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What does that mean? Are the deals any good? Should you get an account? We went on a little mission to find out.
If you have a current account with Monzo and are looking to open a separate account for your savings, you have two main options:
The rates on Savings Pots are fairly competitive, but keep in mind you can still get better ones if you go on the provider’s website and apply directly from there.
Monzo has just started building its marketplace (it launched in April 2019), so at the time of writing there aren’t a lot of account options or providers available. You can choose among the following types of accounts:
Monzo says it’s working on bringing more providers on board, so the marketplace will probably grow in the next few months. The minimum deposit for all Savings Pots is £10.
Apart from opening a savings account, you can also use the Monzo app to organise your spending and get it to save some money for you automatically. Useful features include:
If you’re always on the hunt for the very best interest rate and are perfectly aware of your spending and savings patterns, Monzo is competitive but not the best available on the market. However, let’s face it, most of us aren’t like that.
We want to save, but we also don’t want to think about it too much or waste time comparing a million options. If that sounds more like you, Monzo is a good shout. It offers appealing rates and useful tools that make budgeting and saving less painful and more fun.
Finally, if you already have a Monzo current account, opening a savings account too is an effortless and quick process and you can go from not earning anything on your Pot to getting a nice rate on your Savings Pot in a few seconds.
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