Took me a while to realise what you were on about, then saw my typo a few hours later
interview by some guy who does some things here
Investments are on their way!
The digital bank Monzo is in talks with fund giants BlackRock, Fidelity and Vanguard about offering cheap investment accounts in a plan dubbed “Hargreaves Lansdown for millennials”.
Freetrade and Monzo such a nice fit eventually
Can anybody share the article? #paywall
Let’s talk about that over here :
It’s quite short. No mention of Freetrade. It says that:
- Monzo is aiming to launch low cost investment accounts later this year
- No individual stocks but low cost funds
- Part of the journey to becoming a financial control centre
- Fees not known but expected to be lower than Hargreaves Lansdown, “the leading investment supermarket”.
Yep, here you go.
Digital bank Monzo, led by Tom Blomfield, plans ‘Hargreaves Lansdown for millennials’ with low-cost funds
10 points to you
Actually quite a short article
Another new feature that we’re hearing about in the news first and not from Monzo
Why aren’t Monzo making a coming soon blog post that announces this or putting it in Making Monzo?
The same happened with OakNorth savings accounts. I still know more about these from news articles, than what Monzo has said, and they’re now partially launched
From the article…
Its typical customer is aged 25-35 and has £1,000-£1,500 in their account each month
That’s higher than I would have guessed. Have Monzo announced this figure themselves? If so, is that an average balance across the month or an average peak balance?
I guess they have nothing confirmed yet, so nothing to announce. Note the quotes in the article aren’t attributed to anyone from Monzo. There is no mention of the source.
This looks like something that the journalist has found out unofficially - so it’s not from Monzo.
It’s important that we remember that this could all fall apart or not happen. And that Monzo need to manage our expectations - the Community would (rightly) be all over them if they say “hey, we’re thinking about partnering with OakNorth” then it never came off.
For my part, I quite like a bit of lead-up and suspense in wondering what’s happening - then finding clues along the way. Just me?
It doesn’t need a source citing. If either party has disclosed this to the media they must be allowed to and are confident that it is going ahead.
Even if they have none of the finer details confirmed. This is what Making Monzo is for isn’t it? Under ‘future’
I don’t mind either way, I’m just curious why the last 2 features have been announced this way.
Is this how it is going to be done now? Perhaps it’s a marketing stratagy to let the media run wild with it before announcing it here?
Is this the start of phasing out Making Monzo?
Now the news is out there, will this prompt a response from Monzo to confirm or deny?
oops. sorry missed all those posts. Deleted.
Excited to see a stocks and shares pot happening though, I think it’ll introduce lots of people to investing, and I hope they’ll talk to several providers so customers have a choice of simple options to invest.
I’d be very surprised if Monzo didn’t want this out there in the public sphere. Monzo seem too small to be having leaks of this magnitude.
@Ordog, like I said before (when the OakNorth partnership materialised), journalists don’t want to run stories that have already been published by the company.
It’s why Starling never announced anything on their forum first, and you’d always see other new features in publications first.
I can agree to a certain degree but the majority of the time journists publish things after. Off the top of my head, new phones, hacking scandles, bankruptcy etc are all after announcements from the company.
To be more accurate. Journalists want to be the first and they still can be if they follow Monzo closely enough or open the press release as soon as it arrives.
This must be a marketing stratagy then. Monzo have told a select few what they’re doing and are letting them run with it.
That’s unprovable at the moment, really. I’d note, though, that the leaks we’ve seen recently have been from where partners have been involved - which means that it might not be from within Monzo at all.
(And a side point: Monzo is really quite big now. Granted, it’s not a HSBC or an RBS - but it is a fairly sizeable organisation).
All it takes is for someone to say something to a friend in a pub. Its not the best idea to have a marketing strategy that uses Unofficial sources to “leak things” especially as things can be taken out of context or misinterpreted. Even if something is leaked one of the Media team should be sitting on a Making Monzo/blog post ready to be released.
Can’t really blog if third parties are involved. Also this story gives very few details beyond the fact they’re talking to people, how far those talks have got is unknown.
We already knew investments were going to be launched because of the ISA management permissions, so apart from possible names there’s nothing new
How Monzo is banking on customer apathy