Well that’s now a new life goal of mine
I never thought it would be possible when I was younger but later in life with the sale of a property it becomes plausible
In a 0% interest account? You’d put it in a high interest savings and ISA. Or invest. Keeping it in the current account would make no sense
It depends how much you have from property, with some houses costing close on a million pounds you would need multiple current accounts, multiple savings accounts, and longer term fixed investments. Some HNW friends have accounts at all the major high street banks (plus some dotted around abroad)
The temporary limit is a million for upto 6 months, do you mean a reminder as time runs out?
I wasn’t thinking of the Temporary High Balance cover, though perhaps there could be a limit warning and time warning for that too. I was thinking of the £85,000 limit. For those getting close to that limit they should perhaps get some reminder about the fact they are about to exceed their FSCS coverage. It would be professional to warn them cover above that may not be covered (except in certain circumstances under the Temporary High Balance terms) and give them the opportunity to relocate any excess to ensure they are still covered. Even if moving excess elsewhere does not benefit Monzo it is a case of “doing the right thing” by giving good advice.
It could still benefit them with Marketplace integration, which would be a win-win.
I think I’d go with warning them once they’ve hit the limit (so they are not warned if deliberately transfering just below), and also maybe an addition to the limits screen.
But 1% of 85k is £70 a month, to leave that in Monzo… I don’t get some people.
They would not want to keep all locked up in investments, for example it costs them about €30,000 an hour to keep a Boeing 747 in the air, or €250,000 to buy another Bentley. So keeping readily available spare cash in current accounts makes sense to pay for these things.
American Express: unlimited credit, rewards
Most other accounts: interest
Monzo: A fun spending screen
I know which I’d pick
Also I feel this should go into a new topic as it’s branched off somewhat…
I would suggest that’s very much an edge case and so the need for a notification would extremely limited to the point that it’s not really needed.
(Although all I can think about now is Scrooge McDuck and Monty Burns with a hot coral card setting up a pots named ‘world domination’ and ‘the hounds’)
Isn’t this really funny? I have accounts with a large number of banks, and virtually all of them have this feature. (Monzo and Starling being the only exceptions I can think of.)
And yet for monzo it’s like “wow. fascinating idea. never thought of this before. we should investigate further”. And people wonder why I struggle to take Monzo seriously as a bank …
Sorry, you must have misread my post: I said “I struggle”. I wasn’t making any assumptions about others here.
I think what’s most surprising is you don’t take a bank seriously when they accept feedback.
It can’t be because the feature isn’t there already - plenty of features are missing and you know it’s because they’re so new.
I’m absolutely positive you would moan that Monzo don’t listen or implement basic features if nothing was said about that.
Sorry my bad. I’ll put this one down to the morning and lack of coffee.
Well, my point is that the reaction sounded like “never thought of that”.
I would expect that a bank knows what other banks are doing (it’s good practice to know what your competition is up to, even if you don’t do all the same things). Thus, if the bank reacts with surprise to a suggestion of a feature that appears wide spread among almost all banks, I don’t know how to interpret this.
He might not have. That isn’t to say anybody at Monzo hasn’t or that it isn’t on some roadmap. That’s why he said he’ll speak to the team.
He’s being plainly honest and I struggle to see how you’d find it negative that a bank is recognising a problem and saying they’ll look into it
I don’t know how the rest of the team feels about this but I think it surprised us because your balance is already very prominent in the app and also in push notifications once it falls below £25.
For me personally, I used low balance alerts at other banks only because I wasn’t regularly seeing my current balance.
You might’ve hit the nail on the head - if people rely on the instant notifications instead of checking the app, you only get a daily spending report not current balance (might be wrong)?
This would probably integrate well with breakdown/target alerts so that it is contextually sensitive (say 5% or 3 days), rather than a static number.
When I reply on the forums, it’s not “the bank” reacting but me. There’s about 300 people working here and we all hold different views and have been around for varying lengths of time (5 weeks in my case!)