Today marks an exciting step on the Monzo journey, as we announce interest on Savings Jars. You’ll now be able to get up to 4.25% APY on money saved in your Monzo Jars.
With an interest rate 9x higher than the national average*, no fees or minimum deposit, and instant withdrawals, it’s a product we’re incredibly proud of and can’t wait for you to start using.
You told us, we listened
We really value your feedback, and we heard you when you told us:
How tough saving can be
That you wanted an account which made saving simple
That you felt like you had to choose between a savings account with a high yield and the smart money management features you get from Monzo
Saving feels better with Monzo
But we didn’t want to introduce any old savings feature – we wanted to sprinkle it with a little Monzo magic. Our Savings Jars bring together some of our existing features with brand new ones to create a truly great savings experience. Let’s take a look…
Separate your savings with Jars
If you’re already a Monzo customer, then you’re probably familiar with Jars. They allow you to organise your money however you like, so you can separate savings from the rest of your money.
You can have up to 20 Jars, and you can personalise them with a name and image to show what you’re saving for – whether that’s a new bike, a trip to Europe or a downpayment on a home. You can see the balance of all your Jars at a glance on the home screen.
Earn interest on your savings
Jars didn’t used to pay out interest, but now they do. You can activate interest in just two taps. We’ll pay out the same rate of interest across all your Jars, and if the Federal Fund Rate increases, we increase the amount of interest we pay you straight away.
Our standard APY is 2.25%, but deposit your paycheck** with Monzo to unlock an upgraded interest rate of 4.25%.
Automate your savings deposits
Even with your Jar set up and interest activated, staying on track with saving can be a challenge. So we've introduced automated deposits to help you reach your goals.
Tell us how much you want to save, by when and how frequently you’d like to save (daily, weekly, monthly – it’s up to you). We’ll do the math to help you hit your goal, and set up automatic deposits so your money gets sent to the Jar without you lifting a finger.
I’m ready to start saving, let’s go!
Want to start earning interest on your savings today? It’s super simple. Just head to the app and set up a Jar (or select an existing one) to get started.
Once your Jar is set up, hit the ‘start earning’ button, and agree to the terms and conditions.
Don’t forget to have your paycheck deposited into Monzo so you qualify for the higher APY.
For more information and FAQs, visit our savings page.
*The national average interest rate for savings accounts is 0.45% as posted on FDIC.gov, as of July 15 2024.
** What counts as “depositing your paycheck”:
An ACH deposit of $250 or more to your Monzo account
Deposit is made by your employer or payroll provider for payroll or pension payments
Or by a government agency for benefit payments (e.g., Social Security)
Monzo’s Savings Jar Annual Percentage Yield (APY) is as of July 29, 2024. The APY may change at any time.