Making Monzo Better: The Big List


#102

We can increase it on our end but we need to check a couple of things which is why we ask for notice. It involves a couple of people. It’s not a simple switch afaik! I definitely can’t do it as customer support, anyway.


(lee) #103

@tristan Can you please do something to address the lack of second accounts. You don’t provide any functionality for people that don’t want everything lumped together.

Disappointed this doesn’t even make the list.


(Jack) #104

Wouldn’t pots be what you’re describing here?
I did hear somewhere about being able to put rules in place so certain bills came out of different pots one day. Although it was likely just an idea at the time.


(lee) #105

NO!


(Jack) #106

Out of interest why would having multiple Monzo accounts provide you with benefits that pots don’t?
It’s interesting to understand how other people manage their money.


(lee) #107

You can’t have an overdraft on a pot
You cant set up a continuous authority payment from a pot
You cant have a separate statement for transactions you want to be dealt with in a specific way - ie all bills.
You can’t use a debit card from a pot.
You can transfer money between pots – (and whilst that has been specifically mentioned as going to be allowed, we’re three years in – and even fixing that doesn’t resolve the rest of the list).

Plus queries around…
If you don’t have enough in your main account section, will money be taken from a pot? If so which one? If not, why not? (I can imagine scenarios you could argue for it doing and not doing this).
If you don’t have enough money in a pot will it borrow it from the main account section? Again I can see scenarios you could argue for both.

I’m not against pots but it’s a saving feature (albeit with zero interest) and an added extra to an account rather then replacing the functionality of one.

Pots do not replace a fully functioning second account and I don’t get the obsession with pushing people who use multiple accounts towards pots into what’s essentially a much poorer and still due to be developed solution.

Now that joint accounts are getting looked at and it cant be that much more difficult to allow a second account which is basically a joint minus the extra person.


(Dan) #109

There’s exactly one person I’ve ever seen request a second account on this forum, and that’s you.

You’ve been asked multiple times what the benefit of having two accounts is, and you’ve never really answered other than a throwaway comment “it’s tidier”.

You need to explain what exactly would be untidy about having just one account, because without the detail - nobody is going to take your request seriously.

You really can’t expect anybody to build something for you if you don’t give them the the motivation behind your problem. Everybody else seems fine with one account, so what makes your situation unique and specifically why does one account not work?


(Gareth) #110

Try the phrase “multiple accounts”?


(Jack) #111

I can see how some of what you’ve said could be beneficial to some users. There’s been previous discussions about some of this functionality being added to pots like directing certain payments to specific pots.
If your balance is low money will not be moved from your pots automatically (at current) the money is ring fenced, although there has been sneak peaks to schedule regular payments into or out of pots soon.
The ability for rules to be introduced in the future such as “My BT bill comes out of pot X” or if my balance gets below… move money to my card” will be really powerful if these come to the product. I think it’s fairly certain Monzo are looking to implement these in the long term.


Announced yesterday (in this thread) is the ability to create a pot with interest within the next 3 months which will be a nice feature some people have asked for. It will be interesting to see how this is done.

Personally just having multiple accounts doesn’t really look at the issue and try and find a better solution. It’s simply going with the flow because they can. Having multiple main accounts likely has a higher overhead cost to Monzo whereas a much more flexible solution and intelligent system can be developed with rules and small updates to the pots feature. I also wonder if having multiple accounts would defeat the point of the summary screen as the spending information may not be pulled together to see what goes where, all points that need to be discussed.
I think what’s also important to remember that pots or many Monzo features are only at the beginning on their potential. With more being added to improve them over time. Monzo tend to develop a miniamal viable feature/product at first and use feedback to consistently iterate and improve over time. That’s one of the reasons I like the service so much, improvements never stop.
I can see a lot of potential for pots to cover a large area of what you require in the future. :honey_pot:

That’s just my view anyway :slight_smile:


(Dan) #112

What?

I can obviously see the need for multiple accounts, like a mix of personal and joint. @lee-am is asking for two personal Monzo accounts though. Apparently for tidiness. So my question is how and why will it be tidier?


(Gareth) #113

Squirrel - Worth it? or DIY?

You can do it with one account and a good interface, but I guess people are impatient?


#114

The big list goes a long way towards addressing the items that prevent more people going #fullmonzo. I am continually pushing Monzo onto my team at work (average age 35yo, top income earners, tech savy) and the main hangups I keep running into are the following: (in no particular order)

  1. 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

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

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

  4. 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?

Hope this helps


(Alexie Staffer) #115

Making Joint Accounts Monzo Magical

My biggest request with Joint Accounts is that I don’t want such a big wall between it and my main account.

  • Let me move (or split) transactions between accounts easily, at least within the “settling” period. This allows you to correct for using the wrong card at the checkout or for when services like iTunes always default to one payment method but some purchases will be joint and some will be single.
  • Don’t charge overdraft charges if one account is overdrawn but the other account’s balance covers the deficit.

What would be truly magical here is that I would only need the one physical card, and could tap on my notification to select which account a transaction should be charged to.

I understand that from a regulatory point of view they might have to be totally separate accounts, but use that Monzo magic to blur the lines for your users.


(Jack) #116

In theory Faster Payments supports up to £250,000 in one go but I think all banks set lower limits than this! I suppose it’s whatever is reasonable and justafiable. As long as you can prove it’s for legitimate reasons Monzo have no reason to stop you.


#117

Hello @RossMidd

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.

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.

We hear you! :soon: this is definitely in the pipeline.

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.


(Jack) #118

I agree with the main account balance issue. Generally interest on current accounts have may rules in place for you to get the odd few % they give you such as agreeing to pay so many DD or adding £1000 to your account each month. all these rules are just there to try and get you to use it as your main account and not just a savings account. They also set limits to what they will pay a percentage on due to them giving you a higher rate in the first place to draw you in. That’s all it’s designed to do. ( I use them as savings accounts don’t get me wrong it’s more free money at the end of the day, but that’s not how the banks plan on you using them).
The idea here with Pots is a better solution in my view, simpler easier and hopefully with a nice bit of interest.


(Andrew Hinshaw) #119

I know Monzo is not designed for business expenses but it could be so damn good at it, so many people need to do it and everyone hates it.

At the moment the ‘expenses’ category can only be exported as CSV or QIF which are really useful but not can’t be accepted as proof of spend. I would like there to be a pdf option, I’ve discussed this with Monzo and I’m surprised it’s not on the to-do list.

Monzo bank statements do not show foreign currency exchange rates or local spend cost. Monzo bank statements can’t be used for overseas expense claims. I thought this would be on the list.

I love Monzo but I will have to back to my barclaycard for work trips until they sort this.

I reckon they’re going to make it real nice and completing travel expenses will go from :no_good_man: to :massage_man:


(Stephen) #120

I often find that other banks e.g. HSBC, who request a certain amount be paid into an account each month - provide customers with a separate savings account which has a set rate of interest.

For example, the HSBC Advance account says that if you pay in £1750 a month, you are given a separate savings account that provides 5% interest.

Like you say, Monzo could do similar but instead of it being a seperate account, it’s a pot. I think that’s what @BethS is suggesting too.


#121

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.

Interesting. I hadn’t thought about the Islamic finance aspect, but you could have a feature where a customer could opt-in for interest on the current account?

I am just reporting the feedback I have gained from colleagues. Although I agree the interest on a regular current account from someone like Nationwide amounts to a very small amount at the end of the year its still something that is offered by lots of banks (5% up to £3k etc). Imagine if you are in the market for a new current account and you go on a comparison website. You have never heard of Monzo and all its amazing benefits so you only focus on the high level details such as interest paid when you are searching. There are lots of ‘better buys’ which would appear higher up the list:

A feature where funds were automatically moved to an interest paying pot above a certain level would do the same job in practice. Is this something that you could implement?


#122

It could be, watch this space! :eyes: