Monzo goes micro with spare change savings

By Emily Nicolle on Wednesday 7 March 2018

Digital Banking

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.

Sign up for our newsletters


Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.

Companies in this Article:

Monzo
Moneybox

More like this:

Exclusive: Tide scoops up Funding Options in its first acquisition

Editor's Pick

29 November 2022
Oliver Smith

The AltFi Awards 2022: Here are the winners!

Editor's Pick

2 December 2022
Oliver Smith

Zilch poised to axe 10 per cent of workforce

28 November 2022
John Reynolds