It does not say the thatās the only place they will invest. Itās implied but not stated.
āThe rest will sit in cash in our [ā¦]ā
That is unambiguous
Tell me more about these need to know money markets.
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Ah itās nothing special, just that banks play with your money on the money markets during the night. Earning them quite a bit of money.
X pence per X pounds per day seems like the best options for me! Safety bufferās should come with bank loyalty, not just free with every accountā¦ there has to be a way to discourage people from running up huge overdrafts, whilst also incentivising anyone who has one to pay it off as soon as possible.
A cap on overdraft fees just means customers could get to Ā£100 or Ā£500 or whatever and think 'right, Iām being charged the max fee already, I donāt mind spending an extra Ā£10 or Ā£20". This type of behaviour should always be discouraged.
As for interest paid to us, Iām happy to forgo this in exchange for access to the market place, excellent customer service, no foreign transactions fees, great UI & UX, cool looking card, rich data about my spending and a simple way to help me reduce my outgoings.
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āAs for interest paid to us, Iām happy to forgo this in exchange for access to the market place, excellent customer service, no foreign transactions fees, great UI & UX, cool looking card, rich data about my spending and a simple way to help me reduce my outgoings.ā
- Well said, Matteo.
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Cheers man 
Iād love to be in there whilst they make these decisions! Shame Monzoās based down south, Iād go for an interview tomorrow haha, not that Iād get a job, just be good to meet some of the guys that are gonna change banking in the U.K. 
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Yes, this 
Yes, legacy banks pay interest. However, it is such a small amount that Iām positive most users will find they save more using Monzo than theyād save/earn in interest with other banks. Thatās the long and short of it, ultimately.
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Whatās the need to know one though?
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You needed to know and now you know.
The money that bank traders in the city use to speculate on money markets is not the same money that you or I might deposit in a current or savings account. Lessons have been learned and there are rules for consumer deposits which protect against a Nick Leeson scenario.
Do you really think that your Ā£100 current account balance is āplayed withā on money markets? Perhaps you might want to invest your Ā£100 in a special currency trading account. The rewards can be impressive, but so can the risks.
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No I donāt. Youāve mentioned a well known thing but sightly confused details.
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Maybe not, but I was and am referring to is when Monzo starts issuing
current accounts.
No I havenāt but if thatās what you want to think then feel free. 
https://en.m.wikipedia.org/wiki/Overnight_market
The core of the money market consists of interbank lendingābanks borrowing and lending to each other using commercial paper, repurchase agreements and similar instruments. These instruments are often benchmarked to (i.e., priced by reference to) the London Interbank Offered Rate (LIBOR) for the appropriate term and currency.
Iād happily pay for Monzo - but would agree that a lot of people wouldnāt like that.
But Monzo have specifically said that the money from current account will be used for the unsecured overdrafts. They have no plans to invest your money with retail or commercial banks.
Not many people know about the market markets as itās not so much a secret but itās on a need to know basis.
So youāve hinted at a secondary market thatās not a secret but sort of is. Then linked to a wikipedia article about this market so itās not really anything conspiratorial.
Tom, the CEO, has replied to you directly and explicitly stated exactly how they plan to make money yet you went on to ask about midnight money markets.
Iām struggling to understand your angle here. Either you believe that Monzo are trying to change banking or you think theyāre the same old story wrapped up in a friendly facade.
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You seem to know a lot about the markets so tell meā¦
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ā¦Left blank intentionally.
No youāre greeting it slightly twisted, I said not a lot of people are not aware of the fact and itās true they on the whole are not.
Hmmmm so because I am stating a fact I have to have an angleā¦Interestingā¦However you asked for my opinion and you shall have it.
I think their hearts are in the right place but in some ways itās not that much away from a traditional high street bank. There is only so much you can do to change (modernise) a current account anyway. So letās see what the future holdsā¦
I am not the biggest user of the pre paid card, as to be honest I donāt see the point of moving money from my fully functioning bank card, to a pre paid card to spend it off that. When the bank fully launches that is a different preposition altogether.
As for Tom no not quite, he said how it costs Ā£50.00 a year to run a current account per person and that either we have to get used to debit interest or charges for an overdraft.