So, disclaimerā¦ I donāt use any of the Monzo savings products because I can get a better rate elsewhere, and I donāt need my money to be in one place. Plus, I donāt like to fix my money away for a length of time (especially with rates that are equivalent or better that offer non fixed terms).
Butā¦ By this point, how are we still talking about the lower rate Monzo offer over the bank that is offering the actual product?
Did anyone really think Monzo would simply pass on the exact same rate, or that OakNorth (or whoever), would offer Monzo a better rate than anyone else?
This is literally, integration 101 - Youāll nearly always be able to get a better rate going direct, no matter what industry itās in (although, granted, the comparison sites for certain things makes finding the best rate much easier).
The we come back to the unpopular truthā¦ What difference does the nought point whatever, actually make to your savings?
Realisticallyā¦ Itās very little (pence per month probably, maybe a quid or two). For some people, that alone would be justification for using the Monzo savings products.
Does anyone know of a bank that offers the best everything? Itās just not going to happen, and certainly not from a bank who have yet to turn a profit, and have been operating for a fraction of the time as everyone else.
I thought the initial savings pots were poor, just from the process stand point (next working day withdrawal, Ā£1000 minimum etc).
But these ISAās are probably about as good as Monzo can get right now - Plus, an ISA was always designed for long term savings (Iām not sure when the thought process on that changed to be honest?)
There are definitely better (lower rate), options out there, and if you donāt mind dealing with multiple banks/savings accounts, youād be wise to use whatās available to you.