Its Good, but others are catching up - we need incentives/benefits

"But these banks are still very much up and running with a substantial number of happy customers
Customers that are not willing to switch and still remain very loyal
So why is that ?"

because there has until quite recently not been much choice :slight_smile: - sure you could switch between the big banks but there were no other “different” banks, and even switching between the big banks was quite difficult until they were “forced” to offer an easier way to switch :slight_smile:

"happy customers " - hmmmm :slight_smile:

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You’ll be shocked to hear that I don’t think people are being taken advantage of by Monzo.

As Simon mentioned, Monzo also aren’t charging punitive fees - a prime example of how the high street banks take advantage - & will enable users to earn interest on their money via the marketplace. The overdrafts are optional too so if users want, they can get access to all the great benefits that Monzo offers, without any charges, aside from the foreign ATM withdrawal fees.

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Yes, very shocked :laughing:

I think overdrafts aren’t optional to way too many people, and those who need them, are the ones that find it difficult to switch, and may therefore not be able to use a cheaper alternative, hence my (admittedly purposefully hyperbolical) statement.

As for what Monzo will do in the future: I didn’t know you were in the prophecy business :wink: I know what Monzo plan to do, but I was talking about what Monzo currently do.

:joy:

Fair enough but lot’s of Monzo user’s aren’t in financial difficulty (I’d like to think that Monzo will do a better job of helping those who are) & lots won’t use an overdraft at all - it’s a bit of a sweeping statement :slight_smile:

The future’s already here :tada:

I understand this.

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Don’t worry, it’s not possible for other users to shout you down.

If you disagree with the points that’re being made, please do continue explaining why :slight_smile:

from the original post

  • While splitting the bill, pots, emojis and all those other things are fun - what I really want from my bank is great rewards, interest rates and benefits. There are none.

if I used my Legacy Lloyds bank card to pay at POS abroad I would get charged 2.99% + £0.50 fee per transaction or (?) + £1 transaction fee - however large or small it was
If I withdraw cash I would get a 2.99% transaction fee and a £1.50 charge

  • I would count that as a benefit compared to Lloyds the Legacy bank

if I use my Legacy Co-op debit card abroad 2.75% for any transaction and if I want to withdraw cash there is an extra 2% charge on the amount withdrawn

  • I would count that as a benefit

My instant transaction notifications I would count as a benefit, Lloyds waited until I notified them of a fraudulent transaction having luckily logged on to view my statement - and seen an easy jet flight booked in a XYZ123 name followed by a transfer to Italia post office of £600 - told Lloyds and they then allowed another transaction to the same post office before blocking my card and issuing a new card - and re crediting my account 3 days later - Legacy stuff eh, still its not really anybodies money is it :slight_smile:

edit - some would say more fool me for using the legacy cards , but without banks like Monzo and Starling , revolut etc people would still be carrying travellers cheques and paying with their Legacy cards :slight_smile:

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I agree, and do you think Nationwide would have offered it without the “Challenger banks” ???

edit - these were their fees

Just to throw my two cents in here for those thinking the price of Monzo’s overdraft is unethical.

I recently (unfortunately) discovered my legacy bank, Santander, charges £1/day for their overdraft (upto £2000 overdrawn). (And £2/day between £2000-£3000. £3/day over £3000.)

But what really shocked me was learning they charge an eye watering £6/day for going into an unauthorised overdraft :scream:. If we’re talking about being unethical, Santander are champions.

https://www.santander.co.uk/uk/current-accounts/understanding-overdrafts

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I agree with this. The amount of money I save in my current account and need quick access to isn’t going to pay me much interest anyway. For me, long term savings go into ISA’s and P2P lending, so the 1,2,3% a bank would pay me doesn’t really matter to me.

Being able to create a pot for a certain item or event and knowing that I shouldn’t touch it until that I have enough it is way better in my opinion. Rules for pots will make this even better!

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But if the market place gets going with various savings accounts and investment opportunities to hand, we will have a product that ticks that box.

(I’m just hoping that the link between my Monzo account and the various businesses on the marketplace becomes seemless so that I don’t have to keep manually inputting all my details)

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not at all - I pulled out an article about Nationwide charging for foreign transactions, nothing to do with being good or bad - I think as I stated, if it wasn’t for the likes of Monzo, Starling Revolut they would possibly still be charging for foreign transactions - or do you think they are not charging for foreign transactions out of the goodness of their hearts - they are reacting to services offered by others - principally to upsell other services that they make money on

“uncritical fanboyism” :slight_smile: dontcha just love that coolaid though :slight_smile: perhaps I shouldn’t have mentioned Starling or Revolut as it detracts from the perceived fanboyism :slight_smile:

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Well, but fee free foreign transactions are far from unique to Monzo! I have had fee free foreign transactions for years thanks to my Halifax Clarity credit card. And if Halifax isn’t “legacy”, then I don’t know what is …

I was replying to _There are no benefits to a Monzo card _

Yeah, but it sounded like you felt this was unique to Monzo/Starling. Apologies if I misunderstood you there.

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No, I think they are doing it for the same reason as Starling and Monzo. To get in the best buy lists (Which?, MSE etc) and therefore attract customers who hopefully will go on to buy/use their other products. It went badly wrong for Monzo because they used MSE as an advertising platform but because there was nothing else much to use it got expensive when a lot of customers started using foreign ATMs.

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which is exactly what I said - we agree :slight_smile:

" or do you think they are not charging for foreign transactions out of the goodness of their hearts - they are reacting to services offered by others - principally to upsell other services that they make money on"

ATM usage got expensive when a small minority of users used it as a cash card for their year long trips - rightly or wrongly :slight_smile:

I started my post

  • from the original post

While splitting the bill, pots, emojis and all those other things are fun - what I really want from my bank is great rewards, interest rates and benefits. There are none.

and went on to explain the benefits to me from my Legacy cards ,

edit - I also have /had a Halifax Clarity card which I used pre Monzo , and waited for the monthly statement to arrive before I could find out how much I owed and pay it off

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Yep we agree.

Talking of incentives and benefits I am changing my car tax and TV from monthly payments to annual. I am instructed to cancel my DDs and either set up new ones at the end of the month or make a debit card payment. I therefore set up 2 goals in Starling labelled appropriately and deposited the necessary amounts. The question is why did I choose Starling? I don’t know to be honest but I suspect the withdrawal of unlimited foreign ATM still smarts and there is no interest. I also think that Starling is more bank like. But whatever it is Monzo need to understand the customer and overcome whatever it was that made me choose Starling in this simple transaction.

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It sounds like if those are the things that’re most important to you, Starling is the bank to use - that’s not a shot at you or Starling btw.

And at the same time, I wouldn’t want Monzo to adopt any of those things. Sometimes it’s good to be different :slight_smile:

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