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850,000 people taking advantage of the instant access savings account … I may be wrong, but if this is referring to Monzo’s own savings account, we should see a ridiculous rise in deposits. This will massively increase NII and also give them more flexibility to do more lending… and hopefully…. Mortgages? Thoughts?
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This isn’t how it works
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Sorry if I’m mis-reading this… but isn’t what you’re saying the exact same as what I’m saying? I’ve just stated it at the highest possible level. More money earnt in Net Interest Income will increase their capital, allowing them to lend more…? I dont use hugely technical terminology on here, but I actually work for a Bank
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I don’t understand how the valuation is so low,when they were valued at £3.5 billion over a year ago?
Yes very true,it says will value Monzo at more than £3.5b I reckon nearer £6b
I think if it was going to be a huge increase like that then the article would have said. I think it’ll be closer to £4bn but not over. But who knows, pure guesswork.
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Absolute hatchet job. It’s pretty embarrassing to read.
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I think there’s a valid point in there that if other premium bank accounts let you apply for them whatever your age and you just don’t get the travel insurance, then Monzo should allow that too.
The headline is false though and when you get rid of the fake headline there’s nothing newsworthy in this.
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HSBC is constantly offering to upgrade my elderly mother’s Advance account to Premier, even though she’s well past the maximum age for the included travel insurance.
The headline is designed to instill fear, uncertainty and doubt (FUD) in the reader on a topic the editor doesn’t like. It’s the same with most newspapers these days, just look at The Sun’s daily deluge of articles about electric vehicles
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Yes, HSBC don’t refuse or downgrade customers based on their age.
Of course, they do inform those customers that you won’t be covered by the free/included travel insurance
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I know.
I know.
Do others that do this still charge the same amount?
According to Shifted N26 got into trouble for mis-selling:
The absence of medical scrutiny means that premium users with certain pre-existing conditions could have bought travel insurance (provided by German insurer Allianz) that they were actually ineligible for. That means, for instance, that if they’d had a health complication on holiday, they would not have been able to claim for the policy they’d paid to cover them.
which is different from a bank having a clear age limit in their policy (other banks also have age limits on their bundled travel insurance)
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I think so, which the person in the article said they’d be happy to pay.
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The bank has a limit because the policy has an age limit? It’s much the same as a pre existing condition?
N26 didn’t tell customers pre-existing conditions weren’t covered nor did it carry out any kind of medical screening.
Hence, their customers thought they were covered by the insurance even when they weren’t.
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