Monzo Launches Interest on Savings Jars to Help Customers Across the US Supercharge Their Savings

Monzo, the mobile banking app, has announced the launch of interest on Savings Jars, designed to supercharge the savings of customers across the US.

Monzo’s Jars allow customers to sort their money and separate their savings. The interest rate offered by Monzo on Savings Jars is an impressive 4.25% APY – nine times the national average of 0.45%[1] – for customers who have a qualifying direct deposit[2] paid into their Monzo account. For those who don’t, the Savings Jar provides a 2.25% APY. Interest is paid to the customer monthly across all their Savings Jars.

Supercharging savings for customers:

• Competitive rates: Customers who have a qualifying direct deposit paid into their Monzo account earn 4.25% APY. For those who don’t, the Savings Jar provides a 2.25% APY
• $1 minimum: Open a Savings Jar and start saving with as little as $1
• No fees: It’s free to open a Jar with no fees for withdrawals or deposits
• Instant withdrawals: There is no wait to access your money if you need it – withdrawals are instant
• Earn interest on multiple Jars: Customers can see their savings grow in up to 20 Jars
• Taking away the guesswork: Customers can set a savings goal with a target date and desired amount and Monzo will do the math on how to achieve it and set up automated deposits
• Personalized savings experience: Customers can add an image and a name to each Savings Jar to help visualize their goals

Conor Walsh, CEO of Monzo US, said: “I’m so excited to get this product into the hands of our customers at a time when we know they want to make their money work harder and go further. With Monzo, you can now start saving with as little as $1, access great rates, withdraw instantly and all with zero fees. We know from speaking with our customers that they can find it hard to know how and when to start saving – but with Monzo, it’s never been easier to get going.”

Monzo offers current personal and joint accounts with customer-first features and no hidden fees or jargon, making managing money easy in one app that gives them visibility over every cent they spend and save and puts them in control of their finances. Interest on Savings Jars is the latest addition to Monzo’s product suite following the success of recent product launches such as Paycheck Planner, round-ups and Tip Tracker, which were created with feedback from Monzo’s customer community.