There’s definitely things that I find hard to combine with Monzo - e.g. using YNAB and Pots methodology don’t gel well, or I’d like budgeting to be more like YNAB, but I think that’s just preference / mindset rather than “outgrowing”.
I do generally think when this general theme comes up it’s down to a few things;
Monzo’s initial approach which was somewhat industry breaking vs the level of innovation possible at this point in the journey
Other banks playing catch up - and so Monzo no longer stands out as highly against the crowd
And the combination meaning it’s now a mainstream bank doing more mainstream things.
I would guess that for many as one grows up and collects more financial complexities - Monzo might not be the bank for you - if you need/have multiple current accounts, multi currency, a complex investment approach etc etc etc.
But for a “main banking” account, I’d say it’s grown up in the way I’ve needed it to, with perhaps the only real gap I may want it to fill being Mortgages.
I think this is the thing I always find hard! There’s the Monzo which was the innovation that changed my life, and there’s the Monzo that needs to be profitable to exist.
Sometimes those two can’t always co-exist, but I genuinely think we’ve done a pretty good job at navigating it!
Now that I’m retired I find that there’s less that Monzo has to offer me. Also, I’ve never in my life used my current account for day-to-day spending - I’ve always used credit cards instead.
My most important requirements are good customer service, reliability and timely, audible notifications for all in/out transactions. Monzo definitely ticks the notifications box but not the other two for me.
I’d say this is the same with any product a bank offers as an ancillary to their current account - savings, loans, credit card, etc. Sure, you may want to have the convenience of having them in the same place, but you’ll rarely find the same institution topping the best buy charts in all those categories, so it always pays to shop around.
The reason I don’t go into too much detail is because whenever you do it’s met with “Well I like Monzo so I just don’t understand” with some kind of tone that I’m just not right or my opinion doesn’t really count.
If you like Monzo, then that’s great, and you wouldn’t be able to understand what I mean.
I just find the app cluttered. I enjoyed a lot of the functions when I first started but now I can either get that similar function elsewhere as well as (to me) a nicer app, or I just don’t need the functions as much anymore.
I don’t like the budgeting options but I’m a YNAB person so that’s unlikely to ever change.
Then there is a feeling of incompleteness or a lack of fully following through with some projects, A/B testing and I don’t care how good of customer support some of you have had, it’s in my own experience that I haven’t had it for years now. I literally had three rings to speak to someone from Santander and they understood what I wanted and it was resolved pretty fast.
I have grown to prefer less colourful and less cluttered app, really is the be all and end all of it for me. Monzo doesn’t feel grown up to me. It feels fun, but I don’t want that feeling anymore for my finances.
It’s not to suggest anyone with Monzo who likes it is bad. You do you. Half of this is my gut feeling. I can’t tell you why I like a colour, I just do. Similar to that.
Actually, this is also a reason I left. When I first started out all I was really asking CS was ‘can I update a logo’ or ‘where is my card’ - when I moved house and we (the wife and I) got our first mortage, I was more than happy that a call to Natwest easily sorted out things like the transfers well in advance. And the same again with HSBC a few years later.
Those that know, know, how stressful house buying can be. The last thing you need is to be mucking around with a banking app when most banks would just sort the payment without question.
You should make it your 2025 resolution to agree with me more, you’ll like it. I promise.
I think lots of what has been said here is completely valid. There are times when I will give Monzo a swerve. I gave my car buyer my Lloyds details for the transfer. I had my house deposit with Lloyds. The former was I was worried about the transfer being blocked. The latter because I wasn’t going to jump through the hoops for get my limit raised, I knew I could walk into my local branch. This might be better now, it was supposedly better than too. But I wasn’t going to cause myself issues for no reason.
Day-to-day Monzo is great for me but I realise that’s not the case for everyone. I don’t have issues with the app design, emojis, what they post on socials or whichever is the latest fad reason to moan about them. But then don’t forget to be at the front of the queue if there’s a new feature you want to test for a bank you hate!
And as Peter’s other poll shows, we are not all eggs in the same basket people. I have a mortgage elsewhere, savings elsewhere, investments elsewhere, another current account, different credit cards. Monzo won’t and can’t be everything for everyone. I have things elsewhere for a variety of reasons. Some of it Monzo doesn’t do, some it does. I like ease of use as much as the next person, but I’m not losing/paying xx% for it.
There will always be a line in the sand for people. Maybe I’ll get there one day if I have a support issue that can’t be solved/annoys me/costs me, but that could be the case for any bank. Or maybe I’ll up sticks and leave because they post a meme on LinkedIn.
I’m not someone who chats to support like they’re my Nan, I’m not giving them a ring for a quick chat. I’ve used Lloyds (and Tesco today actually) and both have been worse than the Monzo experiences that I’ve had. But I know how quickly that can change.
Then let’s not use those words then. If nothing has happened in this thread I don’t see a use for dragging the thread down that road.
It’s a thread to allow those who don’t like/use Monzo to have a forum to say why that is. If you can’t read negative posts about Monzo this might not be the thread for you.
I was wondering about this thread while in the shower this morning. I think for some people perhaps a tier of service where they can have access to a more “grown up” service from Monzo might be useful
By that I mean customer service that’s a bit less “Hiya there , let me look into that for you” and more Hi Dr Fillip2k, I’d be happy to assist you" and it could come with a differently skinned version of the app?
Would this be a potential solution for some or have I missed the point?
I am indeed, I am a research doctor not medical though. I research rare genetic disease and provide diagnosis for families as well as going further into the specifics of the cellular and molecular reasons for their outcomes.
I hear you, but I do vom in my mouth a little every time Amex customer service say the whole ‘thank you for being a member since 20xx’ thing.
But maybe it’s just me. I’m used to dealing with engineers so I just want the solution to my problem communicated as efficiently as possible with none of the customer service faff.
, let me look into that for you” and more Hi Dr Fillip2k, I’d be happy to assist you" and it could come with a differently skinned version of the app?
