Making Monzo Better: The Big List

[BethS]

Hello @RossMidd

@RossMidd

No interest on current account - can Monzo not match other bank’s offerings such as 5% interest up to £3000? I know it normally amounts to a token amount of interest in practice but people focus on the headline interest number

We have no plans to pay interest on the main balance. I’ve personally never been interested in current account interest rates, why are these so important? Would a pot paying interest be sufficient?

Also, out of interest, are there any bank accounts that have a good interest rate where no fees or charges are applied at all?

We’re offering basic inclusive banking, and I have no idea how integral this is to Monzo as a whole, but I will check, interest on main balances would mean we’re no longer compliant with Islamic Banking.

@RossMidd

Overdraft is too small - people use the overdraft for liquidity when they are moving money around. £1k is too small for this

We are in the very early stages of our overdraft offering still! The limit is something we were comfortable with in regards to risk. This is being constantly reviewed and iterated upon. We try not to stay too still if we can.

@RossMidd

No international bank transfers - needed for making/receiving international investments

We hear you! this is definitely in the pipeline.

@RossMidd

Max bank transfer limits are too small by default - although you say that limits can be lifted if a customer contacts support, what is the absolute new max?

We find they are sufficient for the majority of our customers. We can increase the limit for various reasons. If you contact us and let us know what you want to do we can have a chat about how we do that.

There’s no ‘new max limit’, customers have been able to do this for some time! The limit is temporarily raised and then reverts to your normal limits. This depends on individual circumstances, and of course the limitations set by payment schemes like Faster Payments.