Monzo users can’t create new Savings Pots
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.
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.