My issue is not so much with the banks themselves - It was more directed at some of the people on the forum.
Is the system broken? It’s certainly not optimal, but you could say the same for most things (I’m looking at you especially child benefit…).
I like to play the game of “replace Monzo with HSBC”, and guess what the result will be.
“HSBC to introduce fees for cash deposits” - What do you think the reaction would be like here?
I should add - Fee or no fee, it doesn’t affect me directly, and I don’t pretend to understand the impact on those it might.
Until Monzo branches out into other areas (this fabled Money Hub we’ve heard about), it’s impossible to judge them, because they are doing the same thing that every other bank does, but has to charge for some of the services that other banks provide for free.
They make money through lending (OD’s and loans - Neither of which are especially cheap), and then a bit through the BoE and other bits and pieces (in the same way that other banks make money).
Would we class Monzo as “praying on the poor”, like people seem to want to class the legacy banks?
Why are Starling going to provide it for free (if the reports are to be believed), with much higher limits? Better negotiation? More lines of revenue so they can subsidise this feature? Better planning ahead (with the new card roll out that was widely panned by this forum at the time, but was necessary to include the new chip?)
My point is, people treat it like some historic football rivalry - Monzo vs the world, and that tends to skew the general opinion.
I’m a Monzo customer because I like the app, the CS was very good, and I like to try new products out - I’ve stayed a customer because they still fulfil my very small current account banking needs.
If paying a monthly fee brought better benefits, and “levelled” the playing field - I’d have no problem. But they’d have to include a free tier for those who literally had no money (but then, we are kinda in the same position we are in now aren’t we?)
In my circumstance, I’d probably use the free tier as I put all my spend through credit cards, and then pay it off at the end of the month - I also have an Amex that I pay annually for, but feel the particular benefits are worth it to me and my family.
That’s a bit of a ramble, and possibly belongs in your other thread , but I hope(?) some of what I said made sense!