Monzo App Savings

6022tivo

Just noticed they are doing savings from the app for 1.35 %. 6 months.

I just like the fact it's via them and requires no additional accounts, paperwork to think about??

Obviously not a monzo product, but protected via fscs

Any thoughts on this from the experts in here?

oli356

I had setup an instant access (well next working day) one the other week, I have cancelled it now and put the money into Marcus, but the Monzo one was really easy to setup.. like 2 clicks and available to use immediately. As long as you're happy with the rates, I don't see why not use it.

colsten

Nice one if you have maxed the instant access 1.35% (who has!), or don't want a higher rate for a slightly longer term.

6022tivo

Instant access is 0.9 for me?

grumiofoundation

Unsurprisingly its not the best product on the market. You can get a Marcus account paying the same interest (1.35%) but that gives you instant access, whereas this account locks the money away for 6 months.

oli356

6022tivo wrote: »

Instant access is 0.9 for me?

1.10% aer for me for the 'easy access saver' by Paragon

6022tivo

I think I've found a place for my Santander 20k and will switch it to a lite account.

colsten

6022tivo wrote: »

Instant access is 0.9 for me?

There is instant access life outside Monzo. Lots of life. 1.35% Marcus, 1.35% Saga, 1.33% Shawbrook, 1.31% Cynergy, 1.3% PO, Britannia, ESBS and Loughborough, and so on.

6022tivo

I know I'll get the replies of don't be lazy etc. I'm normally the first with them.

But all of the above will require paperwork, my Identity verifying, some passport photos sitting on servers and annoying calls or apps, or passwords to remember.

I quite like the idea of a single click and it's done.

colsten

6022tivo wrote: »

But all of the above will require paperwork, my Identity verifying, some passport photos sitting on servers and annoying calls or apps, or passwords to remember.

I have accounts with several of them. I never had to send anything for ID as they find me online. You might not be known in the relevant DBs, I appreciate. PW management is easy to do with something like Lastpass. Being lazy is also a valid option, especially if small amounts of money are involved as the difference in yield is pennies.

1005922

I have 3 interest bearing pots on my app with 3 different providers, nice to just have everything like that in one place. I've got the pots hidden from view an all so I kind of forget I actually have them