But trust me “they” are probably working on it, just as they seem to be slowly but surely playing catch up and replicating many Monzo/challenger bank features! I’ve seen some of first direct’s w.i.p. and it’s definitely “be more Monzo”.
To conclude my input on this, I just read a comment on another thread with the idea/suggestion that maybe the “going full Monzo” process ought to include an option for the customer to request a specific overdraft limit before going on to CASS and allow the customer duck out if the requested limit could nor be offered and a lower limit (which would include £0) was offered instead. I kind of like that! I could just re-try a couple of times a year until successful or until I die/give upon the idea…
The only thing holding me back now, is that the card still doesn’t work everywhere. I’ve had issues using it on buses that allow contactless payment before. The most recent one, was when I was on holiday in Cape Verde. I could withdrawn money from cash points, but it wouldn’t allow me to pay with the card. So I had to rely on my HSBC card.
The fact that I always have to have a backup card with me, just incase is a real issue. I would have thought that by now it would be accepted everywhere.
Another minor issue for me (which isn’t really Monzo’s fault) is that Chip still don’t support Monzo accounts.
I was full Monzo… but not anymore. I have just opened a new bank account - due to the lack of committed spending pot. Two bank accounts makes budgeting committed spending so much easier.
I was full Monzo - as in no other bank accounts… but full monzo just didn’t work for me. I still have Monzo as my daily driver. I’m a crowdfunding investor - its in my interest to see Monzo retain customers
So having done a little reading , it appears to me that the committed spending pot is what holds alot of people back, now as I understand it, the committed spending pot does exist but only for staff just now as a test system, I have heard and read this a number of times over the past x months, I’d have thought that this must have been tested to death by now and it would very much be in the interest of monzo to give it a big old push to get it over the finish line.
For me however and I’ve said it up the page a bit, it’s mostly the nationwide insurance package that is keeping me from signing up as a full monzo only member, I also get rewards for my DD’s With NatWest but I might give them up if the committed spending pot was delivered.
Instead of having a committed spending pot, wouldn’t it be easier to to offer everyone the option of having a second account, especially as the account system is already in place. The ‘same but different’ solution !
That would be the best of both but I’m not sure how simple it would be it implement. You can only be logged into one account at a time and each time you’d need to use the magic link thingy. It would need improvements on the signin/multi-device support functionality, the UX, mobile number verification and everything else in between.
If people don’t currently have a committed spending pot then I personally can’t see how that would stop them moving over to Monzo. All the other advantages that Monzo offer should be more than enough to switch
Personally it’s not an issue for me, I’ve always been able to budget without them as I make sure all my bills come out at the same time. But I know some people have waay more bills and it can be very clunky to organise things without a suitably designed area to do it
I’m sure if there is the ability to have a joint account and switch seamlesly between the two then a third account could be added. I have have this type of thing with Lloyds for years without any issues and can easily transfer money between the two and switch all within the app.
Oh yeah without a doubt it would be possible, but when compared to building a committed spending pot I’m not sure how simple it would be to implement.
Joint accounts are connected to your personal account so they’re not really the same. I thought they’d be simple to build but they too ran into a big issue with connecting multiple users, permissions and so on. Have a search on here they explained it all really well.
Plus, you’ve seen people on here struggling to create/log into an account because they get an error that their phone number is already in use, so that would need addressing too.
To summarise I guess it’s one of those things that when said it sounds simple but when you dig into it, all sorts of other things come into play.
Personally, I’d rather they just carry on and finish committed spending pots rather than break off for a “quick fix”
I think having an extra account is more of a shortcut to the problem rather than an incredibly innovative fix.
Having two cards with the same bank (where you only have the benefit of splitting funds) feels like an old clunky way of getting around the issue. If Monzo can iron out the committed spending pot issues it’ll be vastly more efficient than a second account.
It also feels “un-Monzo” to have two cards for a single CA - why can’t everything work within the one account and provide seamless integration if you have a JA or want to separate bills. That’s why I think this is taking so long - its an incredibly important and desired feature, but I suspect there are a lot of things that could potentially go wrong and so it needs to be really sharp around the edges.
I agree with both replies and I too would like to see a commited spending pot and it does seem more Monzo so hopefully we’ll get some sort of update on if it’s ever going to happen and if they are still working on it etc. I spose we’ll just have to be patient (but that’s tough)
It is hard because it appears it is such a deal-breaker for a lot of people (understandably) but hopefully this is an area where Monzo are putting a lot of effort into to refine and perfect because of that.
, it appears to me that the committed spending pot is what holds alot of people back, now as I understand it, the committed spending pot does exist but only for staff just now as a test system, I have heard and read this a number of times over the past x months, I’d have thought that this must have been tested to death by now and it would very much be in the interest of monzo to give it a big old push to get it over the finish line.
