I don’t use credit that often but I like to have an overdraft facility there just in case, or if I have a large purchase I can be a bit more flexible
So in this case, I like to have the cheapest option there is.
If, for whatever reason I need a loan, again, cheapest option.
A few people mentioned which bank. There isn’t one bank I am using. I have a HSBC bank that i use for holding money, and i have an investment isa with them. Not greatest but I want to maximise my allowance. I also recently need to receive euros, coupled with my card issues I was looking into starling for both these reasons.
Before Monzo I had banking apps but they were rubbish and a lot of things still required going into the branch. The apps were really for basic features and branches still for the ‘big stuff’.
I think what Monzo did was, the app was the whole bank where you could do everything. And that did feel new when it launched.
On loans and such, yes I agree their rates are not really competitive.
Then again, you will only get good rates by shopping around, if you always go for products through your main bank account you’ll probably never have a great deal.
Monzo is good at making integrated products easy to apply for and manage through the app. The terms are clear, the help pages thorough etc. That’s their positioning really. If you (like me) prefer to deal with some probably complex terms, more self management, and some potentially difficult customer service to get the best rates then Monzo isn’t where you’d get those products from.
Genuinely curious what makes you think this? I can’t think of any feature that would be more useful in London than anywhere else.
FWIW my family are in the Highlands and have all switched, largely because all the banks in their local town (there used to be 5) have all shut down their branch in the past few years. There’s no need for them to keep accounts with banks they have to travel miles to visit, or spend hours waiting on the phone to speak to.
As for the final bit, I agree they don’t feel quite as innovative as they used to, but honestly, since virtual cards and payments from pots came along, they do literally everything I want to manage my money properly. I’m no longer trying to juggle money by keeping it aside until I need to remember a payment is due, I have bill pots for direct debits, a virtual card for travelling, one for card subscriptions, a few others for specific companies payments, and I’m all set. Any new features from here on out are just a bonus for me.
Yep. As I said when this came up in another topic, there are more people in London than in Scotland AND Wales. So, it’s understandable why Monzo - and many other brands across all sectors - would decide that marketing in London is the way to go.
Everyone’s perspective of everything is going to be different. You either like it or don’t! Simple.
Monzo suits me as a bank 100% no branches, paid day early,DD go out…wages go in. I couldn’t imagine what I need more a bank to do?
Loads of over thinkers and analysts in this community.
