I’ve been with Monzo for about eight years now, and it’s been a mostly positive experience. When I first joined, the app was groundbreaking in terms of its clean UI, innovative features, and overall user-centric approach. Day-to-day banking has been flawless, and whenever I’ve needed it, customer service has been top-notch. There’s no doubt that Monzo revolutionized my banking experience, and many of its features were real game changers.
However, I’ve decided to use the Current Account Switch Service to move my account to another bank. As much as I’ve loved Monzo, I’ve found that the app and service have gradually become less aligned with what I need. Here’s why:
No Interest on Current Accounts: While I appreciate the other benefits Monzo offers, not earning any interest on my current account balance has become a bigger drawback over time. Other banks are offering better incentives here.
Premium Products Miss the Mark: Monzo has revamped its premium products several times, but none have really fit what I’m looking for. It feels like they’re trying to find a formula that sticks, but it hasn’t worked for me personally.
UI Clutter: One of Monzo’s biggest strengths used to be its clean and intuitive interface. Lately, though, the UI has become more cluttered and unwieldy. For instance, moving pots to the Home Screen was a change that, in my opinion, made navigation more cumbersome rather than improving it. The push on lending products is also starting to make the Home Screen feel like the middle aisle at Aldi—too much noise and not enough focus.
Missing Features on Joint Accounts: I’ve been waiting and waiting for certain features to be added to joint accounts, but it feels like these are perpetually on the backburner. This is particularly frustrating as joint accounts are a big part of how I manage my finances.
Random Account Closures: Increasing reports of random account closures have been worrying. While I haven’t experienced this myself, the noise around it has definitely added to my overall discomfort.
As a Monzo investor, I had serious brand loyalty. But recently, it feels like the app is more about pushing Monzo’s products rather than making my financial life easier. I still believe Monzo is a great bank for many people, and I’m sure it will continue to innovate. But at this point, it no longer feels like the right fit for me, and it’s time to move on.
Thanks to everyone at Monzo for the journey over the past eight years—it’s been a good ride. I’ll be watching from the sidelines, hoping for the best in the future.
I personally always believe the random account closures you hear of online are usually justified. 9 times out of 10 there is a vital bit of information that is left out of what you hear online that doesn’t fit the narrative of what the person is claiming has happened.
There is always instances where they get it wrong obviously, but I’ve always felt that it’s just people not giving the full story of what’s actually happened.
Thanks for all the replies. I realize I misinterpreted some of point 5 and badly worded it. I just feel like—probably due to being online-only and their target demographic—there’s a lot more noise around account closures. While I accept that most of these closures are justified, it still gives me some low level concern.
I will reiterate day to day banking has been flawless with Monzo and I will continue to champion them, I just feel like I’ve outgrown their target audience now and my priorities no longer align.
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Anarchist
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I’m sure I saw a stat recently which suggested that Monzo is one of the top banks (per million customers) for fraudulent transactions to be sent to. If true, then they should be closing more accounts (per million customers) than other banks, I guess.
Joined in 2016, left feedback in the place sign posted in the app. How am I ripping Monzo a new one? You’re overly sensitive I thought I was very positive about Monzo and trying to offer constructive feedback.
Also I agree - no one is going to say 'I scammed a load of people and Monzo shut my account for NO REASON" - I take the account closure thing with a large pinch of salt
Not many in fairness - And none (that I am aware of) that don’t charge you for the privilege and also offer you meaningful interest.
I’m broadly in agreement with this, on the caveat that it’s nearly impossible to make a product that everyone likes, and equally thinking about the Homer Car not everything asked for should be built.
I was really hoping for something a little different with Monzo Max, to be brutally honest I kinda preferred premium as a value proposition.
Whatever happens next, welcome and feel free to stick around!
I’m not looking to dive into this further, but just to clarify, those posts were pending for several days. What I said on Reddit was accurate—they were rejected twice. They weren’t duplicates; I made separate attempts with tweaks in between.
As for when I joined the online forums, I don’t see how that’s relevant. I wanted to leave constructive, positive feedback in the space the app directs you to for sharing feedback with Monzo.
Given the reaction here, I’m actually glad I didn’t join the community sooner. I didn’t realise people could be so sensitive about their choice of bank.
Totally fair I just took offense that I was being accused of lying and potentially here in a malicious and underhanded capacity. I haven’t said anything that isn’t truthful.
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