Connected Accounts: What next? (Summer 2022 edition)

Does seem to be only high street banks there, with first direct and MBNA added in due to being part of those groups.

Unlikely find monzo a threat in any form given LBG whole business model, same goes for most of the others to be fair.

So what is Monzo’s reason for not support Starling :eyes:

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I have an inkling, but I’ll let @Carlo1460 talk for Monzo…

Do share…

I honestly have no idea, I think I asked but never got a reply so :man_shrugging:t3::joy:

I’ve many thoughts about it but I’m better off keeping those to myself.

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Two barriers I think:

  • Starling’s API is non standard, so would need a lot more work.
  • The Monzo app would need work to bring in Goals/Spaces/whatever they’re called this week.

Given Monzo’s seeming inability to move quickly and to prioritise features like this, these reasons alone would seem to be to be prohibitive.

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Thought OB was meant to be a standard :man_shrugging:

Also Monzo doesn’t need to pull in the other things, just the current account. I have some services which only pull in the main Monzo account and others which pull in pots too.

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There is a standard for open banking. The nine (I think) biggest banks are obliged to use it, with others encouraged to adopt it. Monzo did. Starling went their own way, which they can do, given that they weren’t one of the big banks.

I think this is the nuance around Starling and Monzo - pots/goals are part of the current account. And while you might be okay with it, pressure would quickly build to show them in the app. (Which I think would be the right thing to do, but does need more effort).

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Are they? I had a service (name will come to me) which doesn’t display Monzo pots but then other services like MoneyDashboard do.

Maybe they are pulled in and just not displayed :man_shrugging:

Edit: Snoop finance doesn’t show your Monzo pots. Tried it out for a few days and didn’t like it.

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So some aggregators won’t display pots, but that doesn’t mean they’re not part of the current account.

What do I mean by that? They don’t have separate account numbers and aren’t separate payment accounts (which is why direct debits come out of the main account even with bills pots).

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It’s interesting though.

Using revolut open banking:

Monzo has the main account and all the pots showing in the revolut app.

Starling only shows the main balance, and no spaces at all nor including the balances of them.

So, as much on the face of it they’re all linked in the same way, I tend to believe the opposite with Starling. I couldn’t even choose spaces to show in revolut, so they must be handled differently.

Also, monzo pots, if there wasn’t enough money in the pot for the bill it would use your main balance (as monzo only moves money anyway with pots).

Starling would decline the payment if not enough funds were available for the payment.

Not sure why Starling wanted to be different, self exclusion maybe in aim of thinking they’re another level of banking? Did they wholly know their accounts wouldn’t show in other banks as easily? (apps like Emma manage this as their platforms make money off it).

Could Starling have both their futuristic API (or whatever the purpose of it is), and also the standard?

Choices.

I think to be fair to Starling, they released their API before the open standard was ratified.

Of course they could (and arguably should) move to it, but there’s probably no compelling business reason to do so. I don’t think it’s more complicated than that, really.

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@Peter_G has already mentioned the main points, but there is a nice explanation over on the Snoop community that’s worth a read (written before they had Starling support in place)

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One thing I’d love that isn’t currently on the poll list is some way of automating transfers to a pot based on transactions in my connected accounts. Let me explain:

I have an Amex card which I do some spending on for the cashback. Every time I do a transaction on the Amex card I transfer the same amount to a pot (named “Amex”). This reduces my main Monzo balance (so I can stay on top of my spending) and also allows me to use that pot “transaction” as the place to put my notes. The direct debit for the credit card comes straight out of that pot every month.

This is a nice system, but means I have to go in to Monzo and transfer to a pot every single time I do a transaction. It’d be great if Monzo itself would automate this. I don’t think it’s too niche, it would be a good way of helping other CC users keep on top of their spending.

P.S. - Sainsbury’s Bank has a great 0% credit card AND an Open Banking API. That would be my vote for the next account to connect!

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Great idea! I’m a long time proponent of a rules-engine in Monzo, which would suit this use case perfectly!

Some good news: if you go to Labs and select “Test Other Accounts, in Monzo” then, as if by magic, Sainsbury’s will come up in the list of accounts that can be connected!

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Totally agree. I do exactly the same with my Amex. Means you can’t spend money you’ve not got.

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I like the idea but for some reason never gets many votes when posted in feedback/ideas section

https://community.monzo.com/search?q=Credit%20pot%20in:title%20%23feedback%20order:votes

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Wow, thanks so much for the tip and the quick reply!

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I hadn’t seen those posts before! Have gone through and voted for the relevant ones. Thanks.

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Yup, you can see Monzo in NatWest

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