Limited time Buy One Get One Free offers are also ‘bait and switch operations’.
Dont think it was bait and switch. Beta means Beta, and its inevitable that theres change.I believe most revenue comes from Monzo not providing us with interest, and pocketing this. I’d rather this than many alternative charging techniques. Also, we now have FSCS protection, which is useful. And no penalty to leave…
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We don’t intend on offering anyone money to join us.
That’s just not us.
The roll-out of Pots proved a tantalising incentive to upgrade for many who were holding out before. Overdrafts will be another. Amongst other new features that are coming 
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I don’t think of it as bait and switch as such, just a new start up ironing out all the kinks to make sure they can now run long term.
I appreciate the honesty from Monzo too as a legacy bank would never discuss any changes in policy with their customers
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I just signed up for the free navy blue envelope. Haha suckers, got my plush stationery now, gonna cut and run!!
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Really? Would be pretty surprised if that was the case because its not like the implementation is amazing. I wasn’t aware it was even live until i accidentally found it, don’t recall it saying anything about it as part of the process either.
I upgraded this time around despite being offered before, just because it was clear I wouldn’t have to change the card for a third time - which had previously been advised would be required for early upgraders initially.
Didnt have anything to do with additional functionality. In fact i was aware they’d be less functionality when moving - no pulse, not as good service, no top ups which were all pre-advised.
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I knew a couple of people that were holding off upgrading until they could move their savings. A few others are waiting for CASS though, that’s the main upcoming benefit
Why would they keep any significant amount of savings in a zero interest account?
Faster payment to any legacy bank, all of whom offer instant access & interest paying savings accounts = instant access external pot.
None of the legacy apps are so terrible you can’t transfer money back and every legacy has a better payment screen then monzo so hardly hassle if you do need to send it back.
Even if you wanted the functionality in app, Starling offers a small amount of interest and better functionality on goals (regular amounts and that part of the app is more polished then monzo).
I would love to know how many people use pots longer term. I’m sure a lot of people will play around with it initially but I wonder how many active users they’ll be. I imagine quite a small percentage.
CASS i agree will likely pull more people (far more then pots) - but again this assumes everyone wants to close another account! (joint, seconds, cheques could be a few examples of why uptake of that might not be as high either).
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All of which are basically back now, at least on iOS where they were before, (although the pulse probably still takes a month to get back in gear).
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Don’t forget to say on iOS. Not all is there for Android users…
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With CASS you don’t have to close the other account, it is optional
Doesn’t that mean you don’t get the guarantee or something from memory?
To be fair the only time i did it was to close an account rather then jump through some hoops.
I’ve never found a bank that could do a better job then me to move any regular payments 
You sort of do if you want all the guarantees etc
Or;
Open Monzo app
Select Account
Select top up
Select Apple Pay
Fingerprint
The main advantage is that you can see your Monzo balance.
Very much a first world problem, and my bank app takes a few more steps to make a transfer than yours. But long story short, Apple Pay top ups are slightly easier and quicker for me.
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This.
I too am baffled as to why this is even a thing.
Because not all other banks apps are that easy?
I’ve the HSBC app, and it’s terrible…
You can’t create a payee in the app, must be done on the web interface, and even then it’s not guaranteed to show in the app, as the app will only show payees that have recently been paid to!
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If Monzo went down this route I’d be saddened. Old school thinking, base level interests, brand killer.
Just keep it simple - engaging brand, rock solid services, killer customer support. Deliver fundamentals brilliantly. And build a business.
However all of the above is predicated on the VCs thinking the same way…
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OMG.
Still HSBC is a pretty tiny rural bank right…
Yeah, they’re supposed to be releasing a super duper new app to make everything easy… It’s allegedly in a very small beta at the moment with them releasing it next year.
However for me, with Monzo and Starling around, it’s too little, far too late…
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I agree with you. It was a tongue-in-cheek post. I didn’t expect Monzo to go down this route. 
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