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

@FlyingDutchman Could you not just delete the old pot and create a new one?

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Great news!!

It would be less effort to be able to click a button to convert your pot. You will get to keep your pot history too :slight_smile:

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Exactly that! Less messy in the feed too :laughing:

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Brilliant news. Well done Monzo. Please can I request ability to convert regular pot to savings pots at a press of a button and reordering pots :pray:t3:

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You can vote on that here: Option to convert a regular pot to savings pot

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Done. Thanks

95 day seems a bit random

Doesn’t this effectively make it a three month fixed-term account, only you don’t get the interest for three months once you request to withdraw? Or am I reading it wrong?

Fixed term and notice accounts are different, and both fairly established.

Fixed term - The rate and duration both fixed from the outset.
Notice - Variable rate accounts with no fixed duration, but you have to give a certain notice period (which varies from account to account) when you want to withdraw any money. In the case of the account mentioned above you would have to wait 95 days before you can access your money once you give notice.

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I don’t keep a huge amount of money in easy access cash savings. Just a few thousand as an emergency fund. With this amount of money the difference in earned interest between the accounts available in Monzo (~ 1.15%) and the market leaders (~ 1.45%) only amount to £10-£20/year. For that minimal gain I can’t be bothered to open an account with a different bank at which I don’t already have an account.

Also, I like having all my bank accounts visible in an account aggregator. Most (perhaps all) banks near the top of the savings account tables are generally not available in account aggregators, at least not in the one I use. Wanting my account to be visible in account aggregators means the Monzo savings accounts are one of the best options.

If I was savings tens of thousands in cash I’d go direct to one of the market leaders.

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Nice :+1:t3::+1:t3::+1:t3::blush:

When the Investec pot was announced almost a year ago, the loan to deposit ratio was mentioned as a reason for the high minimum balance

How have you got around this issue?

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Maybe there is enough of us now paying in salary et al that they have shifted the ratio?

Interesting question, very worthy of a proper answer

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Our ISAs are definitely flexible, it’s mentioned in our ‘What’s an ISA’ screen (shown next to the list of ISAs). I believe it’s also mentioned in the terms too. However I agree we could definitely be clearer with this as it’s a huge benefit. It effectively means you have free movement of that money without losing your ISA allowance for that tax year. Here’s what the ‘What’s an ISA’ screen shows:

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I love the one day wait time…
helps stop just dipping in.

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I hate it, it’s the only reason I don’t use the pots. Not sure why Monzo keeps around arbitrary one working day legacy rust.

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Been a while since we heard legacy rust

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its all choice
some people want to get there money now
some wish to have a delay to help budget.

its great to have choice in Monzo for both

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What savings pots have instant withdrawals? I don’t see any choice.

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