Be part of our cashback pilot 🎉

[anon90289270]

I’ve made a fair few quid out of this trial so I’m not gonna grumble but it seems you’ve come to the conclusion after crunching the numbers that Monzo Cashback should be just like every other cashback offering.

Groundbreaking.

[veronique_barbosa]

Our lips are sealed, sorry but have to give the generic stay tuned answer. Don’t want to overpromise any timelines as we’re beavering away in background but do stay tuned

[veronique_barbosa]

I hear the concern but the details are what matters in how we’re delivering cashback. Our cashback won’t be just like any other program for the same reasons monzo isn’t just like any other bank. I hope you find that to be true as you continue to use it - and if you don’t come knock me on the head back here and I’ll get to fixing it

[jparcher (JP)]

I’m not on the trial but following this closely. Will there be different levels of cashback offers available to plus and premium customers or is it a flat rate for all?

And will we see updates to the stale 6 offers that haven’t changed since the launch of the paid accounts?

[ahj87 (Andrew)]

RAC, Lake, Patch, Hello Fresh, Naked Wines and Fit - that my friends is from a bank that ‘isn’t just like any other bank’.

[waynepyrah]

Instant withdrawals was unique and you knew you had the cashback, there are so many cash back schemes it’s unreal and waiting isn’t much different to the standard available anywhere else.

[coffeemadman (Jonathon 🏳️‍🌈)]

So if we are currently getting cashback and the new partner has an offer at Poppies Coffee Shop for 10% cashback, we will receive the cashback instantly when we spend on Monzo? Will this continue for as long as cashback is a thing?

And if a person signing up from now onwards spends at Poppies Coffee Shop their cashback will show (presumably) once the transaction settles?

This is how a lot of cashback works so it’s no big issue (though sad, since the instant cashback is a huge selling feature IMO) but what is the reason for this?

[Revels]

3-4 days over instant isn’t a huge deal I don’t think, especially when it’s only a few quid at a time.

Quidco is months!

The most important thing for me is the actual offers. Instant from ObscureShop is much worse than 4 days later for Tesco.

[anon90289270]

It’s nice to see it accruing as you earn it. Feels as if it’s real

[ahj87 (Andrew)]

There is nothing worse than having to track a purchase, check it has tracked and then also that the cash back is similar to amount advertised, or that you expected. The instant cash back or at least notification from Monzo solved this.

I assume the notification of cash back will remain in place when it goes live, which is a good thing, and if it only takes 3-4 days for the cash back to land then it’s not the end of the world.

The proof is in the pudding, what will make Monzo different is who it partners with.

This also does kill the theory of there being a generic cash back percentage offering like with Chase.

[lpoolrob (Rob)]

@veronique_barbosa

Hey thank you! Not quite negative nancy maybe pragmatic polly its a really fair point and its going to be our biggest challenge - ensuring we have differentiated offers from the market. We have a lot of smart strategies in play (many I can’t take credit for!) that you’ll see come to life all built to ensure we stay differentiated. I think whilst these strategies ramp up it’s very possible we’ll have a few weeks where we are the same but I have full confidence in the planning we’ve done to ensure this isn’t true for the long term and our offers quality is consistently appealing and top notch

That is a lot of words to say nothing of any consequence!

[caribo]

Ah, I thought you were doing away with the instant notifications… Which would be a real backward step… As you say, instant withdrawal isnt a deal breaker for me as I withdraw once per month… I would want to see my balance increase with every cash back transaction though…

[coffeemadman (Jonathon 🏳️‍🌈)]

Oh I’ve misread this then. I read it as cashback won’t be in your cashback pot instantly.

If it’s just withdrawal then I really don’t understand why you wouldn’t be able to instantly withdraw.

[Heckie (Heckie Cormack)]

Would be good if we were able to withdraw the funds directly into a savings pot.

[louismiles04 (louis)]

Or be able to set it to automatically go to a pot

[Heckie (Heckie Cormack)]

Yup that would be better.

[dinosm]

Hi Veronique, thank you for posting here. It all makes sense, and it is very informative.

Now, what caught my attention was this:

@veronique_barbosa

We will share the first half of your postcode to deliver offers that aren’t in a different city

I live in the countryside in NI, there is not much here (EDIT: apart from SPAR --hint hint–)! If you go by my postcode and don’t give me offers that don’t exist near me, I’ll never see any offers again
I’m sure this is the case for many other people. I hope your designers will ensure this doesn’t happen.

What would be even better is if we don’t bother with this postcode idea, actually. Why limit offers to what’s nearby? If one travels occasionally or regularly, shouldn’t they be able to take advantage of offers that are already available to people living where this person is travelling?

[bmumf (Benjamin Mumford)]

Totally agree my postcode is rural with no shops however I work in a city. So hoping that it doesn’t get limited in that way.

[lpoolrob (Rob)]

Pretty sure there will still be national brands! But I am never going to go to a garden centre 300 miles from where I live, so why show it to me? Show me a garden centre close to me who is a competitor of who I already use. That is the point of tailored offers.

[dinosm]

@lpoolrob

But I am never going to go to a garden centre 300 miles from where I live, so why show it to me?

I hope it works a bit better than that. We have 2-3 SPARs nearby, but we always shop online from Tesco for the big stuff. It would not make sense to not show us Tesco offers just because we live far away from the nearest Tesco, in the thinking that “why would we drive all the way there”.