It’s not ideal… But I am just exporting Monzo every other day and importing it into PocketSmith. I only use Monzo as my daily spend card and not for bills so I just transfer £50-100, mark it as a transfer, and then do the export so everything is up to date in my forecast.
Put simply, lack of Interest on my money and option for linked savings account. I get 3% (might be 2% now) interest on my current account up too 5k along with a linked regular savings account also paying 3%. Unless Monzo match or beat this its not financially viable for me to have Monzo as my main account.
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Hey, would you mind sharing which bank you use? I’d be interested in opening an account there
Exactly the same reason I haven’t switched it all over yet. I just don’t have the time to be doing it all manually.
Lack of joint accounts
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- Lack of interest on my balance
- Requirements to pay in e.g. £500/mo to other accounts
I transfer small amounts for spending to Monzo but since there’s no interest, it’s not worth the minor convenience to have more money in it
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Once CASS and overdrafts are up and running I’ll be switching across.
Literally just waiting for CASS
What time does it update your salary
In November, at 02:00, in December, at 01:00.
Main reasons (in order) why I won’t move salary and DD’s:
- Security - No Passcode to get into the app other than at the very first login (Yes you can put a code on your phone in general but what if someone snatches it out of your hand when it’s unlocked).
- All my big bills are in a joint account so there’s no way I’m moving them to my own account!
- No financial incentive from Monzo (such as interest) to make me bothered enough to switch.
- I find all the comments about failed dd’s and only one attempt per day concerning.
- No website access to account. Concerned that if I lose my phone or it gets stolen I won’t be able to view my account. Plus sometimes its nicer to look at stuff of a bigger screen.
Reasons why even if I ever did move salary and dd’s, I would still keep my high street bank account as a secondary:
- Always have a secondary current account! If you lose or have your card stolen you’ll need it. Once my card had to be cancelled due to the details being stolen. Problem was I was travelling with no intention of returning to the country for the next year and my bank refused to send a new card to anywhere outside the UK, so I had to send it to my parents and it was months until I was in the same location for long enough for my dad to be able to post it to me.
- Paying in cheques. Yes you can free post it to Monzo but what if it gets lost in the post?
- Paying in cash. Dont often need to depisit cash but I recently got married and so wedding presents… We did consider signing up to a service that allows people to transfer money online as a gift but that just seemed a bit tacky, so we stuck with no boxed gifts in the invite to keep it simple. Also every other year I need to cash in on those 1, 2 & 5p coins.
- If I forget my wallet at home I can just use my phone to tap contactless with the Barclays Android app, which incidently is far more convenient than having to take my wallet of my pocket as my phone is usually in my hand anyway. Monzo should really build this functionality into there app.
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Then you have much bigger worries than them seeing your bank balance and transaction history. Think what they can do with your email and Facebook! Or the purchases they can make with Android Pay (which would be protected under zero liability, but still).
Totally fair, Monzo sure isn’t for everyone yet, but what is?
So did I, but I haven’t had an issue. Honestly, I think failed DDs only occur for NSF. Failed standing orders, however, I think have occurred for technical reasons, which is more concerning.
This isn’t technically true, as the API Playground gives you read-only access to view your account. You can then use the API to write your own web app as well. You can’t write to your account in any way, but you can at least view it. API write access is coming.
I couldn’t agree more, I have five 
Only do this with cheques that are replaceable easily enough, I’d say… I agree. But Monzo is planning to launch in the US, and cheque imaging is basically essential to launch in the US, so I’d guess it is being worked on.
Definitely agreed, Metro Bank is especially great for this.
For the love of everything good in the universe, I hope they don’t. Monzo supports Android Pay, which works about ten thousand times better than the Barclays app. The Barclays app is a mess:
- It crashes on many phones, including mine.
- Contactless only works if you make it your default payment app, so you can’t use it as a just sometimes thing. Very pushy and controlling.
- It creates an ugly persistent notification.
- It only allows payments up to £30 without a PIN, and even with a slow and awkward double tap to enter PIN, CDCVM is only allowed up to £100. No fingerprint or screen unlock based CDCVM.
The experience is just really, really bad. Monzo already supports a far superior experience that works on any device the Barclays app works on, Android Pay.
P.S. I’m not saying that Monzo rolling their own contactless would go nearly as bad as the Barclays app, but even the ‘good’ ones like Amex Pay are inferior to Android Pay. I was thankful when Amex finally decided to support Android Pay in the UK. The point of Amex is a premium experience, not that rubbish. But at least it properly supported CDCVM (unlimited value contactless authenticated by having the screen unlocked), allowed itself to not be primary, didn’t crash and didn’t have persistent notifications.
P.P.S. Please don’t take my strong feelings about the Barclays app personally, I mostly just found it interesting. Monzo already supports a far better app, and the Barclays app is probably the worst payment app I’ve ever seen. Give Android Pay a try, you’ll never want to touch the Barclays app again
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You could get that on the current account by using the Pots feature. You could just put all the money you don’t want to spend into a Pot or multiple Pots.
I’ve switched over fully and I’m loving it, but the lack of Apple Pay support is highly frustrating.
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My passport ran out a few years back and I have no intention of renewing it. Therefor I’ll be leaving Monzo once I can no longer continue to use prepaid top up system.
Do you not have any other form of ID - drivers licence for example? I do agree that a wider number of “proof of ID” options need to be incorporated into the sign-up process, given that there is no single compulsory ID document in the UK.
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- I’m lazy, so I don’t see myself switching prior to CASS being implemented.
- I’m shit with money. Modern banking is definitely helping me with this issue, but I’d like the buffer an overdraft provides.
They are probably the two big ones. Once they are sorted I’ll fully jump probably. Other things are nice to haves / looking forward to’s.
CASS, PAYM, cheques (though less so, I’ve written three in the last year, and this can be done from a secondary account)
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but any ID should really be a photo ID as otherwise it could be anyone using it. Impersonation is a real risk in financial services.
Anyhow these days most employers and recruitment agencies will demand photo ID and take a copy of your passport. Some of those agencies will refuse to deal with you if you do not have a passport. So it is worth getting one for use not only for opening accounts but for employment changes too!
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This is a bigger social issue English-speaking countries are having to deal with. Unlike most countries, English-speaking countries generally don’t have national ID cards.
Both Ireland and the US introduced them, but they’re optional and called ‘passport cards’ to reduce the backlash. They aren’t a substitute for a passport except in limited situations (land/sea travel in North America for the US one, EU travel for the Irish one).
The UK attempted a true national ID card and suffered massive backlash.
The problems English-language speakers (and it is, mainly, us) have with accepting national ID cards is an issue. Thus, passports become de-facto national ID cards. That’s a social issue we can’t solve here
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