2017 In Numbers

Monzo Chat News & Updates
21

I was at an event yesterday when someone asked @anon12731944 what proportion of users got their salaries paid into their Monzo account / used it as their main account & …

:drum::drum::drum:

he said that at the moment 1 in 10 use it as their main account :tada:

There’s a few caveats to bear in mind:

  • the current accounts haven’t been available for that long
  • Monzo hasn’t given users an easy way to switch yet (*cough* CASS)
  • Monzo doesn’t have a 100% reliable way to identify whether users incoming payments are their salaries yet. It looks like users will be able to tag their pay when the Spending tab is redesigned so this figure could change then.
  • I believe the marketplace will be the main driver for users to switch

+ other stuff I don’t know.

But I reckon that’s a pretty good start. An ‘influencer’ told me on Twitter recently that 5% account activation was considered good, although I don’t know how true that is..

22

Was salaries being paid in the sole way of determining that it was someone’s main account? I’ve not had my salary paid into my main account for many years.

2 Likes
23

He didn’t say exactly what criteria had to be met in order for it to be considered as being used as the main account I’m afraid :disappointed:

1 Like
24

I’m coming over real soon, I’m just waiting for my high interest rate to end after doing a switch…

1 Like
25

I have one salary paid in to Monzo and another paid offshore so basically Monzo is my main account or is it? :eyes:

1 Like
26

I would answer that by saying whichever is the largest salary is the main one, but if they are equal then whichever has the majority of your daily expenses on

27

Monzo then as that is my daily

2 Likes