I have never heard of anyone mention that they thought this was the case
Interesting, i’d be surprised if many people though that.
Though with Monzo it make sense to highlight to potential customers the advantages or using Monzo as a day to day account, almost as a front end to their regular current account.
If you go search that term on Google there is an MSE forum page on it
That Monzo blog is the #1 search item. SEO win
I think it’s actually pretty common outside of our Fintech sphere. I actually think large switching bonuses, even though they are attractive, perpetuate this myth somewhat. The terminology around is indicates “STOP using one thing and START using another” as if you aren’t able to do both.
For years, all I had was Santander myself in terms of actual bank accounts - always had a bunch of credit cards though.
I think Open Banking will change the landscape somewhat but not for a few years.