Since I’ve moved all the spending I can from First Direct to Monzo I’ve noticed that I am saving more per month because the new targets feature has made me aware that I need to spend less in certain areas and with the instant notifications and real-time balance updates.
I’ve also been able to begin saving more using services such as Chip and Squirrel. When the virtual savings accounts are launched, I expect they’ll behave in a similar fashion to Squirrel only better.
The fact I was able to get a near wholesale exchange rate and no foreign transaction fees for using my card abroad earlier this year is something that no other bank provides for free.
First Direct have been good with their quality of customer service and until I joined Monzo I thought they were the best. I think Monzo provide by far the best customer service now.
Many high street banks are cutting their interest rates to pretty much pointless amounts (0.05% for First Direct) that only the very rich will still be able to see any real benefit in continuing to use a savings account that pays interest. Granted there are restricted access ISAs or bonds available that pay higher rates, but they don’t help those in need of instant access to savings (e.g rainy day fund, or expected big purchase in less than 3 years).
There are other potential features on the horizon that would make Monzo more rewarding to account holders of other banks.
All of these factors put together means that I personally can earn more from Monzo and enjoy Monzo more than any other high street bank.
EDIT correction to misstated interest rate