Oh I totally agree this is much better than the current system - I’d just prefer a less complicated world 
4 Likes
I love this idea too - as an aside it’d be nice if you could set your own rules eg added to balance / added to a pot of your choice / added to roundups etc
This is the sort of thing Monzo seems to do really well by simply removing the friction.
2 Likes
I think it better to build up or go into a pot so we can take it when WE want. I would not want my account statement cluttered with odd little amounts every transaction or every week.
Totally agree! A cachback pot you can ‘import’ into your account is ideal I guess!
3 Likes
This, this this! Spot on. I would not want it weekly.
3 Likes
I really love this idea, but I know it is going to kill startups like “Tail” who are really aiming for the Monzo market as well as Starling.
3 Likes
I like the idea of this. I would say getting paid either monthly or every quarter would be better than every week.
2 Likes
I think cashback as a concept is so wrong.
You are basically saying “we have ripped of the merchants so much with excessive fees that we don’t need all this loot and will bribe you to keep the merry go round running”
I have a better idea. Why don’t you reduce your fees to a more reasonable level then the shops can reduce their prices for everyone including people who pay by cash because right now cash purchasers are being ripped off by this little merry go round and are effectively subsidising the banks.
So embedded is this rotten system that now VISA are strong arming/bribing some shops to stop taking cash or any other form of payment that doesn’t line the banks pockets with excessive fees.
A disgrace.
5 Likes
You really think stores would do that? I highly doubt it.
3 Likes
I know that at the moment they have to raise their prices to cover card processing fees.
The simple fact that a bank can offer cashback to me is proof positive they are overcharging their fees.
3 Likes
I agree with your overall sentiment, and would much prefer we weren’t all getting ripped off by unnecessary fees. However, I don’t think it’s the banks that set the fees, I think it is the card networks and merchant acquirers (WorldPay, iZettle, etc). So I’m not sure Monzo has any say in the fees. It might be that the best they can do is pass some of them back to us.
2 Likes
This isn’t quite true.
The store itself is part of a cashback network that they voluntarily choose to be a part of. It’s a way for the store to have the bank do marketing on the stores behalf.
In a nutshell:
Lloyds decides it wants another revenue steam (ho ho) and decides to create a cashback program.
Lloyds reaches out to some stores and says "we have research that shows our customers are x% more likely to go to stores/restaurants that are part of our cashback program. It will cost you £x/x%/successful referral we send you.
Store agrees, and Lloyds looks out for transactions from that merchant from users that have decided to opt in.
After a successful purchase, Lloyds shares the take with the customer.
This is not down to high card processing fees. Card present transactions are generally one of the cheapest ways to process a card.
Also, it really depends on the card type. Debit cards (current accounts) are actually really quite cheap to process. The fees are with credit cards and business debits/credits.
5 Likes
It is. It’s a marketing device.
3 Likes
Totally. The shops won’t make goods cheaper and not issue cashback as they hope people don’t do cashback so they make more. It greed on behalf of the shops. Now if everyone did cashback that might encourage the stores to stop cashback as they’d be paying it to everyone, hence they’d not get anything out of it.
I’d rather goods were cheaper but the stores won’t do it, so I’m happy to try and beat them at their own game. Get on board Monzo for those that want to opt into cashback.
4 Likes
Wow, this would be a reason to use monzo as my main current account. But would need some virtual accounts within the account to separate my money accordingly.
3 Likes
I used Nationwide for a few months and was pleasantly surprised when I got cashback for spending above a certain level on Amazon. I didn’t know about the cashback thing so it was a really nice surprise when it appeared in my account. It’s not something I’d expect a bank to do, but if it’s a frictionless experience (ie just shop as usual and we’ll pay in a percentage, rather than having to go via a special link) then I’m all for it.
2 Likes
Unless Tail become the general cashback provider for Monzo in the marketplace and fully integrate it into the app as if Monzo were doing it themselves.
2 Likes
Visa do cash back through various accounts, my FD and Nationwide credit card both have it with a small but growing list of suppliers. You just have to sign up with an email and card number and just activate the deal you want then spend normally. The money then appears at the end of the week as a credit to your account. Easy. If MasterCard could do something like Visa, then maybe it could be done through MasterCard and not per bank??
1 Like
Amazing feedback and insights everyone 
this is super useful for us to get an idea of what we should be building.
6 Likes
not-too-distant future 
hey?
Sunday 26th November perhaps ?
1 Like
I’m with you Citibanger, if Monzo can integrate the cash back with pots AND a ‘save the change’ sweep we would all be laughing at the end of the week/month/year for sure 
3 Likes