Monzo Savings Pot with Oaknorth

SPE57

Have just come across this app based bank. Am I right in thinking I would need to open a Monzo account which would then allow me to open a savings pot account with Oaknorth? They seem to be offering a rate of 1.35% for depositing money for 3 months through Monzo. This doesn't seem bad to me but am I missing some catch or other?

Zanderman

SPE57 wrote: »

Have just come across this app based bank. Am I right in thinking I would need to open a Monzo account which would then allow me to open a savings pot account with Oaknorth? They seem to be offering a rate of 1.35% for depositing money for 3 months through Monzo. This doesn't seem bad to me but am I missing some catch or other?

Well, you could get more than 1.35% in easy access accounts with Cynergy, Marcus and probably others, so it's not that good.

It'll be a 1.35% annual rate - so for just 3 months it'll only be 1/4 of 1.35% - but I assume you realise that.

grumiofoundation

If you don't get have Monzo it is not worth opening Monzo just to access these savings, as said above you can get better savings direct with these banks. If you already have Monzo then you are basically taking a cut in interest to avoid the "hassle" of opening these not through Monzo,

The "catch" is you are sacrificing 0.15% interest (Annual) in order to not have access to your money for 3 months.