Happy Monzo Customer!

UK Financial Chat
1

I’ve recently become even happier with Monzo despite not being the “normal” customer profile - I’m an OAP now, was a pretty high earner until I took early retirement ten years ago - but gradually are using Monzo for more and more.

For example at last renewal I took out Monzo home and contents insurance which used to be with Nationwide/Sky Protect, I have an overdraft on my Monzo Personal Account, I have a personal loan with a 7% apr that replaced a Black Horse finance HP car loan at 11.3%, the only area where I currently have a better offering is with Monzo flex which although my limit was raised recently to exceed a competitor’s card - the apr is much higher (24%) than my Lloyd Ultra card (12%) - I use Flex far more due to its unique 3 month 0% capability to iron out cash flow bumps.

All in all I’m pretty happy - despite lack of joint account parity with personal - as my wife uses Monzo too. All I need now is a “billback” hit as an Extra customer!

Nice to say I don’t feel my usual Victor Meldrew self for once :joy:

11 Likes
2

Good on ya for trying a more modern bank offering!

Not to lump all pensioners into the same bracket but so many (parents included) telling me I shouldn’t trust a bank that isn’t on the high street.

My life is drastically easier with a better bank offer - feel much more in control of my money than when I had one account with NatWest.

3 Likes
3

I’m retired, early 60s, and just in the process of moving from NatWest back to Monzo. It’s the one bank account that I always seem to return to! NatWest was OK but the lack of notifications of upcoming DDs and BACS payments started to irritate. I also didn’t like all transactions being pending until the next day, which messed up Emma and other Open Banking budgeting tools to a certain extent.

2 Likes
4

I’m 70 and have been using Monzo for over three years now. I’m on perks so get my railcard and nearly always use my Greggs treat!!

I use the what’s left to spend tool and have a bills pot all set up for exactly what it says. I love the fact I’m informed well in advance of direct debits and BACS payments.

I suppose if I had to find one fault I would say it’s relating to money left to spend which is based monthly whereas being a pensioner my pension is paid every 28 days not monthly so I have to remember to change the month end date every month.

3 Likes
5

I’m also a pensioner and I’ve got round this by putting my State Pension into a savings pot to try and build up 3 months contingency fund and just withdraw on the 1st of the month.

3 Likes