What is Select Access Savings?
Select Access Savings offer a higher interest rate if you make 2 (or fewer) withdrawals a year. If you need to withdraw more we’ll lower your rate to 2.60% AER (variable) if you have a free Monzo current account and 3.10% AER (variable) if you have Monzo Perks, Max, Plus or Premium until you hit the one-year mark since opening your Pot. No matter how many withdrawals you’ve made, you can always access your money instantly. You can start saving with a £500 minimum deposit.
How many withdrawals can I make from Select Access Savings?
You can make as many withdrawals from your Select Access Savings Pot as you want, just make sure you keep your balance at £500 or above to keep your Pot open. If you need to withdraw more we’ll lower your rate to 2.60% AER (variable) if you have a free Monzo current account and 3.10% AER (variable) if you have Monzo Perks, Max, Plus or Premium until you hit the one-year mark since opening your Pot. No matter how many withdrawals you’ve made, you can always access your money instantly.
How many Select Access Pots can I open?
You can have up to two open Select Access Savings Pots on your Personal Account, and up to two open on your Joint Account at the same time.
Why should I choose Select Access over Instant Access?
Select Access Savings Pots could be a great option for medium-term savings goals where you'll probably need the money later, like a big trip, a wedding or even a house deposit. Instant Access Savings Pots could work for money you expect to need sooner, or money that you’re likely to withdraw across many transactions.
How does the Select Access rate compare to Instant Access?
The Select Access Savings interest rate is 0.40% AER (variable) higher than the Instant Access Savings interest rate.
