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 (when I find out which is the one to choose)
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)
I’ve put roundups on my savings pot
Can’t see a reason it wouldn’t work with IFTTT
Time to convert all my pots into saving pots
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?
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)
I like to have everything under one roof so to speak. But I agree there are better rates elsewhere.
That makes sense
Yes it does!
This is fantastic news!
Just went through the very easy process of opening a Savings Pot.
This is amazing! Just closed my old roundup pot moved all the cash over and enabled on the new one. I actually like the 1 day delay for getting the money out of my roundups adds just that bit of friction needed to make me think twice and leave it there getting a bit of intrest. Woo Hoo
Whoop amazing news!
My savings are with marcus but I have different goals (new tattoo, holidays…) so monzo is perfect for that.
If you can make it instant, is there any reason why you couldn’t make it so you choose which provider provides the interest for your main account?
Starling has 0.5% if you could have 1.15% regardless that would be a winner.
Does this apply to existing ones? And ISAs? Or do I need to close and recreate? Obvs can’t do that with ISA until April…or would that be legal with the same provider?