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

Pop them in an envelope with your email address on a piece of paper and send them to FREEPOST MONZO :slight_smile:

Can we literally get away with writing only that? Pretty good post UX if so :wink:

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Someone in the office did give it a roadtest a while back and it seems to work :stuck_out_tongue: :+1:

(note the very faint franks on the right hand side of both envelopes)

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For me Apple Pay is pretty big simply from a convenience factor, I always have my phone/watch so when I pop to the shop it’s just easier!

I also won’t move until CASS is available for the safety

Also in a weird way, not having online banking – At the moment it’s pretty restrictive with being phone only! While I appreciate the parity my legacy app has for mobile app vs online banking - I still find it more convenient (in certain situations) to do it online!

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For me its compliance. I have a number of Fintech apps and am shocked at the cavalier attitude fintech companies have to suspending your account - sometimes for weeks on end whilst documents are checked. Before i came to Mozo, pockit blocked my account for 4 weeks. I am a UK national with full and good credit record. I have NEVER (touch wood) been blocked or suspended by a legacy bank. If my account gets suspended for compliance what happens to direct debits - do they just bounce? How about moving cash across my own accounts - if i do a trasnfer for £1k will my account get suspended?

The current legislation, or the interpretation of the legislation just does not give me any confidence that i could move over full time “unhindered”.

I moved far more than that into and out of my Monzo account when I was consolidating all my finances. Something I’d probably never have got motivated to do if it wasn’t for Monzo :slight_smile:

Ditto on Apple Pay. Not thought about cash until now thou!

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If your electricity company is that depressing you should switch :slight_smile: I was on a different supplier who made me feel that way, but Bristol Energy has been fantastic. I’m saving money, I’m on a green tariff, and calling to switch my Direct Debit actually cheered me up they’re so friendly and great!

Vodafone I had to call only because my online account was never verified properly. Almost everyone else (American Express, Newday, MBNA) was quick and easy.

The only real pain point? Relish broadband. But everything about their service has been one giant pain point so this wasn’t a surprise. I gave up on switching it… I might go try again now just to see if they’ve got it fixed but I’m very sure they won’t have. And nope, they still claim it’s an invalid sort code…

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You need to not only give up on switching it but on paying it as well. Either they let you add the Monzo sort code and you can start paying them again or just leave them be and use that as an excuse to get out of the contract (they’re literally refusing your payments by not accepting the sort code, so what else can you do?)

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To be fair they offered to use a debit or credit card instead. I didn’t bother because I wanted to see how long it takes them to update their database!

The reasons I have not fully switched over yet are;

  • I’m currently with First Direct and their customer service is brilliant, not too sure if I would be able to get the same level of service from Monzo.

  • I don’t ever use my Over Draft facility but having it gives me a peace of mind. With my current main bank First Direct the first £250 does not cost me anything. Offering from Monzo sounds too expensive.

  • The fact I cannot use Apple Pay yet, since I got the ability to use Apple Pay with my current bank account Apple Pay has been my main method of paying.

  • Not being able to receive or send any international payments, yet.

  • No internet banking

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For me, it’s Apple Pay, 3D secure and international payments also, which I use with my current Santander account. I have two jobs and my smaller salary goes to Monzo but I can’t switch everything yet and wouldn’t anyway since our main stuff is ina joint account.

Also, I think online banking is easier than mobile only, even though the app is awesome.

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Interest is what’s stopping me.
At the minute, as a student, I get interest on my current account balance. (I also have several other current accounts to try and maximise the interest I get, though these don’t require you to make them your main account.)
Because monzo doesn’t offer interest I have a standing order to send a weekly spending allowance over such that as much as possible stays in my legacy account; and making monzo my official main account would mean I lose out on this interest.

How much does that interest give you, roughly? I never understood people who care about their current account’s interest rate… most won’t give you any significant money unless you have a lot in that account, and at that point there are better things to do with that money (invest it, etc) than just keeping it dormant in your current account to earn a measly 100£/year or so.

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International payments and web interface

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I currently earn about £10/month from interest on my current account. It’s not a huge amount, but I don’t think Monzo is worth £10/month. If Monzo had a £10 monthly fee, I don’t think many people would go for it…

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About £10/month.
If monzo had interest (maybe via integration with other banks’ services) or cashback on purchases then that’d make it more appealing.
Although £10/month may not seem huge: it is free money which will add up over time (and free money is the best kind of money :smile: )

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Totally agree!
Interested in where you’re getting that interest rate from!?

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More importantly, what is the interest rate? That could be the interest on a very large deposit…

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Nationwide FlexDirect give 5% on the first £2500 in their current account, and also have a 5% regular saver than you can put £250 a month in.

Tesco has 3% on up to £3000, though they have DD requirements.

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