ok, so your pay was due on Thursday but monzo paying you on Wednesday is later than it’s supposed to?
No idea where you got 4 day from but Barclays help says 3 days. Seems like you have an unusual Barclays bug
Exactly. It is an example of how good Monzo are marketing features which are not actually that groundbreaking. It is what makes them have such a large user base - not necessarily the features themselves.
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Yes Nationwide are the worst than all banks put together. Who does updates all day Saturday or Monday evening that no other bank can send a faster payment to them? Every other week, whilst you only hear of this from other banks once a year or never. Shame you closed account they have a service status page.
Lack of cheque imaging & free post office deposits are a real shame and stop most going full Monzo.
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I don’t think the pay early thing is a point as it’s just a day it’s useful in some cases but it’s not life changing.
Things such as how they handle chargebacks is much more relevant. For example a large bank would simply refund the customer out of their own pocket in most circumstances regardless of the amount instead of leaving the customer out of pocket for months whilst it’s sorted in the background. It’s a much better experience to hear right that’s sorted don’t worry.
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see for me that doesnt ever enter into my decision to go “full monzo” if I receive cash I spend it the next time Im in a bar, or a taxi, or just keep it in my pocket, or under the bed depending on how much 
, and I haven’t had a cheque for …hmmmm… no idea , so what is important to some ( the minority? that get paid in cash ? )doesnt necessarily mean its important to “most” that dont get paid in cash , but we have been over this hundreds of times before about what is “required” by some doesn’t even occur to others, and at the end of the day there are other bank providers that do allow you to deposit vast sums of cash should you need to regularly 
Monzo can do no wrong … which is the whole point of this thread to sit back and watch the arguements about how great Monzo is / isn’t …to your viewpoint
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I believe Monzo have about as many salaries as Starling’s total customer number (not all of whom are active). This is taking the 4m Monzo users and assuming #fullmonzo is still around the 30% mark.
They’ve certainly done that in the UK (I don’t think the “fin-tech crowd” has 4m members!), and that’s despite not being first - Tom came from Starling, remember…
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Although I can’t find any really up to date figures, from what I can find, it seems like Monzo are still lagging behind Starling by quite some way with customer deposits.
(Figures quoted from various sources online)
Monzo - close to 4 million customers: £460 million in customer deposits
Starling - Just over 1 million customers: over £600 million in customer deposits
I’m happy to be corrected if anyone has more accurate figures.
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From August 2019
People often ask us how many customers pay their salaries into their Starling accounts. For our personal account customers, 32% of active users deposit at least £1,000 into their account per month. Among customers who have been with us for two years, the figure is 41%. For business accounts, 61% of active users deposit at least £1,000 a month.
Both average balances and lending are much higher at Starling compared to Monzo.
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It was quoted when they hit 3m users, but can’t immediately find it. I’ve also verified it with seniors in person. Not sure how many are #fullstarling (apart from the clues from the two posts above) but I believe they only have just over 1m in total (possibly plus business accounts?)
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There was a recent FinTech Insider episode (in the last 3 weeks) that mentioned both Starling and Monzo have in the region of £1.1-1.2bn in customer deposits at the end of 2019, despite the difference in customer numbers.
I suspect Starling attract an older customer who is more likely to use it as a savings account given the interest.
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The figures these are continually quoted from are at least a year if not two apart so are not correct for comparison at all.
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Yeah, maybe not then! Does beat HSBC by a factor of 5 though!
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I don’t know about the interest, but I suspect you’re right regarding older customers, as it is probably seen as more like a traditional bank.
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Are there any more up to date figures?
It would be interesting to see them
Not that I’ve seen or been arsed to look for, just tired of seeing those two figures compared as I know they’re from different years. At some point I’m sure we’ll get decent figures to compare but in reality it doesn’t really matter.
Would actually be quite interesting to see these figures for the majority of the FinTechs.
Along with revenue/losses, etc.
I am genuinely interested in how close all of these companies are to actual profitability.
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I see where you are coming from with Atom, although I must admit I know very little about them.
Maybe their business model works for them… make more on mortgages/loans than you pay out in savings is guaranteed profit, perhaps they don’t see the need to offer current accounts.
If I were to take a wild guess, these would be my predictions:
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Revolut - sheer customer numbers should equal profitability, if enough of said customers use them enough. Although I don’t think their paid tiers actually make them any real profits.
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Starling - Customer deposits, loans, banking as a service, business banking. These have the potential to generate substantial income, and should see them into profit
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Monese- I don’t know how true it is, but the CEO has said that they are actually “very close” to profitability, already earning more revenue per customer than that customer actually costs them.
(He has also said that the latest funding round will be the last and will see them into profitability) -
Monzo- Like you, I don’t see the paid tiers being enough to put them in the black.
The sheer number of users will generate merchant/interchange fees, etc, but given their reluctance to follow traditional banking practices, will this alone be enough to see a profit?
Of some of the others:
Dozens - still too small and young to pass judgement
Tandem - dead after their “membership” subscription
Curve - always a non starter
As I said, these are just guesses, and I may be wildly off the mark 
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As I originally said, I may be wildly off the mark, but looking at the Revolut offering:
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Deposit interest - I hope they have customers money somewhere that makes them interest lol
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Interchange fees - like any other current account
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FX fees/mark ups - one of the biggest parts of their business
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Trading fees
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Crypto fees
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Paid tiers - although as I said, I can’t see this being hugely profitable.
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Third party offerings through their marketplace
Monzo have very few revenue streams in comparison.
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I fully agree with you there 
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