Saving can feel a little tricky these days – but if you can put money aside, there are small steps you can take with Monzo to help your money go further. Whether you want to save regularly or small amounts here and there, we’ll help you decide on the right approach for you. Let’s get started…
Grow your savings with a Savings Pot
Saving for something special? Whatever you’ve got your eye on, we’ll help you get there faster with a Savings Pot. There are two main types:
🍯 Easy Access Savings Pot: These give you the freedom to dip into your savings when you need them, so they’re great for short-term savings goals like a new bike or a holiday. You can earn up to 2.61% interest (AER) on your money
🍯 Fixed Savings Pot: These involve locking your money away for 12 months while it earns a higher interest rate, so they’re great for longer-term savings goals, like a wedding or a deposit on your first home. You can earn up to 3.55% (fixed) on your money.
(Rates correct at time of publishing, check our website for the latest rates)
Stay motivated by giving your Savings Pot a name and photo to remind you of what you’re working towards. It might be ‘Dream home’ or ‘New York trip’ or even ‘Pet portrait’. You can also hide or lock your Pots if you’re tempted to dip into them too early.
Catherine, a psychology master's student and part-time staff nurse in Falkirk:
“I take advantage of Easy Access Savings Pots, because it usually takes one or two days to withdraw something. You can set a goal for your savings, which gamifies it in a way. When I started putting money aside, I had a goal of getting to £2k and it tells you the percentage of how far away you are from your goal. I hit my goal and it made me want to continue seeing all my percentages go up. Seeing the interest develop on the amount that's in there is motivating as well.”
And if you have Monzo Plus, you can also enjoy earning interest on your regular Pots and current account balance.
Monzo Plus is £5 per month • 3 month minimum • Must be aged 18+ • Ts&Cs apply
Save automatically every time you spend
Saving doesn’t have to involve big sums of money. In fact, one simple and effective way to save is by squirrelling away your spare change more often. And you can do this automatically by turning on roundups in Monzo.
When you turn on roundups, every time you spend we’ll round up your purchase to the nearest pound and put it into the Pot of your choice. So if you buy a coffee for £2.59, we’ll put 41p into your Pot. And these small sums add up – people save an extra £129 every year using roundups in Monzo.
So whether you’re saving for a much-needed holiday or that fancy new kitchen gadget that keeps popping up on your social feed – turning on roundups can help you reach your goals faster.
Luke, a tech support engineer based near Leeds:
“Using Monzo to round up each transaction to the nearest pound really adds up over the year. You can easily save an extra £200, which I find helps for things like Christmas. I let all the round ups go into a Pot called Skin Suit, named after the lycra I wear as a road cyclist. Then at Christmas I dip into it and just reset it every year. I like that once you set up round ups, you can forget about it. You don’t really miss the small amounts, 50p or whatever, so it works really well. It took me about a year to save £200."
And with Monzo Plus, you can put 2, 5 or 10 times as much spare change into your savings every time you spend – thanks to advanced roundups.
Monzo Plus is £5 per month • 3 month minimum • Must be aged 18+ • Ts&Cs apply
And that’s all, folks! Remember, every small change you make adds up and can make a real difference to your money. As we wrap up our Small Change series, you can follow us on social for helpful guides on managing your money, along with real-life stories and tips from people using Monzo.
🌱Small Change is a new series of ideas we’re sharing to help you stay on top of your money and make it go a little further. We'll share practical steps you can take with Monzo in minutes, as well as stories from folks who’ve found what’s worked for them 🌱
Check out our other guides on managing your money, and feeling more in control.