What’s the difference between a Regular Pot, a Savings Pot, and an Investment Pot?
At Monzo, we offer many different types of savings and investing products to suit your needs: Pots, Savings Pots, and Investment Pots.
Regular Pots
Regular Pots are separate areas of your account where you can store money. Pots are great for helping you stay on budget. Regular Pots don’t earn any interest and you can withdraw from them whenever you’d like, instantly.
Instant Access Savings Pots
Provided by Monzo, Instant Access Savings Pots are designed to give you the flexibility to grow your savings with interest but still be able to access your money when you need it.
Interest earned may be subject to income tax depending on your personal circumstances.
Easy Access Savings Pots
Easy Access Savings Pots are no longer available to open, but if you already have one you can continue to use it normally. The money you deposit into a Savings Pot is held with the provider that you choose, and withdrawals take one working day.
Interest earned may be subject to income tax depending on your personal circumstances.
Easy Access Cash ISA
Easy Access Cash ISAs are no longer available to open, but if you already have one you can continue to use it normally. The money you deposit into a Savings Pot is held with the provider that you choose, and withdrawals take one working day. You can pay in up to £20,000 across all your ISAs each tax year and all interest paid is tax free.
Instant Access Cash ISA:
You can build up funds over time in your ISA and all interest paid is tax free. You can pay in up to £20,000 across all your ISAs each tax year. Tap here to learn more about ISAs!.
Fixed Term Savings Pots
Fixed Term Savings Pots are no longer available, but if you already have one it will stay open until the maturity date. On the maturity date, your Fixed Term Savings Pot will close and the money will be returned to your current account along with all the interest you’ve earned by 5pm the next working day.
Interest earned may be subject to income tax depending on your personal circumstances.
Investment Pots
Investments are designed to help you to save for your future, long term. The money you add to an Investment Pot is invested in a fund managed by BlackRock (they’re the fund manager).
It’s important to know that unlike Savings Pots, the value of investments can go up and down so it’s possible that you could get back less than you invest. The longer you invest, the more time your money has to try and grow. But you can withdraw from your Investment Pot whenever you’d like. Withdrawals from Investment Pots can take up to 7 days (although it’s usually completed in 4 to 7 days).
With us, you can invest through both: Stocks and Shares ISAs General Investment Accounts
With a Stocks and Shares ISA you can invest up to £20,000 per tax year and you don’t need to pay capital gains or income tax on your returns. You can now pay into more than one ISA of each type per tax year (excluding lifetime ISAs), so long as you don't exceed the total annual allowance of £20,000, which is split across all ISAs per tax year. Learn more about ISAs
