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 short-term savings or to help 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.
Easy Access Savings Pots
Great for short and medium term savings, Easy Access Savings Pots are available in our Savings Marketplace. The money you deposit into a savings Pot is held with the provider that you choose, and withdrawals take one working day.
Cash ISAs
We currently offer the following types of Cash ISA's:
Easy Access Cash ISA: Provided by our Partner - OakNorth. Withdrawals will be in your account before 5pm the next working day.
Instant Access Cash ISA: Provided by us. Withdrawals are instant.
You can build up funds over time in your ISA and all interest paid is tax free. You can pay up to £20,000 into your ISAs each tax year.Tap here to learn more about ISAs!. Any interest you earned from a flexible cash ISA is tax-free. *The taxes you pay depend on your circumstances and could change in the future. Interest is exempt from UK income tax.
Fixed Term Savings Pots
Fixed Term Savings Pots often offer better interest rates than Easy Access Savings Pots, but you’ll need to choose a length of time that you’re happy to keep your money in the Pot. With Fixed Term Savings Pots you won’t be able to withdraw your money before the end of the term. We regularly offer fixed terms of 6 months to 2 years. Fixed Term Savings Pots are only available from external providers, not Monzo.
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
