If you haven't moved over, what's stopping you from making Monzo your main bank?


#512

As mentioned by Anarchist this is easy to achieve.

An alternative to Anarchist’s suggestion for meeting the direct debit requirement is to leave 3 of your existing direct debits at Tesco. I have all my household bill direct debits at a non-monzo account to take advantage of certain benefits from doing so.


(Matthew Jones) #513

Yeah I’m in a fairly similar situation to you. If there interest on the savings pot isn’t too bad I’ll make the switch but until then I’m with Nationwide.


(Andy Little) #514

Interesting. I’ll have a look at that, thanks for sharing.


(Phil) #515

This is a superb idea. I’ll setup auto transfer of the minimum, maintain minimum DDs and transfer the difference back afterwards.

Excited for going #fullmonzo.


(Phil) #516

How soon after scheduling £750 to go into the account can it be moved out again (bar the amount for DDs?


(If there's the wrong end of a stick, you'll find me holding it.) #517

I don’t know what the minimum is. I have mine set for the next day.


(Peter Roberts) #518

I have Nationwide and TSB accounts which once a month on the same day I move 1500 between the two of them. This gets me 5% interest on £4k. As far as I am aware I am doing nothing wrong in doing this


#519

I haven’t switched because I’m not yet sure if I want to. I currently bank with Nationwide, I really like the fact that they are a mutual, that I have a vote on who the directors are etc. They have been great with family members in difficult situations such as deaths. They are also planning to add freezing and unfreezing to the card and some spending analytics this year (according to the yearly report). I like monzo, but I feel genuine loyalty to Nationwide. So thats why I haven’t yet switched.


(Matthew Jones) #520

I have to say though I bank with Nationwide but the director remuneration being super high and interest rates being pretty low on accounts (after the bonus periods) does leave a little bit of a bitter taste in my mouth.

Is the society really being run for the benefit of the members?


#521

I think nationwide do a decent job competing with the big banks and I don’t think the director remuneration is ridiculously high for a financial institution of that size. If I decided that it isn’t justified at least I can have a legally binding vote on the issue.


(Matthew Jones) #522

Yeah the remuneration vote is ‘advisory’ and not binding.


#523

I did not know that, thanks for clarifying. My point feelings are still the same. I trust Nationwide and I like that their sole purpose isn’t simply to make tonnes of money for the shareholders. Monzo are very consumer friendly just now, they have to be to build marketshar, but in 3,4 or 5 years time when the investors start demanding a return how ruthless will the become?


(Matthew Jones) #524

Nah i do agree with you, I just want some more % on my savings account and they do bang on about being for members but in my opinion they should be trying to outperform the market.

I do agree there is a risk of Monzo going down that road perhaps post-IPO in forever years but at the same time I guess it’s down to the employees and customers to help shape Monzo at this early stage.


(Phil) #525

Just want to add that I’m in the process of switching and I’m so excited to get paid in a week to have Monzo at the helm!!


#526

Well you’re an investor so please don’t ruin it for the rest of us :rofl:


(Patrick) #527

I’m also with Nationwide - I feel some loyalty to them. I think they’re pretty good on ethics and their tech (website, app, etc) isn’t too bad.

I moved everything to Monzo quite a while ago - but then reversed out after an issue with direct debits that were set to come out on the same day as I was paid (they were rejected - this was before overdrafts were available too). This isn’t an issue anymore as I have an overdraft (and I believe it is being or has been fixed anyway).

I couldn’t care less about interest rates and such as unless you’re loaded they mean nothing on a current account.

So… I’m now once more considering moving my wages to Monzo, for a second try. The only thing I’m concerned about now is lack of 3DS. Although I’m not sure how much of a problem that would be in reality.

I also wish Monzo would just go all-in on every payment option - Google, Apple, Fitbit, Samsung, Garmin - I think every bank should be offering every option. It’s one thing that Starling has got very right.

I’ve just started a switch from my TSB account that hasn’t been used in ages, I deleted all my recipients, it had no payments and only has 1p in it - in order to close that and I’m mulling over a partial switch from my Nationwide main account.

One huge niggle is - what will Monzo be like when they make it mainstream?


#528

Totally agree!


#529

I get £4 per month just by using Barclays as my current account, so that’s what’s holding me back at the moment.


#530

£97 interest from a First Direct regular saver.


(Kevyn) #531

In fairness, you can have the First Direct Regular Saver without using the 1st Account as your main account. I transfer £300 per month to my 1st Account from my salary bank account for the Regular Saver.