The two challenger banks have signed a deal that will see Monzo customers able to access Shawbrook's savings rates, joining the likes of OakNorth and Investec on its platform.
Digital banking darling Monzo has a new partner in the form of Pollen Street Capital owned challenger Shawbrook Bank.
The deal will see Shawbrook fund Monzo customer savings ‘pots’, joining fellow challenger OakNorth and Investec in the digital bank’s marketplace. Monzo says it earns 0.2 per cent commission from its savings partners.
Savings Pots with Shawbrook have an interest rate of 1.12 per xcent and a minimum deposit of £500.
The image below outlines the different rates offered by the three banks.
Shawbrook bank was founded in 2011 before going public and listing on the stock market in 2015. In 2017 it was taken private by a consortium of investors including Pollen Street Capital.
Monzo also said it would look to offer customised fixed term deposit lengths rather than choosing three, six, nine or 12 monthly options.