Monzo launches Instant Access Savings Pot

Monzo, the UK-based digital bank, has launched a new product that enables customers to easily save and access their money at any time. The new Instant Access Savings Pot is designed to provide customers with a simple and hassle-free way to save money.

The Instant Access Savings account offers a competitive interest rate of 3.00%, which is calculated daily and paid out monthly. Customers can easily transfer money in and out of the account as they please, without any restrictions or penalties. With no minimum deposit or balance requirements, the account is accessible to anyone looking to start saving. The maximum you can have in a Personal Instant Access Savings Pot and a Joint Instant Access Savings Pot is £100,000 each.

As well as earning 3.00% AER on an Instant Access Savings Pot, Monzo Plus and Premium customers also earn 1.00% AER and 1.50% AER respectively on the first £2,000 held across their current account and Pots (now including Instant Access Savings Pots, but not Easy Access, Fixed Term, or ISA Pots provided by partner banks).

With the Instant Access Savings Pot, customers can set savings goals and track their progress through the Monzo app. The app provides helpful tips and tools to encourage customers to save more and reach their goals.

Monzo is committed to providing its customers with innovative and convenient banking solutions. With the launch of the Instant Access Savings Pot, the bank is helping customers take control of their finances and achieve their savings goals.