Monzo, the UK-based digital bank, has announced the launch of an instant access savings pot for its account holders with a 3% interest rate. This move is part of the bank’s effort to provide customers with an easy and accessible way to save money.
The new savings pot will allow Monzo customers to put away money and earn interest on it without having to wait for their savings to mature. The 3% interest rate matches that offered by Chase and Kroo, two of the most popular digital banking services in the UK.
The new savings pot is an extension of Monzo’s existing savings products, which include fixed-term savings accounts and ISAs. The bank is also offering customers the opportunity to set up a regular savings plan, which will allow them to set up automatic transfers from their current account into their savings pot.
The savings pot is available to both new and existing customers, with no minimum balance required to open an account. Monzo is also offering customers the option to open multiple savings pots, allowing them to save for different goals and manage their money more effectively.
Monzo has said that the launch of the new savings pot is part of its mission to make banking easier and more accessible for all. The bank is also looking to encourage customers to save more and make the most of their money.
Overall, the launch of the new Monzo savings pot is a welcome addition to the digital banking landscape. With its competitive interest rate, easy access, and multiple savings pots, the product is sure to be a hit with customers looking to save more of their hard-earned money.