You now only need £10 to open a Monzo Savings Pot

This is brilliant. Now my roundup pot can start earning interest.

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I’d still like to be able to get my hands on the cash without having to wait until next day. Means I need to keep some emergency funds to one side.

Although there could be some potential to link into get paid early because Monzo know the money is coming next day.

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Hey there, instant withdrawals is something we’d like to work on soon. I’ll let the team know it’s something you’re after. Thanks for the feedback!

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Perhaps post instant withdrawals in the feedback & ideas category so people can vote on it?
I don’t think anyone has posted a dedicated thread on this.

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Great news!!! Awesome work!!

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Done!

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Voted :slight_smile:

The £1,000 minimum was one of my biggest complaints about the savings pots.

Well done for listening to the feedback Monzo, this is excellent news.

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This reduction in minimum deposit requirements makes Monzo’s Easy Access Cash ISA options more appealing to me, particularly if they are flexible.

However, despite some people on the forum saying they have had responses from chat support on this matter, I’ve never seen Monzo properly communicate whether or not the ISAs are flexible, in the form of in-app information or access to full savings account terms and conditions in advance of account opening.

@indimae can I encourage the provision of better in-app information on whether or not the ISAs are flexible (on the screens that provide account information) and the ability to access full terms and conditions in advance of account opening?

I was told explicitly that the ISAs are flexible. In fact I closed an ISA pot and was told I can resubscribe to another one at a later date with the same provider.

Did you confirm that via the terms on conditions document (which I believe is available after you open the account) or is it just going by conversation with chat support?

I also think the answer could be different depending on provider so we really need the information in the app if there are to be multiple providers (currently there are two) and if providers are going to come and go.

What’s she difference between Charter and Paragon, they’re both offering 1.15% and look the same, and if so, why have both.

Also, is it much point offering the lower percentage savings if these 2 are higher ?

P.S. this is great news though and well done Monzo, I’m in :+1: (when I find out which is the one to choose)

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It was verbal only. I can’t remember which provider it even was now.

Question for Savers.
Does this saving pots can be used along with:

  • IFTTT (1p savings challenge)
  • roundups
    ?

I’ve put roundups on my savings pot

Can’t see a reason it wouldn’t work with IFTTT

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Time to convert all my pots into saving pots :slight_smile:

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Can I ask what the appeal of these pots are over higher interest savings accounts? You can get better rates from other providers, so why do you prefer to use pots with lower rates?

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It’s a fair point. I just opened one now to test it and it is SLICK. I just hope and pray for a provider offering 1.45% or more and instant withdrawals. Then I’d transfer the lot in! (Marcus has all our money right now)

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I like to have everything under one roof so to speak. But I agree there are better rates elsewhere.

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Agreed!