I regret going full Monzo

I’ve been asking for the 4 weekly (28days) for as long as I can remember- what is frustrating is that it is there on android but omitted on iOS :rage:

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Blissfully simple :grinning:

You can catagrise payments I think there is an option called bills. You can also set this for committed spending so that you don’t go over budget

I know been waiting ages, they need to sort the OS parity before deploying new versions

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This is 100% the only thing stopping me from going full Monzo. If there was an easy way to setup a committed spend pot and have all my DD and SO come out of that, I’d be sold.

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I agree with a few others on this thread, I have only ever used 1 bank account, with 1 card. My salary come in and my payments go out (throughout the entire month). I guess I don’t “actively manage” my money, every month I manually move money into savings pots and I know roughly what spending money to leave in my main account with the DD’s for spending money.

I dont regret going full Monzo, much better than HSBC (apart from paying in cash but thats another thread) :zipper_mouth_face:

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I’ve really only ever had 1 Bank account too with a Debit Card attached. I get interest of 3% on the account (without paying a monthly fee).

I just use it like everyone else does, Direct Debits and Standing Orders come out. The only thing I don’t do is save within this account (I don;t have a SO for an amount to go out to a Savings account).

I have some free money but not a great deal.

With Monzo, I would use the Pots to transfer this so called free money to try and save what there is left to a degree. I don’t really need 2 Bank Accounts as it just works for me just having one.

What is stopping me from going #FullMonzo is that of Payments being delayed, and Petrol Stations not accepting Monzo.

What I would like is to have a definitive list of what benefits there are within MonzoPlus, (obviously I know this is always changing so that might be difficult). I know that to get the £5 back a month I would need £4K to transfer otherwise to me it’s not beneficial for me to payout for a value added account that I would have to pay £6 a month for, even with that said I still feel that I would be losing £1 a month, however, I would not really be as the benefits included would come to over that amount and if I choose all those benefits separately the would come to over £1 a month.

I’ve seen you post this on a couple of threads now, and I wonder what is it exactly you don’t trust about payments?

Every time a petrol station or payment delay has occurred, it has largely, been out of Monzo’s hands and has been rectified as soon as possible usually followed by a post mortem of what exactly went wrong.

The legacies have outages for their online banking, payments etc - this isn’t a “Monzo” problem, albeit it may look more apparent as Monzo tend to be upfront about what is going on.

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@JustJordds - I guess it’s just me being worried due to Monzo being a new digital bank compared with old/legacy banks (trusted?) that have been doing this for years and years. I guess it’s just perception that Monzo will have issues? But I guess it’s just the same as when TSB migrated from Lloyds and they went down for nearly a week (or that’s how it felt).

I do love the fact that I can just see everything on my phone via the App whereas TSB’s app is rubbish (it just does what their main website does) no notifications as this is via Text message on a weekly basis.

You are with TSB and are worried about Monzo being a new digital bank?

Ask a thousand people, get a thousand opinions!

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Whilst ‘new’ they can still be trusted (I’d argue as much as any of the other legacies). They’ve been around long enough to know what they are doing with regards to your standard payments stuff.

Try circa 3 weeks - I’d argue something like that is largely more adverse than bet winnings not hitting your account for a few days or a pay at pump petrol station not taking your card.

I’m not saying don’t take things with a pinch of salt and a healthy dose of scepticism - but overall, I’ve had my salary in Monzo for around a year and haven’t had a problem so far (YMMV).

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I guess I’ll laugh that one off @SouthseaOne as I take it your having a dig at TSB. I’ve had not issues with them apart from when they migrated away from Lloyds.

Yes, I would have thought so :slight_smile:

Yeah, nothing against you at all :slight_smile:

I am not sure TSB would be anyone’s idea of a trusted legacy bank after their recent woes :rofl:

In fairness to them they have made it a decent place to be for the customers who stayed with them in terms of savings interest and the like

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2 trains of thought on this.

Monzo pretty much always highlight when something isn’t working, and generally the fix is quite quick.

The upside to this, is that it may build trust that they’ll be open and honest about any issues.

The downside to this is you see regular outages on things like Faster Payments (almost monthly these days), and despite it potentially never affecting you… It’s something to consider.

The argument from some is that legacy banks have similar issues, but they aren’t as open about them.

That may be so, but I’ve never had an issue any legacy account in many years of banking (in terms of payments etc).

I guess it boils down to your experience - I’ve only ever had 1 issue with the Monzo systems (out of many reported issues) - Even then it was sorted pretty quickly.

My main concern would be the CS if there was a major issue - Where once I’d feel far more comfortable contacting Monzo over a legacy CS team, it’s now completely flipped on it’s head as the legacy support has improved tremendously (for me), and the Monzo support has declined in a big way (due to scaling…).

It’s all very much “your mileage may vary” though, and you can only go on your experiences.

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@nickh - Yes previously I used to make a fair few Faster Payments and have never had a issue with my Legacy bank in this. I don’t make as many FP’s as I used to but still do a few, as most of them are setup as SO’s now.

Yes I tend to steer clear of Telephone Banking and getting help from CS. I find it’s easier to get hold of someone in Monzo. Plus I think if I had an outage with my legacy bank, I would just probably keep up-to-date by reading the news and not bother contacting CS.

With Monzo I feel it would be a different issue though, as they still have the Community going (which I don’t ever think they should remove (like Starling did). As it keeps me up-to-date on Monzo issues, it seems so much easier to contact CS Monzo compared to my legacy bank. In my experience of contacting CS Monzo they have been pretty quick to respond and get my issues resolved. OK, so I’ve only had an account since 4/7! hahaha

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It’s been a good first week then :smiley:

Even when Monzo were being absolutely slaughtered for slow customer service last year, I actually found it fine and quick.

I have had much slower service recently for a few issues, to the point where it becomes a significant hassle - But again, that’s just my experience.

If you are interested in the Fintech/banking sphere and like the Monzo app, I think you’ll make allowances for the occasional blip, and generally enjoy the rest of the experience :+1:

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Definitely. I think a lot of what people miss with FinTech, and generally tech, these days is :beetle:’s happen unfortunately. They happen to big corporates or startups - Monzo takes the time to listen and give their customers a voice whilst HSBC wouldn’t give a damn about you (once you’d sat on hold for 30mins :sweat_smile:).

My mum is quite the sceptic of Monzo teasing me about them and chomps at the bit when they hit a speedbump but I’ve never been more happy with my finances. Also I massively sympathise with them as I deliver software in a professional services firm :rocket:

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I am seeing a few people saying that the best move Starling ever made was to drop the forum

My view on that was that it was never really a fit for the “personality” of their particular business and never had the buy from staff that this forum does.

Fair enough, it was and is their choice alone. They always seem to be happiest and most productive working in the shadows, and again they should do what seems to works best for them

However I moved all my banking from Starling to Monzo immediately after the forum closure as it is so integral to my experience now, not just for updates during incidents. If I wanted a bank that is solid and mainly talks at me rather than with me I could have stayed with HSBC!

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I’ve not had an issue (so far apart from in prepaid days). And generally accept the bugs for what they are as Monzo do just about everything better than my old legacy.

You’ll get hiccups like with just about anything, maybe Monzo being so open and transparent about this may hinder it in the eyes of some.

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