I want the current account now!


(Lance Rumbolt) #1

I am so ready to transfer all my banking to Monzo… Looking at the Trello I’m still not getting much of an idea if it will be this year. Anyone else looking forward to going full time with Monzo?


#2

Certainly going to try it when available and will more than likely move to it as my only current account if all goes well :+1:


(Colin Robinson) #3

Join the queue! We’re all waiting for them :slight_smile:


(Alex Sherwood) #4

The roadmap does show the timescales for the rollout?


(Kevyn) #5

How long has the board actually said 6-9 months? A comment on it by Tristan from 8 Jul 2016 states they are moving ‘the rollout to all current customers’ milestone to the 6-9 month medium term column. Personally, I feel Monzo needs to keep the momentum going or it will start to lose goodwill or that vibe. A Christmas 2017 or into 2018 wouldn’t be good really.


(Alex Sherwood) #6

Here’s how the roadmap works -

I appreciate your concern about the timescales & I’m keen to get my hands on a current account too :cold_sweat:

But in my opinion, it’s more important that Monzo gets the launch right, rather than sticking to an arbitrary timeline - obviously getting it wrong would be a disaster.

And since ~1.2k users are signing up each day at the moment, I’m not too concerned about the momentum slowing…


(Louis bamber) #7

Can’t wait for current accounts! :ok_hand:t4:


(Lance Rumbolt) #8

yep I’m looking at that but rolling out accounts has been 6-9 months for about 4 months now, it’s not moving up the timetable… I’m not grumbling just looking forward to ditching my current account.


#9

I do think while the roadmap is good to get a general idea of whats coming, it’s probably not worth paying too much attention to the time scales on it.


(Tommy Long) #10

Well, if accounts were 9 months away 4 months ago then they’re still 2 months away from being in the “next 3 months” category…

I wouldn’t pay too much attention to the board on current accounts, they’ll be around a lot sooner than you think. I think we’re at the point where pretty much all Monzo employees have current accounts for testing.

Tom has stated he’d like to move the whole userbase over by the end of Summer although I can inevitably see this slipping into Autumn.


(Lance Rumbolt) #11

Ah fab I hadn’t heard that before.


#12

Currently using Starling bank as my main account.
But I really love Monzo app… much faster, clearer, BETTER!
Monzo have to hurry up rolling out current accounts…
I want it too :slight_smile:


(Kevyn) #13

Signing up 1.2k users a day doesn’t mean anything is these are not active users. Your comment just seems like a PR response. Twitter has 1.3 billion users but only 319 million active users which means it only has about a 25% active number of users.

Is the Monzo active user count rising and sustaining is the true question?

I’m not trying to be negative because I really like Monzo and am actually waiting to switch my account and would like it to be Monzo, but the 6-9 months started in July 2016, and it is nearly July 2017. The lack of formal information or a schedule will mean people will start to become disillusioned by the wait.


#14

I agree that probably not every one of those 1.2k new users per day are still active.

I also feel less enthusiastic for Monzo now than when I signed up because of the wait for the current accounts and the “it’s coming soon” response. Yes I would much rather they sort out the issues before they give us access to the accounts but “it’s coming soon” or “in the next 3-6 months” is the vague sort of response i’d expect from my legacy bank. However… I do accept that Monzo can’t give us a precise date yet so i’m happy to wait


#15

I can absolutely wait. As with everything else Monzo, they will get it right and it will be ready when it’s ready. Banking is a highly personal thing, they have your money don’t forget.


(Alex Sherwood) #17

It means something because it shows that users aren’t being put off signing up by the delayed launch of current accounts, the number of users signing up each day is growing steadily.

I agree that this is the much more meaningful metric. The last time Monzo mentioned it in their crowdfunding deck in January, 60% of users who’d signed up were still active (using their cards once per week). As far as I know, we haven’t had an update since then.

So those are the facts, perhaps my comment sounded like a PR response because I’m not making assumptions like that :arrow_up: despite not knowing whether the wait will be a major problem for lots of Monzo users & therefore, whether it will be a significant issue for Monzo or not?

My point is that you can only speak for yourself, on whether the wait is going to put you off Monzo completely. And if you are concerned for yourself, then fair enough :slight_smile:


Edit - It’s also worth mentioning that it’s already in Monzo’s interest to be working as hard as they can to get the current accounts ready & from what I’ve heard, they are.


(Jolin) #18

To expand on @alexs’s point, the prepaid cards are more expensive to run than the debit cards will be, :monzo: has no revenue source until they can offer overdrafts and the marketplace, there are issues they can’t address because they don’t control the whole of the prepaid tech ‘stack’, and work on the current account is both holding up and will enable development of other features :monzo: want to implement. So I agree that the Monzo team are likely very keen to roll out current accounts as soon as they can, whilst meeting their quality standards.


(Gehan Gonsalkorale) #19

Would love the current account now too!

However I and you will just have to wait. I doubt anything is really higher priority for the team realistically.

From working in a startup rushing things just leads to lots of support requests, bug fixing and more people complaining about issues than there were people shouting for the new feature.

For the moment I’m using Starling instead of Barclays for DDS and payments. At least that’s all a bit nicer now while o wait.


(Simon Morris) #20

I am desperate to move all of my banking to Monzo I am feed up to the back teeth of the careless attitude to the high street banks and how they are desperate to sell you more products when you go into branch instead of caring about what they are doing with your money. I recently had my debit card blocked whilst abroad which was my main source of funding for Monzo so I was totally stuck even calling them from abroad there attitude stunk. ruined my trip but they did not care they hung onto my money a bit longer.


(Mark Dunne) #21

I’m looking forward to the day that I can walk into Santander and Lloyds and close both of my accounts down! Hopefully it will be this year however you know what they say… all good things come to those who wait :slight_smile: