I am at a complete loss as to why Monzo is ending the bonus for recommending. If other UK banks can offer 20x more than that why would Monzo end this? It looks like Monzo has gotten o big now it’s become “greedy” if this is the case then it’s extremely sad
There is a blog post on here explaining why. Have a read and it should hopefully answer your questions
Other banks are basically giving customers a share of the profit they’re expecting from whoever you recommend. So if they are giving you £100 for a recommendation I imagine they’ll be making much more than £100 from that new customer.
The high street banks have high costs - but also high fee. They (usually) charge for using cards overseas, rejected direct debits, unarranged overdrafts etc - fees you don’t typically get from Monzo (or Starling, or Dozens etc).
Indeed, Monzo’s revenue per customer is just about positive, so there’s just not the money to spend the way the high street banks do. I think that was probably why it was only £5 in the first place.
In summary, I think that by banking with Monzo (or Dozens, or whoever) we’re probably helping the banks become a bit leaner and a bit more transparent. That’s my hope, anyway. So better in the long term, but doesn’t help if you’re just after a short term bung, though.
Monzo is no longer the only bank to offer free transactions abroad and no charges for failed Direct Debits.
The customer service I have experienced today has been a disgrace. Advisors that can’t give simple answers, I was told to “bear with them” now been waiting now 5 hours and still haven’t received an answer!
5 hours is a long time to wait. I agree.
It isn’t a live chat system though so waiting can occur during busy periods especially after a launch of a new product like bill pots. Best to just get on with your day and await an answer.
They might have realised they didn’t need to spend £5 for new customers. They’re seeing record growth still I think? £5 isn’t much of an insentive to switch but could be costing them quite a bit once all added up
Okay but your telephone line isn’t even available! Message saying you can’t answer right now.
This could be an alternative reason. Growing to quickly and customer services is struggling so stop posting people to sign-up to reduce the number of be customers
Just for reference, @Codf doesn’t work for monzo, he just helps keep the forum under control. The same with any of the ‘Coral Crew’
Can ring me if you like. I imagine I’ll be even less helpful!
Hi there @AdamJohn
I’m very sorry to hear about your long wait time. I’m going to chase this up for you now and someone will be with you on the chat as soon as possible.
I’m closing my accounts now your customer service is absolutely rubbish!
What the hell doe’s that mean?
I’m been with Monzo for 13 months now and I’m closing my account and talking my savings directly to the same providers that Monzo currently make commission on!
I recommend you avoid haste.
Don’t close the Monzo account. Instead, CASS it to a big bank like RBS or Barclays who are currently offering £150 (within a few weeks) and £168 (over the year, I think). There are others.
So, that £5 Monzo bonus doesn’t really matter. CASSing the account earns you so much more.
That escalated quickly!
I still can’t get past the title of this topic.
Are you waiting for the tread to have a choice of endings on the directors cut version?
Interesting that 55,000 people a week are signing up for a:
- …with “disgraceful service”…
- …and only a fiver (now nothing) bribe…
…when other banks are offering £150 a pop.
It’s almost like there are 60m people looking for a free £150 and 57.1m have totally missed it!