Monzo has launched Business Instant Access Savings, allowing business owners to save their money while maintaining quick access to it.
Facts
- The Business Instant Access Savings Pot offers a 1.5% AER interest rate (variable) per year, paid monthly into the Pot.
- No minimum deposit is required, and the maximum amount that can be saved in an Instant Access Savings Pot is £100,000.
- The Instant Access Savings Pot can be easily linked to the business current account and managed through the Monzo app.
- No payments or scheduled withdrawals can be made from the Pot, as it is designed for business owners to save for business goals such as buying new equipment or reinvesting in the business.
- Regular Pots are more suited for budgeting or paying bills, while Tax Pots are only available for Business Pro customers to automate the percentage of income saved for quarterly and annual taxes.
- Business owners can have one Instant Access Savings Pot per business, if they have multiple businesses.
- Instant Access Savings Pots work seamlessly with some of Monzo’s existing features, such as the ability to schedule deposits and lock your Pot until a chosen date.
