Major digital bank's warning to savers as big changes roll out in days
Monzo has revealed its cutting the interest rate on its Personal Instant Access Savings Pots following a recent announcement from the Bank of England
Monzo has revealed its cutting the interest rate on its Personal Instant Access Savings Pots following a recent announcement from the Bank of EnglandThe change rolls out within the next two weeks (
Image: Adrian Dennis/Getty Images)
Monzo has warned millions of customers ahead of an upcoming change. The digital banking giant, which only launched in 2015, recently revealed it is slashing the interest rate on its Personal Instant Access Savings Pots.
In an email correspondence viewed by the Mirror, sent last week (Friday, February 7) Monzo explained Brits will see their 3.60 per cent AER (variable) interest rate decrease to 3.35 per cent AER (variable). The new rate will come into effect on February 22.
It comes as the Bank of England (BoE) recently cut interest rates by 0.25 percentage points to 4.5 per cent on February 6. This is what the financial giant charges other lenders when they borrow money, and therefore directly impacts the level of interest you're charged as a customer. It is often good news for those on certain mortgages, but tends to be a blow for Brits with a lot of money in non-fixed savings accounts.
"Interest rates in the savings market change sometimes, so ours do too. But we always aim to give you a competitive rate," Monzo added. "You don't need to do anything, we'll change your interest rate automatically.
"So you know, we'll always let you know at least 14 days before we lower your interest rate. Check the app to see other types of Savings Pots we have available. And if you'd like to, you can move your money elsewhere at any time."
The extent to which this actually impacts your finances depends on how much you're wanting to save in your Personal Instant Access Savings Pots. For example, those willing to stash £1,000 away for a full year would have seen a return of £36 based on the 3.60 per cent interest rate. From February 22, the same saving period would generate a lower return of £33.50.
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However, those saving larger amounts may notice to hit more, and might want to shop around. According to Martin Lewis' Money Savings Expert site, there are several savings accounts offering higher interest rates.
This includes a flexible Cash ISA from Trading 212, which pays interest monthly at a 5.03 per cent AER, as well as a savings account from Coventry Building Society offering 4.85 per cent interest. However, the latter account has a maximum of four withdrawals a year, so isn't the best option for those who may need regular access to their cash. It's also worth noting that ISAs are capped at £20,000 per year, but are tax-free which is handy for anyone who is at risk of exceeding their personal allowance for interest.
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