For those moments when I need to deposit cash or cheque
Speak to someone face to face, not saying Monzo CS is bad, but sometimes speaking to someone face to face is easier than trying to explain it over the phone
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Exactly how I use Monzo, too. Salary into Lloyds joint account, and then money over to Monzo for spending.
out of interest why don’t you do it the other way around ? what is the draw to put your salary into lloyds ?
Exactly
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It’s always been going in there, and all DDs etc are set up there. I don’t want to CASS it, so seems like a lot of effort to go and swap everything over.
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That’s only really going to be worth it for those who put value on seeing all of their finances in one app, or who have experienced issues with high street banks.
There seems to be a substantial number of them, but it’s not for me.
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Same. I wouldn’t NOT use Monzo, but just nothing compelling for me to change my behaviour. Plus the Lloyds app has always been pretty good, shows pending transactions etc. And they have branches.
I use Starling for my business banking, which I did switch from Lloyds, but that had a lot less going on in it. I’d be open to using Monzo business banking down the road, depending on how it comes along.
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Firstly, the £1 fee for depositing money. I often get my salary in cash and I like the ease of my current bank where I can just walk in, hand them the money, and it’s all done.
Secondly, as a student, I get a perk from my bank (either a tastecard, Amazon Prime account, or National Rail card).
Finally, I guess just the stability of having a bank near to me. This is purely psychological, but having a physical bank that I can see every day is just quite reassuring.
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I think one of the other things stopping me from moving over, is that I’m not 100% confident in the COps system (in general, not any one specific COp). While I’ve always had a pretty good experience, it’s only ever been for minor things. If I had a more serious issue, I wouldn’t be convinced in Monzo. Especially all the reports of the phone-line to nowhere.
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The three or four obvious ones but mainly:
- PayPoint Fiasco and very poor with cash/cheques in general
- tiny limits on overseas withdrawals
- Is this really the acceptable norm?
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5 hours spread over 6 months is still 5 hours. I don’t think that’s an unreasonable estimate at all.
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I rather have a % charge on being overdrawn. Great for those that are constantly overdrawn by a lot
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Having done it, I think 5 hours is a crazy estimate. Took me about 30 minutes to move around 10 Direct debits over. (did it before CASS was available for Monzo)
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Was more curious because I did it manually and took about half an hour
What exactly would you be transferring?
Salary, bills. Anything else?
So I had salary one email to HR ~ 60 seconds
Gas/elec ~5 minutes
Water ~5 minutes
Wi Fi/TV ~5 minutes
(all were online)
Rent ~10 minutes
So may have only been 26 minutes of my time so less time than I’ve wasted on a single episode of a show on Netflix
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I may have misread: I meant to go full Monzo. But thinking about it again, it’s probably worse in reality. For full Monzo there’s about a dozen bank accounts to move then all the bills. At least as many direct debits again (I have tons of charity DDs) but I guess these are done with account switch service (though I strongly prefer to avoid this and usually leave old accounts dormant).
But then I just remembered I think I’d have to change my payment card on all websites, right? That would probably take another 5 hours. I am signed up to literally 100s casinos for example let alone Amazon, ebay, etc. And lots of them would require me to redo KYC again with the new card which would double that again.
Feeling a bit better about having five current accounts!
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I keep my bills(mortgage, gas etc…) in my usual bank as they are fairly, if not totally, static. I can transfer cash to Monzo and use its features to track my spending patterns that are less known. How much coffee, beer, food did I purchase and where (helps me try to understand why my stomach is getting bigger).
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For clarity, #FullMonzo simply means that Monzo is your main account… Not your only account (“main” is usually determined by salary and DD’s).
I think this is pretty vital info before saying it would take 5 hours to switch…
Your example is pretty unique, and for a lot of people, wouldn’t be anywhere near as taxing.
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Here are the main reasons why I would be more likely to use Monzo for everything:
-
Cash back on monthly commitments i.e. 1% back on council tax, 2% back on Gas & Electric, 3% back on comms/mobile phone bills and 3% interest on account balance. Would happily pay a fee for this £5 per month (as a price point).
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Cash back on purchases (would be nice) - either 0.5% or 1% per transaction type.
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Full Credit Card Integration of different providers such as AMEX, Barclaycard, Sainsbury Bank, ASDA CC, Tesco CC etc. to have a choice if decide to open any one of those accounts in conjunction with Monzo.
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Rewards based offers, discounts off X merchant or priority offer for Monzo users.
I fear, with these type of reasons, you won’t ever be full Monzo.
Not only are some of these simply not viable, they also make no sense for Monzo to pursue.
- Cash back on monthly commitments - would need to be more than £5, try £10/£15
- Cash back on purchases - as a standalone offering, no idea how Monzo would pay for this.
- Full Credit Card Integration - what is the benefit for any of those organisations who are all pretty successful without Monzo integration?
- Rewards based offers - they’ve looked at the loyalty scheme style stuff already (Monzo Points) so might be something they try in the future.
I say all this while noting that Monzo are continuing to add 100,000s of thousands new customers every month so they aren’t struggling on that front, so any incentive would need to be able to pay for itself. I don’t see any of those having the ROI they’d need… yet. Maybe in the future but even then, you are into the ‘Monzo Plus’ world which is already heavily discussed elsewhere.
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