Lots of people requesting custom categories and I agree. The main reason I moved from mainstream bank to Monzo is to help budget. The budget feature is far better than Starling because you can pay bills from a pot and you can set a budget on a category.
So the thing that would make it far superior is to allow custom categories. I’m sure I’m not alone wanting to separate out booze, birthdays and Christmas. So why put a restriction in place? The reason Monzo has given is that they want to take the hard work out of allocating categories. Most people that move to Monzo do so because they want to be in control of their finances and don’t mind putting in a little bit of “effort” to do that.
So take another big step forward Monzo.
- Add custom categories
- at least allow tailoring of category names
- allow us to split a transaction across categories
If it makes it easier ignore transfer of historic transactions so at least we can manage our budgets going forward.
If you don’t do it another bank will and it could be a mainstream bank.
Important Note: I would subscribe to Monzo Plus for travel insurance and other goodies (like I did with my mainstream bank). But… If you made me subscribe to get this feature it would completely turn me off Monzo.