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

It’s the convenience of having my money visible, all in the same place and organised in a way that suits me.

But to be clear, it depends on the amount of money you are talking about. There was a brief period (due to a house sale) when my husband and I had around ~£200,000 in savings. We had to split this across several accounts, but kept none of it in Monzo.

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I don’t really use my Monzo savings for actual growth. I use Freetrade for that. Plus I like portioning it off into my various mini savings accounts.

My money in Monzo is just doing something (rather then when it was First Direct doing nothing).


I’d be intrigued to know how much people are keeping in Monzo on average. I think a year or so ago it was about £100 balance on average, im trying to find this stat again.

Simple maths of a quid interest for every grand.

I only put in £2k to spend each month which goes to £0 most months, so whilst tempted to put in 1.15 pot it’s remembering to keep transfering back enough to the main the day before you want to use it which might end up a pain for the sake of a quid interest at the end of the month. If they did apply 1.15 directly to the main account and do the shifting around behind the scenes that would be ace.

Shares are far more rewarding but no certain profit. If I had significant lying about it would be in property.

Property isn’t certain profit either. In fact, I’d say they’re a lot riskier than a well chosen index fund/ETF based on diversification alone.

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Oh indeed, I’ve found personally the £70k made on my home in the last few years has been kind, doesn’t mean it’s always been a constant rise or that it’ll not be worth less in a few years but land and bricks are still a good result. I don’t know how confident if I had the same cash to play with on stocks would have bettered it. I’ve found not putting too many eggs in one basket is the key, it’s just getting the eggs in the first place difficult.

It’s all a different ballgame to earning a couple quid on interest on monthly spend.

@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:


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:


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.


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.


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?


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: