Monzo is falling behind other banks

In my view, Monzo is now falling behind other banks with the features they odder. There was a point when Monzo was leagues ahead of other banks but I feel that they are now losing what made them the greatest, their innovation.

Other banks (to my knowledge) don’t have a fantastic feedback forum like this, where ordinary users are telling them what features are most desired, but what is the point if Monzo doesn’t listen? they don’t seem to even respond to people feedback. You just have to look at Monzo plus for joint accounts as a great example.

Here are things other banks are (in my opinion) doing better

Chase - You can have up to 20 sub-accounts with their own Sortcode and Account Number so now DD’d and standing orders can come direct from these accounts, you can also set your debit card to take the payment from any of the pots setups. their “Save the change” goes into an account that gives 5%. The best thing… you can transfer between these sub-accounts, even set up a standing order to move from one account to another, something Monzo very much lacks with ports.

Starling - now give you FREE virtual cards connected to their version of pots again this is free no need to pay for them, they also allow you to open a second account to keep personal certain outgoings separate. They also give unlimited withdrawals abroad where Monzo is limited.

Monzo - The only features still unique to Monzo (that I’m aware of) are the ability to get payments a day early, and salary sorter Monzo Flex and Exports are the only thing I can think of but there may be more.

Monzo plus - the best features of this such as virtual cards, viewing other (non-Monzo) accounts, advanced roundup, custom category and larger withdrawals abroad are all available with other banks for free so I’m not sure what the incentive to pay for this anymore, yes there are other things but for me personally there is nothing to make it worth the monthly cost.

Monzo don’t seem to realise that loyalty only goes so far, if there is a bank out there that offers better features to manage your money then people will choose them. I personally like Monzos interface better than the other banks out there and would much rather have all my money with them but for me, Chase is the better bank right now.

I really hope that Monzo looks at all the amazing suggestions on this forum and start to implement them because then more people would then want to bank with them and not even think about moving but at this point in time it feels that other banks are now doing better, innovation is a big thing, just look at what happened to Nokia when they stopped being innovative.

I appreciate my view may be unique to me, some people may disagree with what I’ve said or point out that no bank is perfect but this is just how I see things. I do believe that Monzo can very easily get back on top but they need to take action and my suggestion would be to listen to people on this forum and implement a lot of the suggested features.

I get no one forcing me to use Monzo, I personally have chosen to move away from Monzo for my all outgoings like DDs and standing orders, I now only use Monzo for my personal spending. I would have preferred to stay with Monzo as mentioned the interface is the best out there but the other features are more important to me.


They do listen. Acting on everything written here would be the possibly the worst thing they could do.

Nobody is forced to use Monzo. If you think Chase or Starling or HSBC are better, then use them.

You’ve also missed things for Monzo like Flex, Export and Trends.


Pretty much just summed up the endless discussion in other threads tbh, it is what it is.

For all we know product launches a plenty could be coming in the new year. If another bank does something you like much better, feel free to CASS out, or leave Monzo open so that you can come back later. Just means having to manually transfer out.


You are right, I’ve added that the above thought trends (in one form or another) are available with other banks.

Also, I get no one is forcing me to use Monzo, I have already moved things to Chase but I have always preferred Monzo for the interface and overall feel but the other features are more important to me if Monzo had them I’d move back in a heart beat

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:monzo: is much more crypto friendly, compared with Starling, well, at least for now :sweat_smile:

Is Chase crypto friendly?


So to summarise, Monzo isn’t “falling behind” it just doesn’t do some things you’d like it to do/offer?


The only unique thing about this is the friction Monzo add to the process and the whole marketing hoo-ha they gave it. In reality, a lot of other banks do the same thing, only it’s automatic so you don’t have to do anything to claim it, nor do they advertise it like it’s some shiny innovative feature.

This is now free for Monzo US customers which I find really frustrating as a plus customer.

Monzo has two big USPs for me right now that edge them above the competition. These are things others either don’t have, or don’t do nearly as well.

As a Plus customer, the connected accounts are phenomenally well done. It’s by far the best implementation in the industry. It just works and there are no third parties.

And for everyone, there’s Trends. Trends is fantastic, and whilst most will offer functionality similar to the spending view, no one else does the stuff that the balance tab does, which is my favourite Monzo feature now. Plus users used to get more out of it, but now it’s all free, so that’s another nail in the coffin for Plus.

I don’t think Monzo are falling behind. I think their premium accounts are, which have diminished significantly in value, but not to the point they make the standard necessarily better than standard accounts elsewhere.

I think it’s time for virtual cards, custom categories, and connected accounts to trickle down to the standard account, since these are going for free in the US anyway, and revitalise the paid accounts. This’ll improve their standing against other free accounts, and presents an opportunity to revitalise the premium accounts and add some real value back to them. I always liked N26’s approach of the same feature set, just more if you pay. Until trends just went totally free, what they did with the balance tab initially had me feeling like they were gonna move in that direction, but I guess not.


I’ve given as much justification as I can with what I’ve said, I say falling behind not because it’s missing things I would like but because other banks are implementing some of Monzos best features and some that Monzo doesn’t have.

I’m merely trying to give feedback from my point of view.


I’m not sure, Crypto is not my thing… didn’t even know Monzo did it so that’s good to know.

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As soon as I read this I had the same thoughts as @N26throwaway, the ‘feature’ is just the way it works at a lot of other banks and they’ll credit it early automatically and without the whole fanfare or making it seem like it’s something special. The one thing Monzo have done here though by marketing it that’s great is really making it seem like it is something special.


I can’t agree with you more. Monzo is terribly slow in adding features. Comparatively, Revolut is light years ahead in terms features development and updating the apps frequently.


This was always going to be the challenge for monzo.

For me, Monzo’s USP, the reason I like them, the reason I bank with them, is the app. The app is great.

So, when Monzo decided that their app was so much better than the competition that they could paywall the best features and/or hobble the free version, I really thought they might be shooting themselves in the foot.

I’m not at the point of wanting to switch banks but it’ll be interesting to see if monzo can manage to keep the free app substantially better than competitors’ apps, and manage to keep Plus substantially better than the free tier.


It’s a double-edged sword with Revolut though. They may be quick at adding features but it’s also a reason they aren’t a regulated bank here in the UK, they are very slapdash and there’s no confidence that they are doing the basics properly.


Oh :eyes: insider info you can share about this?

I get plenty of app updates with the beta, every other day, but very little changes on the UI as far as I see.

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I can relate to this slightly, I’ve been with Monzo since 2017 and invested. I’m also a Plus member since they introduced the scheme and I’ve just set up a business account. I personally feel that about 2 years or so ago they were really on top of their game. But, rival banks have listened to customers and adapted. As you’ve said, there’s not a lot separating banks these days and with other banks offering more for less.

Monzo’s biggest pull factor for me was the customer service and the ease of banking. But I feel the direct customer service chat is slowly fading.

I’m not quick to jump ship, but it will be interesting to see where Monzo go from here. I can see a lot of people get really defensive over Monzo however, picking apart something to see what is going wrong is necessary for a business to grow.


I don’t think anyone cares that much.

What people are saying is that these topics pop up every now and then which causes circular discussions. The flow is something like

  1. A topic is created stating that Monzo is falling behind
  2. Monzo release something new. Everyone loves it and sings their praises
  3. Monzo secretly start working on the next thing
  4. Return to step 1

Give it a short while and I’m sure we’ll have something shiny and new to play with :slight_smile:


Then why do they only complain about it when the circular nature of it is at step one?

Surely if you’re not being consistent about your criticism of the nature of the discourse, it does give the impression that you care and take these things personally?

And if it’s the cycle that’s the problem for folks, well why are they still here? Welcome to discourse. Circular is all the cycle will ever be.

Criticism is important feedback too, and ought to be welcomed as much as the more optimistic discussions IMO.


I don’t know, ask them :laughing:


It’s an open question! :laughing:


It’s just the generic “if you don’t like it go somewhere else etc”. I’ve trusted the process and will continue to do so, just also noticing what others are :slight_smile: