I work as a freelancer and as such my work schedule and salary date isnt always consistent. In my work I pay for a large amount of software every year totalling several thousand pounds.
Most of the professional software industry has moved to a subscription model whereby you pay either monthly or annually for a license. These licenses are often hundreds per year and more often than not, they give you a discount if you pay 12 months up-front instead of monthly but many dont offer the ability to pay monthly making it a huge hit to your account especially if you have more than one annual payment come out of your account that month.
I think it would be a great idea to allow for large payments to specific vendors be spread out over 12 months interest free. Essentially, if the software company wont let you pay over 12 months, then Monzo will. These kinds of payments are low risk as without the software, you cant do your job. And so they are likely the first thing to be paid after rent, food and utilities.
The model of taking an annual fee instead of a monthly is genuinely restrictive in some cases and has stopped me purchasing certain software that would make my job easier or help me do my job better simply because i didnt want to have to take a massive hit to my account every 12 months.
Im propose a specific feature for business accounts that lets you spread out these expenses as interest free monthly payments. This makes not only accounting far easier but makes outgoings more predictable for payments that are high priority and highly regular.
