Monzo ISA Rates Seem better than most

blanka33

Hi
So I'm confused. I'm trying to find the best 1 year fix ISA for a good chunk of money and if I look at the MSE official page it would lead me to believe the best rate I could get was 1.62% with Charter Savings Bank which isn't bad.

Also, I have heard a lot about Monzo not offering the best deals for savings as they take a cut and it's better to go direct.

thing is, when I check in the Monzo app it says if I fix for 12 months I can get 1.71% from the same provider, which goes against what people are saying about Monzo and the best deals from MSE... and to confuse things even more... I have found that Atom Bank is offering me 1.79%

Am I missing something completely here? It seems either I am or that the Mozo rhetoric is wrong and the MSE official page isn't giving people the best deals. Which doesn't seem likely.

please enlighten my confused brain.

david78

Are you sure the Monzo account is an ISA?


The Atom Bank account isn't an ISA as they don't offer them.


Rates on non-ISA fixed rate bonds/accounts tend to be a bit more than ISA fixed rate bonds/accounts.

pantaiema

blanka33 wrote: »

Hi
So I'm confused. I'm trying to find the best 1 year fix ISA for a good chunk of money and if I look at the MSE official page it would lead me to believe the best rate I could get was 1.62% with Charter Savings Bank which isn't bad.

Also, I have heard a lot about Monzo not offering the best deals for savings as they take a cut and it's better to go direct.

thing is, when I check in the Monzo app it says if I fix for 12 months I can get 1.71% from the same provider, which goes against what people are saying about Monzo and the best deals from MSE... and to confuse things even more... I have found that Atom Bank is offering me 1.79%

Am I missing something completely here? It seems either I am or that the Mozo rhetoric is wrong and the MSE official page isn't giving people the best deals. Which doesn't seem likely.

please enlighten my confused brain.

Take advantage of ISA flexibility. Move otu the money to flexible RS paying 2% and then move it back a few days before the tax year is ended.

Around April - June this tax year, Nottingham BS was offering a RS ISA paying 2%, So for the 1.71% is not really a headline rate.