The new savings option at the online bank is the same as the one at JP Morgan Chase.
Monzo is starting its first savings account with an interest rate of 3% that can be used right away.
Monzo, the largest digital bank with over seven million clients, claimed the new service was built using consumer feedback.
There is no minimum deposit, and the new instant access product adds to the bank’s other budgeting tools in the app, which include a number of “Savings Pots” and a “Salary Sorter.”
“Developed with customers, it’s designed to give everyone the flexibility to grow their money and access it whenever they need to,” Monzo CEO TS Anil said.
“We’re excited to get this into the hands of customers who we know are using Monzo’s powerful saving and budgeting features more than ever to make the most of every penny.”
Monzo’s goal is to make everyone’s money work for them, and Anil said, as the cost of the crisis rises, our goal is to make money work even harder.
On its app, the bank already offered easy access and fixed-term options, with up to 3.5% interest on its 12-month fixed option.
Its new instant access interest rate is on par with those of other fintechs, like Chase. Which this week raised the interest rate on its easy access savings to 3%, Kroo. Which offers 3.03% on its current account, and Chip, which offers 3.05% instant access.
