With the arrival of the chase card offering 1.5% interest on saving accounts when is monzo going to increase the interest rates for loyal customers?
Hey @Codebreaker55 and welcome
Great question - I’ve edited your post title to make it specific to the question asked if that’s ok?
Chase are fighting hard to attract customers. Monzo are not in that stage.
So I wouldn’t bet on it being any time soon.
That’s true, but would be nice to see Monzo offer more saving rates than what they have currently, it may be a necessary differentiator come a few months
I think one bank doing something to gain customers is a long long way from making interest rates a differentiator.
I know and that’s my point, they are going to have to do things like this to stay relevant, in my opinion.
We are a long long way from the days where Monzo was strikingly different from every other bank out there, to borrow your phrase
Higher savings rates during a cost of living crisis, isn’t really going to bring in a mass market of people.
I agree, if everyone else does too.
If Starling, Natwest, Lloyds, HSBC etc etc all raise their interest rates for savings, then Monzo will likely follow suit.
While its a bank throwing money around to gain customers, then Monzo don’t really have to do much.
I guess it also depends on the rates of the banks Monzo are partnering with. If they go up then Monzo will hopefully pass that on. The plus/premium rates are a different proposition and it would be nice if they bumped those up as well. However Monzo have confirmed they’ve not plans to do that (according to their social media)
I personally think if people are Lucky enough to have savings then moving the saving pot to another secure bank for 1.5% interest is a no brainer when other banks are offering nothing with just your money sitting there.
I’m not in this bracket, but Chase will offer 1.5% interest up to £250000.
That’s why I asked the original question, if Monzo was going to do anything for saver’s, even those who a small saving pot.
This is a good point. Would be nice even if the interest rate stayed the same if the threshold was raised for premium eg up to 2500 or something