Interested in hearing from Lloyd’s customers about what features they prefer that Monzo does over Lloyd’s.
Lloyd’s:
App has been redesigned over the past few months, includes cheque imaging and a really nice UI.
Ability to add more products in app.
Support via message (guaranteed response within 1 hour, usually instant).
Calls answered within 1 minute.
Save the change (roundups to a saving account with interest).
Ability to get a low rate credit card, finance if required.
Just curious why one would switch away to Monzo and what Monzo offers over Lloyd’s.
I just got £125 free from Lloyds for opening an account so I have to give them positives in that direction, even if I am going to CASS it into Monzo next week.
I used to be with Lloyds in my early adult days, they refused to refund a card usage in South Africa despite me clearly spending in my hometown minutes before and after.
App has been redesigned over the past few mont hs, includes cheque imaging and a really nice UI. Monzo has been redesigned, but no cheque imaging
Ability to add more products in app. Monzo has this
Support via message (guaranteed response within 1 hour, usually instant). Monzo has support via message, agreed times are sometimes slow
Calls answered within 1 minute.
Save the change (roundups to a saving account with interest). Monzo has this
Ability to get a low rate credit card, finance if required. Low rates are sometimes available from other companies. Lloyd’s don’t offer the most competitive currently
phildawson
(Sorry, I will have to escalate this.)
7
Well Monzo has
Budgeting
Instant transactions
Pots for savings
Em…
Hot coral card
But yeah no credit card yet, no cheque imaging yet, calls and chat lucky dip if you get a quick reply. Loans also a lucky dip, better savings going direct but has in app providers to choose from if you want it in one place. Monzo still doesn’t report to all CRAs either so worth keeping your legacy open rather than CASS imo.
People only switch for the money and then switch away
2 Likes
phildawson
(Sorry, I will have to escalate this.)
15
I think Monzo ran some tests offering like £50 or so to do a full switch last year and I think that they came to the conclusion not to give away free money.
Always best having a burner legacy if you plan on hoovering up the bribes from switching. £175 with HSBC atm.
Just applied for the switch to Lloyds and they want me to go to a branch with ID. The legacy way. Brilliant that they let you spend 10 mins filling out an application with no indication you need to go in to a branch.
What drove me to go full Monzo for our joint account was a call to Lloyd’s fraud team (off the back of receiving a text advising of suspect transactions) took 20 minutes to answer… Suffice to say, their only justification was “I’m sorry that we were busy”.
I like loydds. Can open 10+ savings accounts. Interest isnt good though but neither is monzos
Had to do charge backs with Lloyd’s and money was in my account the morning after calling. Same with a direct debit I asked a retailer to cancel but they didn’t. The over taken money was in my account next morning
Also they let me increase my credit card often. Which boosts my credit score.
When I had club Lloyd’s - my calls were answered quickly, but even when I said to the automated system what issue I had - it always seems to redirect it to my “club Lloyd’s advisor”
Now that I don’t pay have club Lloyd’s anymore, takes a while longer and the past few people just didn’t give a crap
