:

1 Like

#124

You could have just emptied it?

0 Likes

#125

You can’t go below £1000 without closing it so depending on @Ordog’s situation that may not have been possible

6 Likes

((╯°□°)╯︵ ┻━┻) #126

Sadly not. As @Kumnaa said. If you go below a thousand you need to delete it :cry:

2 Likes

#127

If you mean his shareholding, he’d have to sell it to someone who was willing to pay for shares in a startup that was being abandoned by it’s founder. Can’t imagine a huge queue…

If you mean his own cash, then no - that wouldnt be insider trading.

1 Like

(Nathan) #128

Yes meant personal money.

If he knew (through the company, not publically) Monzo was going down and withdrew all his money then surely thats illegal?

But sorry tom I know who wouldnt do this :slight_smile: just all hypotheticals

0 Likes

(Marcel Ruhf) #129

No it wouldn’t be illegal. Besides, no customer would lose any money anyway due the protection offered by the Financial Services Compensation Scheme (FSCS) - well, at least if you don’t have more than £85K in your account.

2 Likes

(Splodf) #130

Any update or rough estimate as to when Saving Pots will return?

I’ll need a few more in April so would be nice if they were back.

5 Likes

#131

A few more? I thought you could only have one?

0 Likes

(Splodf) #132

You can have as many as you like. I know because I asked the same question before!

0 Likes

((╯°□°)╯︵ ┻━┻) #133

This is true, you can have as many as you like but they do count towards the general pot limit (20 now I think?)

Can’t believe it has been 2 weeks since asking for an update and no reply from Monzo yet :cry:

2 Likes

#134

But Dozens have the minimum £100 5% bonds soon :wink:

1 Like

#135

Do you mean Savings Pots, or just Pots?

0 Likes

(Tom) #136

They’re open now!

1 Like

(Splodf) #137

Savings pots. The ones with interest.

0 Likes

#138

Swines :joy: only got my code yesterday so can’t do anything till I get the card :wink:

0 Likes

(Tom) #139

Apparently this round is open until Monday, so fingers crossed for Mr Postman!

0 Likes

#140

Hmmm - i thought you could only have one of those. Must have changed since they first launched.

0 Likes

(Nathan Steer) #141

I thought you were always allowed multiple savings pots, but the maximum limit (£250k I think?) is across all savings pots, not individual ones

0 Likes

((╯°□°)╯︵ ┻━┻) #142

Quoted from the article here:

However, I believe that the pot limit has been increased since then so you could have up to 20? As I understand regular pots and savings pots all account towards the pot limit.

3 Likes