Does using connected accounts give Monzo the opportunity to use your accounts elsewhere as part of their lending criteria, spending habits etc.
The Terms and Conditions and Privacy Notice when you connect accounts covers this ā I canāt go through the texts now but I donāt think so
Monzo can get the same info (and a lot more) about your accounts via credit searches if they need to
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Fair point 
Not sureā¦ when you add another account you share your DDs, transactionsā¦, regular payments
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I wouldāve thought the opposite is true, that bringing external accounts into Monzo gives it access to more data about spending habits.
The more a bank knows about you financially, the more profitable you are to it.
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But surely Monzo donāt do that! It was the only argument people came up with why Plus connected accounts are better than Yolt & co
Can you explain what you mean about the āonly argumentā bit?
I canāt work out if youāre being sarcastic.
Do you mean people believe Monzo isnāt using the data it imports in some way?
People said connected accounts in Monzo Plus arenāt worth paying for because you get the same, and more, from services like Yolt. The counter argument Iāve always seen was that yes, but they steal personal data which if Monzo do too, then the option is pretty worthless indeed
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The Monzo team definitely made a big point about how other Apps mean āyour data is the productā - although no one came back to me when I asked Monzo to clarify that they donāt / wonāt use or sell your data in the same way.
Soā¦ Thatās a thing.
I donāt think that is a āriskā though, as even if they do use your data - it will be in an aggregated/anonymised sense.
I think because this is based on an Open Banking API - itās basically a data feed and Monzo canāt actually see the sensitive data that your [other] bank hold
No one āstealsā data. Monzo uses it, and explains this in its Privacy Policy. It uses the data to sell you services, and to make lending decisions.
[We] check your credit history and ask about your reasons for applying for an arranged overdraft or loan, and other details about your financial circumstances so that we can make responsible lending decisions.
[We] tell you about products and services through the app or other channels, like social media companies, based on how you use our products and services and other information we hold about you. We do this so we can make sure our marketing is useful. That includes instructing platforms to show or not show Monzo adverts to existing customers. We donāt share any identifying information with social media companies other than your mobile advertising ID. You can disable or reset your mobile advertising ID in your deviceās operating system.
If you stick your data into something like Emma, it will sell it on because thatās the whole point of its existence and it doesnāt produce anything itself. If you stick your data into Monzo, it will use it within Monzo, because it sells financial products and services.
Why is it OK to want to put your data into Monzo but not let Monzo use it to become profitable so it can continue providing the service you want?
If people object to the use of data gained from Open Banking, they do not have to sign up for it.
This is a good point, I never understood why people say X organization āstealsā your data. You literally give it to them by signing their T&C and agree to letting them use it.
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This is incorrect.
Emma has made a big point of differentiating from e.g. Money Dashboard.
MD explicitly use your data, Emma do not
Not all aggregators are equal
Are you ever going to sell my data?
No, we have no intention to do so and this would be against our own values. Our goal is to help people and provide a quick and easy way to manage your finances. In other words, we are not in the business of selling data and never will be
Never selling your data does not = never using it to sell you something
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Absolutely, and Emma will use your data for other purposes, if you consent specifically. The point is that they donāt lump all the data together in āanonymisedā format and sell it on to the highest bidder.
Now Iām as confused as you are
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The difference is small, but very important.
One will use your data from the moment you start using the service, the other will only use your data when you specifically and separately consent to your data being used for a specific purpose. The approaches are worlds apart in reality
Iāve lost track of my own topic 
Edit: Who on earth is Emma?
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Gummy bears
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Emma is a financial aggregator, like Yolt, Money Dashboard etc.
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Iām with you, im going to stick with monzo.
Iām just curious and the reason I made this post was simply because when i connected my Amex and Barclaycard all of a sudden āWe canāt offer you an overdraftā appeared. Before I connected anything there was a Ā£1,000 offer.
It made me very curious, Iāve unlinked all my other accounts to see if I get offered an overdraft next week when the weekly refresh happens