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Monzo launches Business Instant Access Savings
Monzo has launched Business Instant Access Savings, which allows business owners to grow their savings while having quick access to their money whenever they need it. The Business Instant Access Savings Pot offers a 1.5% AER interest rate (variable) per year, paid monthly into the Pot. There’s no minimum deposit required, and the maximum amount that can be saved in an Instant Access Savings Pot is £100,000.
The Instant Access Savings Pot can be easily linked to the business current account and managed through the Monzo app. However, it’s important to note that no payments or scheduled withdrawals can be made from the Pot. It’s designed for business owners to save for their business goals, such as buying new equipment or reinvesting in the business.
Regular Pots are better suited for budgeting or paying bills, while Tax Pots are available only for Business Pro customers to automate the percentage of income saved for quarterly and annual taxes. If a business owner has multiple businesses, they can have one Instant Access Savings Pot per business.
Instant Access Savings Pots work seamlessly with some of our existing features too. You can choose to schedule deposits and lock your Pot until a chosen date.
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EXCLUSIVE: “Instant Connection” – Chris Jameson and David Voss, Bank of America in ‘The Fintech Magazine’
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