Digital Bank’s New Savings Option Matches JP Morgan Chase Offer

Monzo launches its first instant access savings bank with 3% interest rate.

Now the largest digital bank with more than seven million customers, Monzo said the new offering was developed directly from customer feedback.

There is no minimum deposit, and the new instant-access product is being added to other banking features in the budgeting app, which include a number of other “savings banks” and a “payroll sorter.”

“Designed with clients, it is designed to give everyone the ability to increase their money and access it when they need it” Monzo CEO T.S. Anil.

“We’re excited to put this in the hands of customers who we know are using Monzo’s powerful savings and budgeting features more than ever to make the most of every penny.”

Monzo’s mission is to make money work for everyone, and Anil noted that “in times of crisis, we are committed to making money work even harder.”

The bank already had easy access and fixed term options on its application with up to 3.55% interest on the 12-month fixed option.

Its new instant access interest rate is competitive with other fintech companies, including Chase, which increased its easy access savings to 3% this week, Kroo, which offers 3.03% on its checking account, and Chip, which offers 3 .05% instant access. .

The message The new digital bank savings option is the same as the JP Morgan Chase option that first appeared on Fintech Finance.

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