Making our company goals public: Q4 2018


Excellent news. What particular features of the Monzo account have helped with you’re being able to spend less and therefore repay some of your overdraft?


I would like to see feature parity on the joint account. There is no CASS, no pots.

If it’s hard to do then I would love to see a technical report on why it’s hard to bring these features to the joint account. Otherwise I’m left to speculate the priorities aren’t right for me.


Pots is currently being completely rebuilt to support future developments at the moment they don’t support joint accounts at all

((╯°□°)╯︵ ┻━┻) #59

There is one somewhere on the forums but I don’t have the time to search for it.

To the best of my knowledge there was all sorts of issues to overcome such as design and user experience. Then there was discussions around pots and ownership. Currently pots are assigned to an individual and therefore if they were joint they would have issues of ownership, who controls them and how etc. Something along those lines and some other bits and pieces but don’t quote me on anything.

Basically, they said if it was as simple as copying over the current account pots to joint accounts then they would have done this by now.

Have a search and if you can’t find it what I’ve said and @glasgow has said pretty much sums it up :slight_smile:

(Nathan) #60

Where have you seen this mentioned?

Havent come across this :thinking:

(MikeF) #61

(Nathan) #62

Thanks… don’t have a joint account so wouldn’t tend to look at the joint account forum posts.

Here’s to hoping it is implemented sooner rather than later, seems to be a real blocker for future progress surrounding pots.


Right. Thanks for the link. I can see that a historic decision makes it hard to change. I just hope the focus on new features, like interest, doesn’t detract from getting the basics right in the joint account. It’s even inconsistent in the UI where the summay has a reference to pots but none are supported.

(Jamie 🏳️‍🌈) #64

It is a shame Pots were designed to be person–owned, rather than account– (including joint persons–)owned.

They were introduced last November, by which time there had been at least three months interesting discussion (first 130 or so posts on this thread) around the legalities of joint accounts and the ownership of funds therein.

I and others argued that ownership of funds is key to any joint banking relationship, and others, including the bank, argued that Monzo was going to do joint accounts “the Monzo way” (ie. completely new! Called Pots!) before subsequently introducing a traditional joint product.

It seemed to me at the time, and even now, that Monzo’s care over the traditional legalities with joint accounts was lacking a little, in the rush to invent something new and get Pots out, and this rowing back to a traditional model has left joint Pots somewhat difficult to reengineer.

(This wouldn’t be the only time Monzo’s legal team has been caught on the back foot, as the overdraft charges/total account balance debacle demonstrated.)


Thanks @Feathers for coming to the rescue! I’m in Spain this now so limited access!

(Amy McDonnell) #66

Surely, as they grow in customers they’ll also grow in staff to accommodate that.

(Peter Shillito) #67

You’d hope so…

(Rafael Neves) #68

You mentioned loans, is there any plans for loans for people with poor credit score ?

(Ghie Berry) #69

Hi there,

I know there have been a lot of questions raised over the benefits of premium accounts but its the one thing holding me back from using you as my main service provider. The simplicity and reduced cost of my premium benefits like travel insurance, aa cover etc are really helpful.

Do you guys have any plans to provide premium accounts aa it could be another source or revenue for Monzo as well.

Keep up the good work.


(Jamie 🏳️‍🌈) #70

Can I ask why is it holding you back from going #FullMonzo?

Who do you currently use? Why don’t you just send the account fee back to that bank?

(Simon Robinson) #71

I’d love to see some features that actually encourage people to switch as their main bank, I am not #FullMonzo for that reason.

  • No cashback on bills
  • No interest payments on savings
  • No premium option with perks

The only thing going for it is the ease of use but it doesn’t financially benefit me


The cost to run each account is now almost at £0 across our active users. That’s down from -£35 in January 2018, and -£65 in September 2017.

These are impressive savings, can you go into more detail on how this was achieved?

(Richard Cook) #73

Sure! We shared a blog post on this:

And we also talked about it at our Open Office event last night.

Hope that helps!

(Colin Robinson) #74

Useful slide from last night:


I haven’t watched the video yet - But does that say that Monzo earns £7.00 per customer per month (on average) through overdraft fees?

Edit - Watching the video, and it’s per year, not per month.

Second edit - @cookywook - Can you go into detail about the “Other” £3.50 of revenue that Monzo make?

It’s almost a quarter of Monzo’s revenue, but it wasn’t discussed at all at the open office?