The problems with the Monzo and OakNorth ISA
Monzo’s decision to offer customers access to an ISA provided by fellow UK challenger bank OakNorth has been met with a number of questions about the banking industry and also resulted in unwanted headlines for Monzo. A leading financial services expert explains why the latest savings offering is risky
The move by Monzo to offer its customers access to an ISA provided by fellow UK challenger bank OakNorth raises a number of questions about our current banking market and customer attitudes to saving.
The element that has attracted headlines – mainly unwanted ones for Monzo – revolves around the rate on offer. The bank’s repackaged version offers customers a rate of 1.14%; a pretty shabby rate by historic standards but not in today’s depressed market.