The challenger bank has taken on rival savings apps with its latest functionality.
The concept of rounding up payments and saving the spare change has been utilised time and time again by a number of fintech start-ups, and now Monzo is getting some skin in the game. The digital bank has today announced Coin Jar, an evolution of its savings account Pots functionality which allows users to expand into micropayments.
Having integrated with Moneybox last month, Monzo users now have the option to round up their payments and either put the money into a savings Pot, or to invest the change with Moneybox in a general investment account (GIA), Stocks and Shares ISA or Lifetime ISA.
The Monzo team are referring to the new feature as an “early experiment” as part of the bank’s future plans for its savings service Pots, but the option to create a Coin Jar is available to all users.
Last week, AltFi revealed the fintech dancing partners of Monzo’s third-party Marketplace Beta, allowing users to trial access to savings accounts from alternative providers and utilise energy switching services.
AltFi will be exploring the future of banking marketplaces in dedicated sessions at the AltFi London Summit on March 26th, joined by speakers from across the global fintech community. You can register for tickets and see the latest list of speakers here.