I imagine it’s a little bit of both. It generates a little bit of hype seeing how many others are trying to join. They seem to be on boarding 2/3K customers a day which seems to be the going rate at the moment. It gives them a manageable amount for the number of staff. Currently that waiting list is just over a week long from what I understand.
1 Like
Speaking of TSB… they apparently made this announcement today:
“We’re planning an upgrade to our systems between 4pm on Friday 20th of April until 6pm on Sunday 22nd of April. We’re sorry but during this time some requests, like making a payment or transferring money, won’t be possible online, over the phone or in branch”
That’s legacy for you… taking the entire bank out of commission for 2 days!
6 Likes
It looks like it’s slowing to ~1000/day. I wonder if this is Monzo controlling sign up numbers now there’s not the bulk of the prepaid to convert, whether the demand is decreasing or whether it’s just a momentary blip (there aren’t that many data points at this level, to be fair)…
2 Likes
seeing that banks like TSB are boasting of 1000 sign ups a day - i would hesitate a guess that this is “normal” good growth now that things have settled? 
1 Like
I think card manufacturer problems could be added to the list of possible suspects for recent drop off to 1k a day (they were onboarding 2-3k a day during late stages of prepay - and with their high word of mouth coefficient applied to a greater user base it should be 3-4K a day at least.
If card issuer problems are not to blame then it must just be a dip in enthusiasm or a drying up of the early adopter pool. That would be a bit concerning but I have no doubt it would pick up as the product evolves.
3 Likes
Over 3k yesterday, 5k the day before - looks like we were in blip territory for whatever reason…
2 Likes
TL:DR
Where has live account counter gone?
https://publicstats.itxdev.uk/dashboard/db/monzo-current-acc?orgId=1&refresh=5m has been updated to pull from the new location.
3 Likes
623,500 for anyone not wanting to click through 
And for those who don’t know, credit is to @ylt 
4 Likes
Guys and girls - if you have a spare golden ticket help out the people on #tsbdown on twitter.
4 Likes
The line is growing 
Could we have a counter for CASS?
6 Likes
Yeah, a CASS inbound/outbound breakdown would be awesome!
1 Like
Would be better than the main counter for measuring active use. Some other stats like average daily spend per month etc would be good too
7 Likes
Definition question: does the counter on the homepage track individual users (people) or numbers of accounts?
It’s largely academic at the moment, but when we have joint accounts (or accounts for sole traders etc) we’ll start seeing one customer having multiple accounts.
The text on the homepage says that this is a customer count (people not accounts) but I was wondering if anyone had any insight into how this actually works.
1 Like
IIRC from following this for ages it has always been done by card activations, with occasional re-adjustments to align the total with the actual number of accounts. If that’s wrong hopefully team Monzo will correct me.
The imminent launch of joint accounts seems likely to send this chart through the roof… if they are at 800k in a couple of months that will no doubt shoot up through a million if all users are pitched a joint account as well (assuming it doesn’t suck).
It may feel a bit below the belt for Monzo to count individual and joint accounts in their numbers but every single high street bank uses those headline account numbers. Metro Bank counts 1,3m “customer accounts” in their Q1 2018 annual report ie. individual, joint and business accounts (possibly even savings accounts? - unclear) in their numbers and Revolut uses every sod in the universe who clicked through to them on the prospect of free crypto account in Dec '17 and then disappeared when it wasn’t freely accessible (around about a million of them imho). So Monzo should most definitely be counting joint accounts in their numbers and if they do it should send them flying to the magic 7-digit number soon after it launches! 
4 Likes
I can’t find the post, but I’m sure I remember seeing a Monzo staff member say they changed it from card activations to actual accounts, so it’d factor in account closures too.
3 Likes
That’s an interesting tidbit about Revolut - it hadn’t occurred to me how much their numbers would have been inflated by that!
It used to be on something called account IDs, which you had one for prepaid and one for current account.
When the current account was gaining it’s traction it was edited to only count User IDs & an active card, which is unique to each person.
You can’t have two User IDs with an active current account card so it should be pretty accurate.
5 Likes