The committed pots is just a no brainer, been separating my bills from my current account for 10 years, its such an easy way of budgeting.
I would love to know why there’s no sign of an iPad app. For me my phone is placed face down when i get home from work and i use my iPad for everything. Its nice not to have to strain your eyes so much. There is so much they could do with reports on an iPad you just cant do on a phone. Wasted opportunity in my mind!
You make is sound like you’re on the Monzo app all evening every evening 
Still would be good to get an iPad app though 
The only thing that stopping me from ditching Barclays to Monzo is the fact that they keep opening crowdfunding. Before I rely on anything financially I would like to know that it can float itself rather than rounds and rounds of funding.
If a service cant sustain itself it is a worry - even more so when you rely on them and trust them with your money. I get the FSCS is protecting Monzo like most banks, but it’s all just hassle I could do without.
I love and support what Monzo is doing, just hope they can be a bit more self sufficient and less reliant on investors in a year or so.
I think that’s the plan. You’re right about FSCS protection, I imagine if Monzo closed tomorrow it would be a couple of months before old money hit your new bank.
Same here.
At the moment, Monzo is a great way to get a better handle on my spending/saving habits but my salary goes into my Bank of Scotland account first, and all my bills are there too (bar Joint ones which are in Monzo).
So I’m ‘half-Monzo’.
Which begs the question, is this approach hurting Monzo? Am I a tiny part of what’s stopping them become more self-sufficient faster??
" FSCS will aim to pay compensation in the majority of cases within seven days of a bank, building society or credit union failing. Any remaining claims, which are likely to be more complex, will be paid within 20 working days."
https://www.fscs.org.uk/what-we-cover/
I think that depends on how much money you have sitting in your Monzo compare to your Bank of Scotland Account.
If you move the majority over on pay-day I don’t see it hurting them all that much.
That’s the ambiguous term in the sentence.
About 2/3rds stays in BoS, the rest is over to Monzo.
That could be likely to be where Monzo feels any “hurt” from the way you set-up is. But tbh you use your set-up how you want. Having somewhere as your “main account” I think is always a bit of a misnomer especially with fintechs and challengers.
Im kinda the same, just dont like having to make sure I have left enough for a big bill and stuff. Plus if you separate spending between accounts, the budgeting doesnt really work as well.
With the FSCS it doesnt matter how long it takes, its still a process that interupts your day to day. I dont want to have to worry about work, claming, paying etc…
I find the opposite is true for me. Splitting discretionary spending from commited spending works best for me, but I guess it’s all down to personal preference 
I think I’ve got this right with committed spending is that the total amount for all direct debits come straight out and go into a committed spending pot which then the money comes out of that…
I think that will make me go full monzo and also the ability for a savings account with interest so I can close my natwest ones
Whilst we’re discussing FSCS, if a bank does collapse overnight, how do you prove what money you had?
I just want to check, is it specifically crowdfunding that worries? Monzo don’t have to do this, they could easily raise all the money they need from venture capital financing, but they choose to do crowfunding so that customers can get involved also.
If VC funding also concerns you then that’s fair enough, but makes the usage of the word ‘crowdfunding’ slightly misleading.
We’d all like to see Monzo cover their own costs - and make a profit - but they’re very much in startup/growth mode at the moment. But everyone funding is doing so because they believe their are gains to be made in the long term, to be sure. Granted, if in another five years Monzo still isn’t making money then there will be big questions to be asked, but we’re not quite at the ‘element of concern’ stage yet.
I don’t think you have to prove anything, as the FSCS protection should be automatic. Presumably this means if a bank collapses they have to turn their books over to the FSCS and they work from there (speaking in the broadest possible sense).
You can find the technical details about that here if you’re interested. 
No not the word crowdfunding thats worrying, it is more the fact they are not turning a profit. If it is VC/Business Loan/Crowdfunding I am slightly wary.
The day that they get to the covering their own costs I will be doing a full switch. As someone said, I would see monzo as a constant beta if your not liable to stand on your own two feet as such. I get the growth stage, but many of these startups have folded a year or so after and when it comes to personal finance, I find that a bit too risky to use as my main account etc…
Do you realise that if Monzo were to go under, the government’s FSCS would compensate you for up to £85,000? Unless you have more than that amount in your Monzo account (plus pots), there’s no risk.
Please refer to my previous message. I understand the FSCS but its hassle, paperwork to be filled in, there will be a time without access to money, etc… Its not something you should ever want to happen - have to use the FSCS - and I get its a guarentee, just more admin should you ever have to.
And I get that this could be any bank, however I feel that the newer startups relying on VC/Crowdfunding are more susceptible.
Thats my opinion on stuff like that - thats all. Im not saying anything negative but it is stopping me from using Monzo over any other bank.