Monzo suspended one of its savings features

Monzo users can’t create new Savings Pots

Monzo suspended one of its savings features. Source: shutterstock.com

Since Monzo launched Savings Pots, which allow users to earn 1% interest a year, they’ve been so popular that the bank is close to reaching the savings limit it set up with Investec, who holds money and pays interest to Savings Pots users. So, the mobile-only bank has put on hold the ability to create new Savings Pots.

This won’t affect any Savings Pots you’ve already opened, and we’re working to make new ones available again soon
Monzo

According to the bank’s blog, nothing changes for those who already have Savings Pots. They can keep adding and withdrawing money, and they’ll still earn interest on their savings.

Moreover, regular Pots work as normal. Users are able to create, pay into and withdraw money from them.

The bank notes that its team is working with potential partners to make Savings Pots available as soon as possible. However, no particular continuation date has been announced.

SEE ALSO: British mobile-only bank launches Euro Accounts

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