What are Instant Access Savings Pots?
Instant Access Savings Pots are Monzo’s newest Savings Pot. They’re designed to give you the flexibility to grow your savings but still be able to access your money when you need it.
You’ll always be on the best interest rate available Whether you’re a new or existing customer, you’ll always get the best available interest rate, without having to lift a finger.
You can withdraw your money instantly, anytime Instant Access Savings Pots were created so you can take money out at any time. Withdrawals usually go into your account instantly.
You don’t need a minimum deposit There’s no minimum deposit, and the maximum you can have in a Personal Instant Access Savings Pot and a Joint Instant Access Savings Pot is £100,000 each.
You can only have one Instant Access Savings Pot open per account Instant Access Savings Pots are great for saving towards short-term goals like building up an emergency fund or saving up for a holiday. Regular Pots are better suited to setting small amounts of money aside for budgeting or paying bills.
Your money’s protected by the Financial Services Compensation Scheme Your money in an Instant Access Savings Pot is protected by the Financial Services Compensation Scheme (FSCS) for amounts up to £85,000. The FSCS apply this limit to each person and to the total amount of any money you have with each provider. This means the deposits held in your current account, joint account, regular Pots and Instant Access Savings Pot will all count towards your protection limit of £85,000 with Monzo.
You can choose other types of Savings Pots if Instant Access isn’t right for you While Instant Access Savings Pots offer the greatest flexibility in accessing your money, you won't be able to make payments or schedule withdrawals from this Pot so this type of Savings Pot may not work for everyone. If you’re saving towards a long-term goal or just want to stop yourself from dipping into your savings, you can have a look at other types of Savings Pots in our Savings Marketplace
