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


(Richard Cook) #143

Hi everyone!

We don’t have an update on reopening Savings Pots just yet (hopefully we’ll have good news soon).

But, we’ve now added a waiting list for any of you interested in an ISA with Monzo. We’d love to launch this before the end of the tax year - but either way we’ll let you know.

You can join our waiting list at https://monzo.com/isa/


#144

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


(Marcus Nailor, Hot Coral Detective) #145

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:


#146

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


#147

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.


#148

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.


#149

They’re working on it:


#150

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


#151

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


(Splodf) #152

No.

Think of it as a marketing ploy.


#153

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


#154

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


(Splodf) #155

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


(Jordan) #156

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


#157

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.


#158

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).


(Ben Talbot) #159

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)


#160

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


(Bruce) #161

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


(Marcel Ruhf) #162

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