@J3n2 You don’t have to choose which to use Monzo have said that they will work on integrations once current accounts are rolled out later on this year. Moneybox have also shared their enthusiasm for Monzo on Twitter, and have said they want to support real-time roundups, and obviously this will be possible when the Monzo API is finalised.
In the meantime, though, it’s physically impossible for Monzo to support Moneybox as Moneybox only allow moving of money via Direct Debit, and there is no other way to money. Perhaps when the API is launched, Moneybox might even allow money to moved using Monzo’s API and there may be no need for direct debit, but once Current Accounts are launched, at the very least there will be Moneybox support, however basic or advanced.
It is not reasonable to expect support, though, until Current Accounts are launched. This doesn’t stop you using Monzo, or Moneybox with your usual debit card. In the meantime just transfer money into Moneybox like you would save normally
I think what Jenny means is that if users want to have the automated save the change functionality, they can only use their legacy bank’s card & account or if they choose Monzo, they won’t have that functionality right now.
It’s worth mentioning that in their “How do I sign up for Moneybox” video, Moneybox list specific banks whose card’s are supported & it’s not a comprehensive list of banks that offer debit cards / current accounts. That suggests that Monzo will have to be set up by Moneybox, before users can use their service, once the current accounts launch, if an integration with Monzo’s API isn’t their first solution.
Yep, and monzo have also said they won’t be doing this until they become a bank. So the ‘choice’ of legacy debit card or monzo is for a short period of time, but for all practical purposes not something which can be solved, so it’s pointless going over the same ground again: this can’t happen until current accounts are launched.
Yes whilst the list isn’t currently comprehensive, but both companies have expressed an desire to integrate, so there will definitely be an integration of some sort.
Really need this integration to happen soon! I have been using monzo as my main card but now as I have started saving with moneybox so won’t be able to use my monzo card anymore! I see initiating API payments is on the long term roadmap but I really think this should be prioritised no?
I’m sure Monzo wants to get this built as quickly as possible too because it will enable 3rd party developers, like Moneybox, to build a much wider range of apps & integrations which will attract more users.
It’s quite hard to do though & very important to get right because if they get it wrong & user’s money ends up in the wrong place, there’s a good chance that the regulator would take away Monzo’s hard won banking license
I’d think seriously about any partnership with “Moneybox”.
They actively encourage their users to disable 2 factor authentication on their HSBC account, and ask users to hand over their online banking credentials
This is alarming to me, as it
a) Encourages users to weaken the security provided by their bank to allow Moneybox access
b) Suggests to me “Moneybox” are storing users online banking credentials in plain text
Most online banking providers stipulate that you must not share your online banking credentials with a third party, so if “Moneybox” slips up with their security and your account gets wiped out - be prepared to find the bank unsympathetic.
It’s a nice idea, but grossly flawed in its execution. They have the gall to say it’s “read only” access to your account, but I’m not aware of any bank that has this facility.
I can understand why they do it as there is no way of getting ‘read only’ access to user transactions, but I’d be extremely weary of it until some sort of API facility is in place.
Regardless of how risky it is or isn’t to use Moneybox with other bank’s accounts, I’m pretty confident that the Monzo API will authorize access to users accounts using OAuth 2 (the same standard that Facebook, Google etc. use to control access to user’s accounts) so user’s login credentials would not be exposed in the way that you’re describing.
And as a result of using OAuth 2, Monzo will be able to control what permissions external parties have when they access your account, just as Facebook, Google etc. list the permissions that you’re giving an app when you sign in using their service & you see different permissions listed, depending on which app you’re connecting from.
Yep! Sorry was going to say “this is why Monzo having read only access via the API” would be the better solution, but I wouldn’t trust any other method.
Looking forward to seeing what innovations will come about when Monzo launches the current account :)!
I’d actually grant Moneybox permission to move my money too, if this would enable them to move my change to my Moneybox ISA straight away, rather than via direct debit because that would enable me to earn a better return on my money (assuming that the value of my investments goes up of course ).
Obviously Monzo will be able to see who takes what from your account so I don’t think I have to trust Moneybox not to put it somewhere they shouldn’t.
But it will be interesting to see what level of control Monzo is to able to give users for each external app (the option to choose between read-only & withdraw money?) & what permissions Moneybox request from users of the app…
I’m wondering if needing money-moving permissions is even necessary in this case, couldn’t Moneybox use the read-only API, determine your ‘round ups’ amount and then deduct it via direct debit at an interval you specify (e.g. once a day/week/month)
As long as you authorise the direct debit, that’s effectively an API using industry standards
I don’t see why that wouldn’t work . So hopefully all these keen users won’t have to wait until 3rd parties are able to Initiate Payments via the API is ready, before this integration is set up.
Am using Moneybox but haven’t made enough per month (over £1) to make keeping the account open worthwhile so I’m in the process of removing my cash and closing the account.
It’s a VERY slow process to cash out and close an account.
They might not store it in plain text, but they will need to decrypt it at
some point when authorising with the bank, especially if the bank only asks
for say, the 7th 12th and 15th character of your password.
The code that performs that logic will need to decrypt the password in
memory
Agreed, it will need to be decrypted and therefore it will exist in memory in plain-text at some point… this is a million miles off from storing credentials in plain-text though, especially considering that pretty much every single major hack that I’ve read about has been about exposing the contents of the database, rather than actually taking control of the application or machine memory.
@djhworld@tommy5dollar I don’t have any affiliation with Metro Bank or knowledge of their security systems but in my opinion, it’s not fair to speculate on security vulnerabilities that other banks might have, without knowing what other safeguards they have in place.
If you have sources of this information that you can refer to, then great but I think we should focus on what we know for sure, especially if criticising companies in the community.
I think Monzo should forge ahead with their own version of micro saving. Moneybox is more about micro-investing which is fine, but, I believe there would be a demand for micro-saving rounding to multiples of £1/£2/£5 or £10 could be options linked to a monzo saving account with instant access if required.
Monzo have said that they will work on integrations once current accounts are rolled out later on this year. Moneybox have also shared their enthusiasm for Monzo on Twitter, and have said they want to support real-time roundups, and obviously this will be possible when the Monzo API is finalised.
).
. So hopefully all these keen users won’t have to wait until 3rd parties are able to 