Will I lose my existing Savings Jars if I stop paying for Monzo Preferred?
The number of Savings Jars you can create depends on whether you have a Monzo Everyday or Monzo Preferred account.
Monzo Preferred: As a Preferred subscriber, you can create and manage up to 10 Savings Jars. These Jars will also benefit from the Monzo Preferred APY (Annual Percentage Yield) rate.
Monzo Everyday (Free Plan): As a Everyday user, you can have 1 Savings Jar, which will earn interest at the standard Everyday APY rate.
What Happens to Your Savings Jars if You Cancel Monzo Preferred?
If you subscribe to Monzo Preferred, set up multiple Savings Jars, and later decide to cancel your Preferred subscription, here’s what will happen:
Keep Your Existing Jars: You will retain all the Savings Jars you created while subscribed to Monzo Preferred. They will remain open and accessible.
Creating New Jars: Once your Preferred subscription ends, you will not be able to create any new Savings Jars if you are already at or above the Monzo Everyday plan’s limit of 1 Savings Jar.
Interest Rate Adjustment: The APY on all your Savings Jars will change from the Monzo Preferred rate to the active Monzo Everyday APY. rate.
Information for Users with Multiple Jars Before Monzo Preferred (prior to May 15, 2025)
If you were using Monzo before to May 15, 2025, and had already created more than 1 Savings Jar:
Your Existing Jars are Unaffected: You will keep your existing Savings Jars and they will remain open indefinitely unless you choose to close them.
Limitations on Creating New Jars: While you can keep current Jars, you will not be able to create any additional Savings Jars if you are already at or above the 1 Savings Jar limit. To create more Savings Jars, you’ll need to subscribe to Monzo Preferred.
