It is interesting isn’t it how differently people make these decisions and what they base it on (I’m reminded of Tom saying these things are very emotional, and I think I agree - people choose banks/accounts based on feelings and intuition more than they care to admit).
Re access, I have different categories of saving in my head:
Very long term savings go into a pension, where the access terms are pretty harsh - can’t withdraw for decades!
Long term savings go somewhere tax free with a return (definitely not cash at present, except in the short term). So used to go to a Cash ISA when rates were above inflation, but nowadays in a S&S ISA (though much is in cash for now as the market has just peaked IMO). Instant access doesn’t matter much, a few days is fine.
Short term savings are held in cash, the return doesn’t matter as much, and instant access matters a lot more as I’d want to be able to shift the cash at short notice. A day’s notice is an annoyance and not something I’d put up with for a few pounds a year.
Still will be interesting to see when they get more products on board how this works out. I do hope they’re also planning to reconsider the focus of the app a bit as this marketplace is added. It feels to me like the app needs to have a global feed showing all activity, and promote accounts (or pots as they still call them) to the full status of the bank account, so that you can see each one under an Accounts tab. The ‘Account’ tab doesn’t make much sense to me at present and I dislike the global switcher idea for joint accounts. The design needs to take into account the fundamental changes to the product as this evolves. I’d like to see the transaction feed being a global one which can show activity across all accounts - I think that’d really cool and would help them give good visibility about where money is going and when it actually leaves (as opposed to being saved to a given saving option). Long term I’d love to see things like SIPP products in the marketplace, and proper signalling to users about how on track they are for long term saving goals within those sub-accounts. Month to month saving is all very well and congratulations for having money left at the end of the month are nice, but longer term goals are more important and can benefit both customers and Monzo - their financial education aspirations could be well served by this as well as their bottom line.
Sure, this sounds reasonable, and I only give feedback as I think it is useful for Monzo to hear the thought process of people judging their product. Often there are minor tweaks they can make which improve perception a lot, even if it is just clearer communication on terms, or a switch in focus. As one example I think the CASS feedback helped improve it by focussing on the full switch service (which is a much better experience for customers).