Very much agree with this. It’s wacko in a good way for me though as I actually have a great rate with Monzo…
But there’s no discernible reason why as they’ve never been happy enough to offer me even a tiny loan and I only started getting my salary paid in as of last month so there’s never been close to most of my income going through my personal account (as rent and bills would previously have gone straight out of my FD).
That could be a bestseller!
“How to build a bank from people who’ve done it” from “colleagues turned competitors Anne Boden and Tom Blomfield”.
Followed up with the book:
“The end of banks: Why e-money institutions will rule the world” by Nik Storonsky!
And then a jpeg of a rock to prove that none of this money thing makes any sense
And then a jpeg of a rock to prove that none of this money thing makes any sense
You give me rock. I value rock at 5 chickens. I give you 5 chickens.
Now replace “rock” with “bitcoin” and “chickens” with “dollars”, and ta-da! You’ve invented cryptocurrency 
Yeeeeesh! Yeah that does not seem very worthwhile.
And heavily agree with the pot balances point… thinking about that, might me my single worst thing about Monzo. Just an awful practice.
Does this take place on the rockchain 🪨 
or the cock(eral)chain 
?
Keep building on your success.
I think banks see these as important but like others have stated much is objectively based and is only the views of the people who voted in the survey.
I really like Monzo for their pots and it’s why they my main bank but the user interface is better at other banks.
The neo banks have the edge for now but having seen what others have done, that edge is closing. Admittedly none are as slick as Monzo or Starling and nobody else does payments from pots but I think in time the gap will close and neo banks will have to innovate.
But at least this survey is random unlike the internet voting ones where they get promoted via email etc to try and get more to vote.
Its objectively a lot better than most of the awards based on internet results because of this.
I have had adverts targetted at me by another bank to vote for them in those surveys.
This I’ve always thought that. They only seem to be marginally better rather than attempt to be outstanding.
I’m also surprised with the lack of people from the crappiest banks then not switching, but I guess they might not see the results or care enough. Probably still a misconception that it’s a fuss switching that they just put up with it. Or possibly like someone mentioned that it’s them complaining about being charged in their overdraft.
It might also just be people haven’t actually had any issues with their bank despite it being lower on the list. Santander has a score of 54% placing them 13th but I have no intentions of moving away from them. I’ve had absolutely no issues with them. Their app may be fairly basic (although it is getting better) and their online banking looks outdated, but it all works well and I’ve always been able to do what I set out to do without having to contact customer service.
The reason I largely discount these surveys is that they seem to reflect how loyal a customer is to a brand, rather than how good a bank actually is.
As mentioned already, several of the brands are effectively the same service/app but score very differently.
I also wonder if there is also a demographic factor with younger customer more willing to refer their provider - regardless of how good/poor the service is.
Monzo have been very rollercoaster for me with loans… to the point where I saw I was being offered a loan (at not great rates but could pay it off quite quickly) and a few days later when I went to actually take it it wasn’t available.
I think it’s been a year since I’ve seen any kind of loan offer from Monzo… despite having zero issues getting credit elsewhere.
That’s despite putting my salary in right from the early days of monzo and doing everything through them.
Like others the overdraft was a bit of a rollercoaster too… I’ve literally never used it but for the longest time all they would offer was about £200 and now I’ve got it up to £1000, which is at least a sensible buffer.
Still, Tesco give me enough of a credit limit to purchase a small car, should I want to… so it’s more an inconvenience of not being able to have everything in one place.
Monzo have never had 59% rates
Since launch the rates are 19%, 29% and 39%
Or they open a bank account expecting an overdraft, but when told they can have an account but no overdraft, complain……
The thing I find most interesting in the scores here is that, despite a bit of an outcry in the Forum, Monzo don’t seem to have suffered any customer perception from the changes that negatively impacted the Customer Service experience…
Selectively hiding the Chat button, slow response times, non-out of hours chat… I would have thought that stuff would have a knock on impact.
It’s one of the reasons why the Survey is flawed. It’s asking how likely you are to recommend your bank, not what you think of the service provided… - which might actually be a better metric
That’s an interesting distinction that probably highlights Monzo’s ability to garner a sense of pride in your bank even if in practice elements of the service are lacking.
On the flip side, I have not had cause to contact the COps in months as everything has just been working
Even before then the issue was mainly when merchants cocked up
(Well there were issues with the Google Drive export, now in the process of being resolved, but I did not rush off to badger the COps about it as I saw it mentioned by enough folk on the forum as having been reported. Point mainly still stands)