Monzo upgraded its Savings Pots

Popular mobile-only bank launched a?new feature for savings. Source: unsplash.com

Monzo has just started rolling out Pots that pay interest. The feature previously worked just for setting small amounts of money aside from the main account. From now on, Savings Pots will earn 1% interest every year, paid monthly right into the Pot.

Another bank, called Investec Corporate and Investment Banking, will hold a client’s money and pay interest. However, clients will be able to manage everything through the Monzo app.

To open a Savings Pot, one will need to have at least ￡1,000. There’s no upper limit to how much can be saved. One client can open up to 10 Savings Pots. Money in Savings Pots is covered by the Financial Services Compensation Scheme (up to ￡85,000 of client’s savings are fully protected).

Clients can take money out of their Savings Pots at any time, and it’ll be back into their Monzo accounts on the next working day.

As the challenger bank noted on its official website, it will be rolling out upgraded Pots gradually.

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