Connected Accounts: what next? (Summer 2021 edition)

Moneybox for savings would be :ok_hand:

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Zopa credit card

Tesco Bank +1

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I would love if they had Natiowide ISAs too but sadly NW don’t have them opened up as part of Open Banking :sweat_smile:

They’d be forced to if the expansion of Open Banking, as discussed above, comes to pass.

Banks not supporting savings accounts is very widespread at the moment, and incredibly annoying!


Yep, for most providers it’s very difficult to link pending transactions with settled ones :disappointed:


Well, Coutts over :monzo: for me :sunglasses:

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There’s chatter about this here


Just because I’m a perfectionist, here’s a slightly better poll. I won’t close the other one because there’s already been a load of votes.

  • B
  • Bank of Ireland
  • Cahoot
  • Clydesdale
  • Coutts
  • Coventry Building Society
  • Creation Cards
  • Danske
  • M&S Bank
  • Manual accounts
  • New Day Credit cards (see first post for list)
  • Nutmeg
  • Paypal
  • PensionBee
  • Revolut
  • Sainsbury’s Bank
  • Starling
  • Tesco Bank
  • The One Account
  • Transferwise
  • Tridos
  • Ulster
  • Vanquis
  • Virgin Money (M, Club M, M Plus, M People)
  • Wisealpha
  • Yorkshire Bank
  • Yorkshire Building Society
  • I have all I need
  • Something else (explain below)

0 voters


My something else is:

How does one remember to include Coutts but forget about Triodos!?


Look upwards, “Tom”, look upwards…


Don’t tell me that was there the whole time!?


So what is the actual deal with a “manual account” then?

Would I have to enter a name and amount at the beginning and then update every so often? What happens if I forget/get distracted by dismal world events? What sort of regularity are we thinking? And so on


Kinda for Monzo to figure out, I think. But, for my money:

  1. MVP = You enter the bank name, account name and your balance manually. You can update your balance at any time.

  2. Advanced = You can enter transactions manually, so you don’t have to update the whole balance, just specifiy a change to it.

  3. Automated = You tell Monzo about standing orders and it automatically updates balances on that schedule

  4. Rocket ship = teach Monzo the account details and any transfers to/from that account automatically update the account balance and create a “transaction”.

  5. Out of this world = you tell Monzo the APR and it also calculates interest…

I’m thinking of this for mortgages and savings accounts, rather than current accounts (which are likely to be available via open banking).


Zopa and John Lewis credit cards.

There’s not much hope for John Lewis credit cards, as explained above, since they only support so-called MCI connections.

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Revolut is not fully connected. Whilst GBP wallet is connected, one cannot do easy transfer from it to Monzo.

Whilst inverse works easy transfer into Revolut sourced out of monzo.

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This obviously explains the real reason why I thought through why Revolut should still be in the list and didn’t just forget to take it out.



Okay, I think there’s enough data for me to say what I’d do if I were Monzo! Remember that this is just for fun - I don’t know how much resource they have or how much effort these things are…

  1. I’d add Virgin Money, Sainsbury’s Bank and New Day credit cards (and, if a marginal exercise, Tesco and M&S). This is because they are standard Open Banking APIs and all the UI stuff is already in Monzo. I wouldn’t do Starling (even though I voted for it) immediately as a) I think there’s fintech forum bias, b) it’s not a standard API, and c) it’ll need app work to effectively show Starling goals/spaces/pots.

  2. I’d then bring outstanding features to connected accounts, bringing them to near parity with Monzo native accounts (notes, tags, split-the-bill, tabs, merchant data). The latter will be difficult, but important if we want Trends to show top merchants etc.

  3. Thirdly: manual accounts. Probably aiming for #4 from this post

  4. Lastly, I’d try and get some commercial agreements with folk like Nutmeg, Transferwise, Pension Bee, Paypal, Wisealpha, Crowdcube etc. Open and service accounts in Monzo. Monzo get intro fee etc etc. Or maybe a tie up with some building societies (regular readers know I bang on about this from time to time) for mortgages, savings accounts etc… These come last because they’re really a bit different and are things that can’t really be delivered via open banking as it is right now. And for those APIs that do exist (looking at you Nutmeg) there needs to be some UI work in the Monzo app for it to really fit.


That looks like a great plan of action IMO :relaxed: