Joined Monzo in May 2018, was also an early investor but after 5 years I’ve decided time to move away.
Having full embraced Monzo switched as my main account, Salary, Direct Debit, Savings the lot, joint account with the wife - Premium customer since launch.
So why am I packing up?
First off, I love the Monzo app, the early features, early payday offer.
I’ve found Monzo’s offerings nothing short of poor or stagnant, the same offerings have been in place for Premium customer with no new or anything that sets them out from the rest.
Integration with other finance services or offerings, Pensions, Greater Saving options, Shares and Stocks along with Credit Card, they offer Flex 3 payments but nothing compared to Klarna.
Getting a credit facility with Monzo seems like you need a 999 credit score, I admit I don’t have the best but I have offerings elsewhere.
Monzo do seem a out computer says no approach where other banks look at you as a customer, your history enforce deciding.
I understand Monzo have invested huge amounts in the US market but I feel over the past couple of years the UK customer base has been let down and left behind.
I feel if Monzo provided greater offerings and services or improved premium services more and more customer would join.
I like all my services in one place no matter if that’s Sky TV, BB, Mobile etc the same should be with Monzo.
I have been watching revolut very closely and even they have now offered an Ultra package as part of the premium accounts, comes at a cost but if you fit into that account and take advantage then I’m sure it will work for you, it’s another way they are widening there offerings to provide a greater options for the customers.
That said I’ve not moved to Revolut I’ve actually moved back to Lloyds Bank.
My main bank, investments, savings, Pension, Loan, Home Insurance all in one place.
I believe Monzo has missed a trick in not expanding its offerings or it’s partnerships - I now have all of my financial matters in one place and under one app.
I will miss some of Monzo’s features but I believe 5 years I’ve given them enough time.
Good Luck