Hi. I’m a big fan of Monzo and my wife and I are both small investors and use it for quite a lot of our day to day banking.
Our joint account has our largest pensions paid into it with about ten direct debits and four standing orders paying the regular monthly bills. We do wish that an overdraft facility was available on this joint account in case for any reason our pension was late or a direct debit suddenly increased unexpectedly but we live in hope!
In the meantime we both have overdrafts on our personal accounts where our individual smaller pensions are paid but while my wife uses Monzo direct with her shopping I tend to use mine to pay off my legacy bank cash back credit card as and when I buy something.
So the question is why doesn’t Monzo have their own credit card and start earning some money as I’m sure I’m not alone in this?
The joint account is key for us in terms of any Monzo plus subscription- we won’t ever do this individually but this then prevents Monzo every taking this revenue stream off us!
Lastly we do keep our fairly large savings in an interest baring pot which must mean we are Monzo supporters as Marcus had a better rate and transfers funds the same day…
Surely by focusing on the basics of banking money making then Monzo will soon become profitable?