UK-based Mobile banking app Monzo has launched interest on Savings Jars to enhance the savings of US customers. Monzo's Jars allow customers to sort their money and separate their savings.

The interest rate offered by Monzo on Savings Jars is an impressive 4.25% APY - nine times the national average of 0.45% - for customers who have a qualifying direct deposit paid into their Monzo account. For those who don't, the Savings Jar provides a 2.25% APY. Interest is paid to the customer monthly across all their Savings Jars.

Monzo augments savings by offering: No fees: It's free to open a Jar with no fees for withdrawals or deposits; USD 1 minimum: Open a Savings Jar and start saving with as little as USD 1; Earn interest on multiple Jars: Customers can see their savings grow in up to 20 Jars; Instant withdrawals: There is no wait to access the money if one needs it - withdrawals are instant; Personalised savings experience: Customers can add an image and a name to each Savings Jar to help visualize their goals; Competitive rates: Customers who have a qualifying direct deposit paid into their Monzo account earn 4.25% APY. For those who don't, the Savings Jar provides a 2.25% APY; Taking away the guesswork: Customers can set a savings goal with a target date and desired amount and Monzo will do the math on how to achieve it and set up automated deposits. Commenting on this launch, Monzo’s officials said they’re happy to get this product into the hands of their customers at a time when they know users want to make their money work harder and go further.

With Monzo, one can start saving with as little as USD 1, access convenient rates, withdraw instantly, and all with zero fees. Monzo offers current personal and joint accounts with customer-first features and no hidden fees or jargon, making managing money easy in one app that gives them visibility over every cent they spend and save and puts them in control of their finances. Interest on Savings Jars is a new addition to Monzo's product suite following the success of other product launches such as Paycheck Planner, round-ups and Tip Tracker, which were created with feedback from Monzo's customer community.

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