Help us test setting a default plan for Flex 👀

[N26throwaway (Sir Tom MacMonier)]

I get you. I was more coming at it from the angle of

@TheoGibson

• £100 * 4.25% from the BoE interest we earn on the £100 in your savings account

• £100 * 4.25% from the BoE interest we lose from the £100 of Flex borrowing
• £100 * 3.2% from the interest you’re earning from the £100 in your savings account

vs just this bit

@TheoGibson

• £100 * 4.25% from the BoE interest we lose from the £100 of Flex borrowing

So you’d be losing £3.20 rather than £4.25

[Chris_R (Chris Rimell)]

@BristolMatt

my dream scenario would be:

If amount >= £XXX - pay in 3 instalments
Otherwise, pay off in full next month

Absolutely. That’s my thought too

[Revels]

@TheoGibson

Unfortunately - It doesn’t benefit us

When we lend customers money - this is money that’s no longer sitting in the Bank of England. So for example if you have a £100 Flex balance which is all interest free. Right now that costs us £100 * 4.25% = £4.25 per year.

So you don’t want to default to 3 months because it costs, you offer it but hope I pay it off at the next payment date? Or want me to move to one where interest kicks in?

Instead you’ve opted for all of it (costs Monzo less) or 12 months (earns Monzo more)

#SadTrombone

[RichardL (Rich)]

FYI @AlanDoe when these get pinned to the top they disappear from the category view homepage, at least on mobile, maybe desktop too? Some may use other views which probably won’t be impacted.

You might end up missing quite a bit of feedback because of this and I’m sure the discussion here will be enough to keep the topic at the top all day anyway.

[N26throwaway (Sir Tom MacMonier)]

They don’t stay at the top on desktop either. Or on the latest view. So I don’t get the point of pinning em as it doesn’t seem to do anything besides add a pin icon to the post title.

edit: ah, they seem to stick at the top of their respective categories.

[ndrw (Mr Popular)]

Tap the pin so it faces the other way around and et voilà it stays pinned on the forum home.

Not sure if there’s a default setting somewhere or if Alan/the person pinning it can change this setting or if it’s down to each user in which case it’s not very good.

[AlanDoe (Alan)]

Thanks for the heads up

Currently looking at pin facilities

[N26throwaway (Sir Tom MacMonier)]

Wow! It’s actually tappable! That has no discoverability at all. Good catch.

[ndrw (Mr Popular)]

The only discoverability for me was scrolling with wet hands when the phone thought I meant to tap there

[RichardL (Rich)]

@ndrw

Tap the pin so it faces the other way around and et voilà it stays pinned on the forum home.

Okay so this is wild!

Sorry to derail the conversation a little though, just thought it was important because you’re looking for feedback, but some of your audience won’t see the post.

FWIW my feedback is the same as others here. It’s great to see this, but I’d like to default to max out the interest free period.

[dinosm]

Somehow I’ve got the option already, and I’ve already chosen a default plan (pay on next payment date), so yay!

Not had the chance to try it with an actual transaction yet, although in the spirit of testing and helping out I am thinking a game purchase will be coming later this afternoon

For me the choices are good, as I would only use Flex more if I could use it as a ‘normal’ credit card. I want to pay it off at the next payment date, while having the option to stretch some payments, which will be the exception and not the rule.

[michaelw90 (Michael)]

So glad to see this appear! Form done. Personally, I pay most things off straight away at next instalment, but this hugely echoes my views:

@Revels

Great that this is here, but disappointing that I can’t set the default to 3 months.

For me, that’s the best thing about Flex. I get 3 months interest free, which is why I will use Flex rather than my other credit cards.

It’s not a huge deal for the amount of times I use Flex, to take 15 seconds and select 3 months, but it’s a shame this feature add doesn’t cover it.

[BritishLibrary]

@ndrw

Not sure if there’s a default setting somewhere or if Alan/the person pinning it can change this setting or if it’s down to each user in which case it’s not very good.

Looks like it’s a user specific choice but good spot on the toggle.

the lack of actual pinned pinned posts has annoyed me for so long. Who knew.

[BritishLibrary]

@TheoGibson

Unfortunately - It doesn’t benefit us

When we lend customers money - this is money that’s no longer sitting in the Bank of England. So for example if you have a £100 Flex balance which is all interest free. Right now that costs us £100 * 4.25% = £4.25 per year.

So if you imagine the following scenario: You have a £100 interest free Flex balance and therefore an extra £100 sat in a 3.2% savings account. Monzo’s P&L would look like:

• £100 * 4.25% from the BoE interest we earn on the £100 in your savings account

• £100 * 4.25% from the BoE interest we lose from the £100 of Flex borrowing
• £100 * 3.2% from the interest you’re earning from the £100 in your savings account

So overall it’s -£3.2 per year per £100.

Isn’t this a huge argument against Flex in 3 in general then?

[dinosm]

Ended up buying a pizza online. The default plan was selected correctly and the notification text was very clear. Thank you for adding this feature!

[Revels]

I guess it’s the same as a credit card, they don’t want you to pay in full but enough people carry a balance for them to make money.

[Carlo1460]

I seem to be missed off change your date and select your plan default

[davidmcd (David McDonald)]

This feature made me stick with monzo was about to open virgin money slyce as every transaction under £30 is paid off in full on next date and anything above you can chose an instalment plan!

My only suggestion for flex now would be as i use virgin money bank as my bills account would be to pay flex via direct debit so that i wouldn’t have to transfer money between accounts every month.

[npc_06]

If you pick pay in full as default can you still go in and change to pay in 3?

[andrew_fishy (Biggest horse fanatic in Leeds)]

It must be due to regulation so the user has to make an informed choice and not walk in to a shop and buy a 2 grand item just because the 3 months free is automatic

Just them being a responsible lender I think