A few months ago, we talked about the problems in the UK savings market. We laid out our ambitions to create a marketplace that gives you the convenience of accessing competitive savings rates, all from the Monzo app. We believe that a competitive marketplace with multiple savings providers means better rates and exclusive deals for you.
Now, we’re starting to see that vision unfold. And today, we’re really excited to announce that we’re launching an exclusive, market-leading rate 🎉
We’re introducing a market-leading Savings Pot that's exclusive to Monzo!
From today, OakNorth (one of our savings providers) are offering a 3 month Fixed Savings Pot. The Annual Equivalent Rate (AER) is 1.35%, which is the highest interest rate available on a 3 month fixed term deposit in the market!
A Fixed Savings Pot is an account you open for a certain period of time (in this case, 3 months). During this time, you can’t access your money or add any more money in. And in return, you’ll get a higher interest rate than you can on an easy access account. The interest rate is fixed for the whole time the account is open, so you’ll know exactly how much interest you’ll earn.
This rate is exclusive to Monzo, meaning that our savings marketplace is fast becoming the place to find the best savings rates in the UK!
We’re also increasing the interest rates on all OakNorth Fixed Savings Pots
| OakNorth Fixed Savings Pot term | Annual Equivalent Rate (AER) | ||
| Old | New 😃 | ||
| 12 months | 1.55% | 1.63% | |
| 9 months | 1.46% | 1.51% | |
| 6 months | 1.36% | 1.46% | |
| 3 months (new!) | 1.35% (market leading!) | ||
You can see all our Savings Pots in one place
We’ve created a nifty page so you can view our Savings Pot providers all in one place, making it easier to compare the rates and types of savings products you can get ahead of time.
You’ll still need to use your Monzo app to actually set up your Savings Pot though, and you can see all the options in the app too.
Just so you know, we earn 0.2% commission from our savings providers.
Your money’s protected by the FSCS
Your money with one of our savings Provider is protected by the Financial Services Compensation Scheme (FSCS) for amounts up to £85,000.
The money you deposit is protected up to a total of £85,000 by the FSCS. The FSCS apply this limit to each person and to the total amount of any money you have with the provider, whether held through Monzo or not.
Please note, this means if you have separate accounts with our savings providers outside of the Monzo app, then the deposits held in those accounts will also count towards the limit of £85,000.
Any money in your main Monzo account is also protected up to £85,000 by the FSCS, separately to your savings. You can read more about how FSCS protection works here.
Happy saving! 💰