Challenger bank Monzo introduces energy switching service and brings Savings Pots back

Posted: 10 May 2019 11:35 am

Picture not described: Monzo-Card-3-738.jpg Image: Getty

Monzo users can now use the app to switch energy provider.

Monzo is launching a new service that allows you to switch energy provider directly from the app. Having trialled it for three months with a restricted number of users, the new feature is now available to everyone.

Read more about Monzo, its account and other features the app offers in our review.

You can only choose between two energy providers for now: OVO Energy and Octopus Energy. They’re both independent providers that rely heavily on renewable energy sources: Octopus is 100% green, while OVO’s tariffs are 33% green by default and you can upgrade to a 100% green option for £5 a month.

OVO also pays you a 3% interest reward when your balance is in credit.

“They might not always be the cheapest on the market, but we’ve chosen them because they offer competitive pricing with the level of customer service you expect,” said Monzo.

If you want to switch from the Monzo app, you can go to the dedicated section, fill in some details about your home and energy usage, get a quote from Octopus and OVO, pick the tariff you want and authorise the switch. Monzo and the provider will take care of the rest.

Monzo has had quite an exciting 2019 so far. It launched cash ISAs last month and is trialling a premium account option and business accounts. Last week, it also brought back Savings Pots, its interest-paying savings accounts.

Savings Pots were launched in November 2018, but suspended the following February because they were too popular and Monzo had reached the limit agreed with its partner provider. They’re back and Monzo now offers different savings account options with three different providers (OakNorth, Investec and Shawbrook).

You can choose between an easy-access savings account, easy-access cash ISAs and fixed-term savings accounts. The minimum amount to create a Savings Pot is £500 with Shawbrook.

From today, Monzo’s savings accounts, together with Goldman Sachs’ savings brand Marcus savings accounts, are also available on budgeting app Yolt.

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