Since my, let’s call it a return for now, I’ve noticed that there’s been a bunch of folks saying they’ve outgrown Monzo, or that it no longer meets their needs. This, by @coffeemadman seems to summarise a lot of what I’ve read:
And yes, I’m also not immune to this sort of thinking, having said something similar:
I thought that I’d open it up for discussion - is Monzo keeping pace with you as you age? What services or changes would you like to see as you get older?
But first, a quick question: does the notion of Monzo being less a good fit for you as time passes resonate?
Yes, I’m finding that Monzo isn’t keeping pace with my needs
And then it’s a great thing for others to jump on. Most of the people that say it also give a different reason why they won’t bank with Monzo each time.
That’s the beauty of discussions like this. We try and make it less tribal and instead dig down into wants and needs. It’s the sort of things that Monzo used to find invaluable back in the day (and hopefully still do). Still, it requires a bit of sifting, and the ability to critically evaluate and appreciate each other’s needs, but I hope it provides more light than heat…
We’re both with Monzo for personal and joint account, and some personal and joint savings. We both have Flex but my wife’s never used it as far as I know. Pots and budgeting are great, and I use Extra to link in other accounts.
Only low value day to day spend, plus groceries and fuel are on Monzo cards, though all bills are currently paid from Monzo.
Larger spend is on Amex or other credit cards.
More substantial longer term savings are elsewhere.
Monzo pension is completely unsuitable for our needs as we approach retirement.
I have more serious concerns about what happens in the case of incapacity or death of one of us, and at 60 (next week) and 50+, this is becoming more of a consideration.
Joint bills will move to a new Nationwide joint account during Q1 due to the Monzo insistence on closing the joint account in the event of the death of one account holder.
I’m also very worried about what would happen if one needed power of attorney over the other’s account given the limitations on logging on to accounts on a specific device. This is a question I intend to ask Monzo support, but given the other concern I have - shocking customer service levels which often fail to even understand the question being asked - wonder what response I might get.
In an ideal world, but sadly we aren’t in one of those.
It just gives yet another thread for the moaners. There’s nothing to Monzo to look at or action because there’s nothing of substance from the half a dozen usual suspects that love another chance to say the same again.
That’s your opinion and that’s okay. But can I humbly ask that we don’t turn every thread into a meta discussion of whether it’s a good topic to have or not?
Monzo inadvertently created a monster. From early upstart to mid-life, it was insanely agile, delivering killer feature after killer feature after killer feature. And all with direct engagement with the interested community.
Then as it began maturity into an inevitable & unavoidable ‘bank’, it still had the killer tech but the agile had gone, the killer features slowed and the engagement dropped off. Those clammering for more likely got bored waiting and so tried other things. A sub-par Customer Service reputation certainly helped with migration elsewhere.
Ultimately, it created BADD™️ - Banking Attention Deficit Disorder.
EDIT: Apologies - I didn’t actually answer the question. Yes, I do think that Monzo is keeping pace as I age. And that’s a biggie as I’m well into my financial life-cycle and so have no need for mortgages and pensions - but a better investment offering would be welcome.
People say “I’ve outgrown Monzo”, but I don’t really understand this. There’s nothing childish/immature about the app in the slightest. As far as I’m concerned, it’s a fully functioning piece of software, that is a hell of a lot better than the majority of other banks (apart from Starling. Starling will always be my #1 bank).
Take this image for example. You’ve got 3 useful tiles at the top, your account balance in full view, account deets, two distinct buttons to take you to two commonly used areas, a menu with 6 more commonly used, easy to access options, pots, savings & investments, and then cashback.
I really don’t see how this is childish in the slightest. It’s a very well thought out app, that allows one to do almost everything from the first page they look at when opening the app, which can’t even be said about Starling Bank.
I never really knew what the old app felt like, but I’ve seen photos, and in my opinion, the current iteration of the app is by far the best one Monzo has ever had.
(Obviously just my opinions, feel free to question them)
I can only go off me personally. So the below is a reflection on me, not on others.
For me it happened around 2020. A full Monzo customer I started to feel I just didn’t need to be paying for something (plus) I could get for free with NatWest, which sufficed for my needs so I left.
I moved slightly around trying to find a free account that gave me what I needed (Security of larger bank, web, better CS) and landed on HSBC Premier.
Does it make it better than Monzo. For me yes. It suits my needs and my family needs. And Monzo hasn’t shown me anything, personally, that would make me change it.
Others will have different reasons and staying with Monzo at any age is a fair and reasonable choice.
This is all down to personal experience though. The two times I’ve contacted Monzo, I’ve recieved fast, helpful support. Certainly better than the experience I’ve had with NatWest. And considering Monzo has 10M+ (albeit only ~2.5M full-time) customers, I’d say they’re obviously doing something right to have ~5% of UK adults having their pay put into the account. And ~16% of the total UK population has a Monzo account.
Sorry, I might be missing something, but is there a point you’re trying to make here?
Acknowledged. Me too - the issues I’ve had over the years (far from simple ones) have been sorted out very quickly - often using this very community as the vehicle to report & diagnose issues directly to Monzo.
But hiding the Chat button and literally not answering the phone are inexcusable - and people picked up on this. The community then stepped in to help as hundreds asked ‘how do I get help’ - but as @Peter_G recently said, this is outsourcing support.
I mean this or this (actually physically painful) or this.
Or emoji. Or no 24/7 support. Or no way to contact chat. Product lifespans that rival that of Google’s (be that Plus v97 or whatever we’re on, app layout v6, or just the random A/B tests all the time).
Tone of voice and corporate values essentially.
Also reading other replies: the products also feel very Monzo, and out of tune with the rest of the industry. That’s not a bad thing, but it will ultimately not be for everyone. It’s not for me. Paid-for Greggs and Railcards, etc will ultimately have a limited appeal, and so will paying for budgeting features available elsewhere. Sub-par rates or choices for pensions, investing, saving (although some of this is still in its infancy).
I also find the fintech approach of everything revolving around a current account hard. For example joint accounts being reliant on personal, etc. not for me.
Thinking about it the only thing Monzo can do to get me back is become NatWest. I know they won’t, and that’s fine, but you asked why I feel I’ve outgrown Monzo, and here it is.
There was a time when I valued budgeting (when I was paid weekly), and pots, but I don’t need those anymore. I know how to stay in budget without an app telling me, and I prefer my savings sitting earning max interest.
