How do you deposit cash? [Feedback thread]


(Alejandro Mery) #22

it’s always useful to have at least two accounts, one of them on a high street bank.


(Jorge) #23

If you work in hospitality and get cash tips, cash deposits is great feature


#24

I personally think post office is the best option, does anyone know what sort of costs banks pay to use the post office services?


(Dominic Adshead) #25

I do a car boot twice a month or so although I keep the change I always skim off the top to pay in. At the moment I pay it into Natwest and then transfer it to Monzo. I also end up with cash quite often as I pay for meals on our rewards credit card and then get given cash by friends, I generally pay in £100 - £250 a month in cash, the only reason I am keeping my natwest card is so I can pay in cash.


(Dan) #26

Filled it out :slight_smile: I deposit cash about twice a month, mostly get it from selling items online where the person collects and pays in cash…

At the moment I got to my old bank and deposit it, then transfer it over to Monzo… however its so annoying when the banks closed so being able to deposit cash during evenings etc would be great.

Also I don’t mind a fee as long as its small… otherwise I will just continue to use my old account for deposits…


#27

I can’t access the form. It says ‘this typeform is private’ Am I too late?


(James) #28

Thanks to everyone that’s responded, super interesting to read through your comments!

@Ayla Sorry about that, we saw a huge response really quickly, and have now closed it to go through all the answers - I’ve just added the survey questions to my original post, if you’d still like to share your thoughts.

As promised, I’ll keep you posted when we have more to share :v:


Cash deposits
(Alex Sherwood) #29

One of several awesome things in this month’s newsletter was more the team’s update about their plans to enable users to deposit cash -

What we’re doing to help you pay in cash

Because we don’t have branches, you can’t pay cash into your Monzo account right now. But we know a lot of you would find this feature useful, so we’re working on it now!

To find out more about how you use cash and what you need from us, we sent out a survey which more than 1,600 people around the UK answered.

Here’s what we learnt:

  • More than 97% of people deposit cash, although only 17% do it more than once a month.
  • Handling cash is a faff and people don’t like carrying it around for too long, so convenience is key
  • Using cash to pay for things makes it difficult to track your spending through Monzo: only the cash withdrawal appears in your app, so you can’t see how much you’ve spent or where you spent it
  • Cash is the only thing keeping some people from closing their legacy bank account and going #fullmonzo!

Our findings helped us understand what we need to do next:

  • We’re working to give you the option to pay cash into Monzo in the next few months!
  • We’re looking into a few options, and will be able to make some decisions and share our plans in a few weeks.
  • It’ll mean we work with a third party, which comes with its own costs. So we’re working out how we can give you the most useful, convenient service in a way that’s sustainable for us.

I could be wrong but that last line makes it sound like Monzo will charge users for depositing cash..


Putting in Cash or Cheques
Our plans to help you pay in cheques, just by taking a picture
What would make you leave Monzo?
(I Like Turtles) #30

Good


#31

I can get the reasoning behind this and if this is true I will just continue depositing cash into my legacy account rather than Monzo


(I Like Turtles) #32

Which is what I do now anyway, it doesn’t bother me as I use Metro money machine anyway


#33

Exactly, same here! It makes no difference to me really but I can image people wont want to pay for it if Monzo go down that line


(I Like Turtles) #34

Monzo is my main account, I accept there will never be any branches and should I be inconvenienced by cash I know what I can do with it which is spend it or go Metro.

Didn’t stop me from making Monzo my main account so dunno why others are complaining, I bet they only get like £20 a month in cash if that :joy_cat:


#35

More than likely. It’s because its not “free” and everything should be “free” :wink:


(Peter G) #36

I used to think that free personal banking in the UK was a good thing. Thinking about it more deeply makes me realise that actually it drives some really bad behaviour (and ultimately works against folk like Monzo).


#37

I think that’s only because they have been allowed to get away with those behaviours. I wouldn’t pay just to have an account but can see the appeal of paying for “premium” accounts as long as there are no detriments to people who won’t pay for the premium (me)


(I Like Turtles) #38

Exactly.

Lets have a vote, I vote 3% Option 3 :joy_cat:


#39

I was thinking more like 50% and all of that charge goes to Toms personal account :wink:


(I Like Turtles) #40

With all that sweet sweet VC monies


#41

Planning to keep my other account open anyway to keep a visa debit card so would probably put cash in there for free at the post office and transfer it over