It’s a small amount and I quite like some of the features so happy to try it out, but not because it makes me money or I need it. If I ever had to budget significantly it’d be one of the first things to go.
The open banking features show promise - I could see with a few updates that starting to feel indispensable to some people.
However personally I think Monzo should focus on making money from things people need (Financial products like ISAs, Credit Cards, Mortgages, Business Accounts), not things people like.
I’m sure they have their reasons to focus on premium accounts though and it’s a good effort for a bundle of features, so if you can afford it why not?
Apple has a moat in the form of exclusive integrations between their devices and services such as iMessage. Monzo’s only advantage was doing a better job that the existing banks did at integrating with existing services such as Faster Payments and MasterCard but other than that they haven’t invented anything new and exclusive (Payments with Friends is new, but irrelevant when Faster Payments is just as good).
The problem is that the others are now catching up.
Even when it comes to fanboyism, it only really works when the product has exclusive advantages you don’t get anywhere else. Monzo used to sell itself just based on the features so it was very easy to make people switch. Nowadays not so much when 1) most banks offer the majority of the functionality and 2) modern competitors such as Starling offer the majority of the perks of Monzo without its drawbacks (no foreign cash withdrawal fees, etc).
The live export for me is one of the more exciting things actually, and probably the one I’d be most tempted to bring me to plus
(Open banking probably is, once they get Amex!)
I guess it would be curious how long it takes you to download and upload etc.
I.e. curious if your hourly wage at work means you might be spending more time than needed and would be better spending the money
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Anarchist
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If you mean how long does it take for changes in the Monzo app to be reflected in the Google Sheet, it’s more or less instant.
I don’t download & upload anything, it uses connected banking to connect my monzo and other accounts. They then all show up in the same place. I can then download everything from there in a CSV format.
The only manual thing I do is “Re authenticate” my accounts every now and again.
I’m also on a salary not an hourly wage, I’m not sure what you meant by that?
I just don’t get this argument. Money dashboards main revenue is from anonymously aggregating your data to show companies trends and patterns. There’s no privacy issue unless you are really paranoid and have every privacy blocking system in place all the time e.g. ad blockers, vpns, no log DNS servers etc.
Secondly, money Dashboard is just one app and will always be better than monzo at this because monzo’s goal isn’t to show you clear finance reports and provide detailed dives into your data. That is money dashboards USP. Monzo, at best, will always be playing catch-up.
I’ve never paid a penny for Revolut and now have three physical, one virtual and one disposable, all from free card promotions. I think they don’t shout about it too much, as it would probably annoy their paying customers…
I can see the same thing becoming a problem for Monzo, if they open up or give away paid-for features.
