26% then
So itâs an annual breakdown not a month?
I guess weâll have to wait & see what fee structure they come up with!
To get to the annual totals, youâd need to multiply those monthly figures by 12.
From rewatching the video, Iâm pretty sure these are the annual totals.
NB: as far as I can tell, they donât actually say if all the figures are annual, they only say the overdraft one is annual. However, it wouldnât make any sense to add up some annual figures and some monthly figures, so itâs safe to assume all those figures are annual figures.
Itâs an annual breakdown.
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Why does it say October?
It must be monthly otherwise some of those figures are drastically too low.
Ah ok thanks, either way, the main thing is that the net figure is positive 
Edit - yes youâre right, they say the customer operations cost is annual too.
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Sounds like theyâve extrapolated using the costs for October.
In other words, theyâve taken the figures for October (and maybe a few months before that) and used those to calculate what the figures would be if the average cost of running the account and the average income from each account remains the same for an entire year.
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If so, thatâs fair enough, but still will be difficult to charge more than 26% on overdrafts
This is so off topic now but if people arenât as clear on how much it costs theyâll be more likely to pay more as theyâll lose track of the charges. Unless itâs made super clear in app.
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Surely it will be transparent
It was a long off thread topic attempt at explaining something so I asked the coral crew to separate it into its own topic so it decluttered the other one - sorry if thats upset you 
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Yes it will but unfortunately that doesnât mean that it will be as easy to manage as the current fee structure. A lot of people find fixed fees easier to interpret than percentages. So Monzo initially went with fixed fees because of user feedback.
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Is it not simple enough to have a simple slider alongside the apr % to calculate a daily percentage once Monzo switch over?
You want to borrow X @ Y (APR) this will cost you Z per day.
Iâm not sure 50p per day really is that much clearer, easier, but not clearer.
One of the main differences with a % based fee is that the amount that you pay increases as you borrow more. So itâs much harder to predict what you will end up paying at the end of the month.
Whereas fixed fees let you calculate that thereâs X days left in the month & you multiply 50p by the number of days, to get to your monthly fee. And you know that you can only ever end up paying ÂŁ15.50 per month.
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I dont know.
Adding a slider, calculator or whatever is no less or more transparent then just charging 50p a day.
Keep the slider there at all times so people can make a constant or worst case scenario check.
I totally get your point, but I really do think itâs the easier option to understand and apply, but not the best for all occasions.
Irrelevant really, it seems like Monzo will have to change it shortly, regardless of what we think!
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If you have 1 income and tend to only go into your overdraft at the end of the month then itâs difficult enough eg ÂŁ30, ÂŁ45, ÂŁ70, ÂŁ70, ÂŁ120. Current system thatâs ÂŁ2.50, Apr system itâs errrâŚ
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At worst the monzo overdraft is 900% and best 18% so letâs be honest itâs nothing to do with clarity.
If you want clarity set it at 18% and cap it at 50p
Apr system itâs errrrâŚless
Thatâs the point Iâm trying to make too.
By introducing a slider like mechanism. It will give clarity on the Apr and enable Monzo to tie in the summary/budget reset periods/next income (and an incentive to actually finish the budgeting tools) and be able to calculate exactly what youâll accrue in charges.
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