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

But don’t you have that with a daily “spent today”? Having a transaction feed that has the merchant, logo, cost of the transaction and then the affect on your total balance when the total balance is already at the top seems a bit of an overload to me.

If I ever wanted to see my play by play on balance I’d grab a statement (which is just accessible through app not CS or anything like that).

Sure, I take your point, but if you’re getting instant notifications at every transaction, and can immediately check the affect on your balance after every transactions - is a play by play really needed?

You’ll notice that as you scroll through the feed, all you get is a ‘per-day’ spends total. Your total balance at the top disappears out of sight which takes the only visible reference of what your balance is away from view.

So… having a rolling balance total just makes sense. It saves having to glance up, scroll back to the top to see it, calculate the difference etc.

Having that inextricable link between spends and balance just makes your money more tangible.

1 Like

Monzo need to create a committed spending pot to ring fence direct debits… committed spending does not show in the balance until after the amount has been debited

I feel like this is a bit of a ‘this is how it used to work and i’m used to it’ thing rather than it actually being better. I don’t really understand what’s gained having a running total in terms of helping you financial education. All that having a running total really adds is a ‘how fast have I been spending since payday’ gauge (which requires some manual working out still to figure out from these figures), and that is much better fulfilled by the summary information IMO. Seems to me like a bit of a hanger on-er from balancing your chequebook days. Maybe i’m wrong though everyone views their finances differently.

Currently being built

1 Like

Interest on Current account. Currently use Santander and get 1.5% interest and £1000/day cash withdrawals which when I actually use cash is very handy.

2 Likes

I see my balance as a key reference point. The most important thing. So in my mind, everything should relate back to it.

Money being spent is not worthwhile if you have no overall balance for money to be spent. And that is where the detachment towards money is occurring, in my opinion. It also stands to reason that having a bank account isn’t necessarily just for users to
cut back on ‘spends’, or understand ‘spends’.

I use it as a reference tool for how much my overall balance is at any given time.

But a constant reference to what has been spent and what you balance was pre and post that expenditure feels like a doubling up of effectively the same information?

What good is a constant reference to a previous balance if you have already spent since that figure? I’m not sure I quite understand what that figure being front and centre on every transaction does to help? Surely seeing the “you spent £x” is far more beneficial?

I am slowly converting to #fullmonzo now but I cannot completely get rid of my main high st. bank until I have confidence that we won’t have downtime like we are currently suffering from.

Don’t know which highstreet bank you’re with mate, but they have downtime as well but just don’t let anyone know unless most/all their customers are having the same issue, so monzo are actually doing everyone a favour and being open about what is happening and not just leaving people in the dark with thy something isn’t working :+1:t2:

2 Likes

Ha! Clearly polarising views…

I wasn’t bashing Monzo at all, trust me, i’m a massive fan of everything they do!

I was purely stating that it is the only thing stopping me having just one bank, Monzo, I’ll always have to have another bank/payment method.

You’re probably right.

My experience is a little different, though. I’ve been using Chip and Pin and contactless debit and credit cards ever since it was possible to do so. I’ve been using Monzo for the vast majority of my card spending only since January this year. I’ve had more card declines and other issues with Monzo in that time, than with any other bank in my entire banking history.

It’s only since I started using Monzo, that I’ve felt it essential to ensure that I have an alternative method of payment; previously it had always felt a bit belt and braces to carry two cards.

For full disclosure, the problems I have experienced with Monzo been very few, just far more than with any other bank, and I’m sure that plenty of others haven’t had issues.

Also, in over 40 years of banking, Monzo is the only bank I’ve had to make a complaint to.

1 Like

not saying you were, just pointing something out :+1:t2:

1 Like

I get where you’re coming from, but for someone who’s been with so many different banks across different parts of the world, issues are always there (defiantly not saying that monzo is issue free), especially with legacy banks - apps no working because they don’t want to update for new devices unless forced upon, sending a new card and changing the pin when told not to etc.


Again - not issue free, but they have touched on this because they’re a new bank, not every merchant has their bank codes (pretty sure there’s another term for this) updated and they’re changing this consistently when people provide feedback. Similar issues have occurred with Revolut, Starling and other
new banks as well.


Once again - I know Monzo isn’t issue free, but to say that “my existing bank doesn’t have this issue” (not aimed at you, just to the public). is a bit silly, when it does but it isn’t shown because they choose to keep it quiet if its a small scale issue, or they’ll let people know in a small scale way. Plus also they’ve been around longer, Monzo and others are still growing. So things will need to be fixed or feedback taken into consideration, but at least Monzo actually take things into consideration and fix or add new features to benefit as many people as they can.

1 Like

Exactly this. The reason I persevere with Monzo, is that I accept that it is a work in progress, and that teething problems occur.

5 Likes

Mainly just because i use it as my tracking spending account so i put my monthly “budget” in there and go from there. Other money for bills and savings etc is sent to other areas

1 Like

I find it useful and interesting to see how much money I have compared to this time last month. If last month I was struggling and then this month I have even less money, I know I need to be really careful or cut spending.

1 Like

Just to point out ! This is no longer an issue. So going full monzo is now gripless. And monzo solution for 3D secure is excellent :slight_smile: simply an easy good decision

2 Likes

The deposit fee is only a pound I think, is there a PayPoint closer which would justify the petrol and if not the time to spend a pound. You can also deposit outside of traditional banking hours as well.

I understand there is a fee and I don’t handle cash myself but for the convenience do you not just pay the pound. I think down the line a post office option will be released