Monzo Priorities

(lee) #21

I’m not sure visibility of future DD and BACS payments is marketing leading, HSBC have had this for years.

Also LLoyds launched stuff like money manager and i think at least Santander have something similar knocking around for years. So again not sure its marketing leading budgeting wise - especially to the 70% of people not using it them fully still forced to see “you’ll have enough money” / “looks like you’ll run out”.

But I agree with the sentiment of much to love, and much to work on :grinning:


Starling and Revolut both have instant notifications and ability to view your spending. Starling also has visibility of future DDs and BACS. I’m sure Revolut will have DDs and BACS when they launch their bank accounts.

Transparent fees don’t also mean marketing leading when they’re extortionate.

(Myles Carey) #23

I’m a Monzo fan, I really am but it’s interesting to see the different approaches of Monzo and Starling.

Monzo gained 1.5 million customers and are almost playing catch-up to some, therefore not pleasing this forum with what they are doing recently.

Starling took the other approach and built first and are now going for gaining millions of customers.



Starling also have their payments service which is a good revenue source. They’re also more consumer friendly in their approach with fees which will undoubtedly where Monzo fails.

(Tony, Secret Lemonade Drinker) #25

If Starling are so amazing and superior, why not take your business to them?

(Myles Carey) #26

Woah, that’s a bit harsh?

(Tony, Secret Lemonade Drinker) #27

Seriously? It’s a valid question.

(Myles Carey) #28

Just reads a bit aggressive to me although I accept it’s hard to gain an idea of tone of voice on text.

I was just pointing out the different approach.

The attacks from both “I don’t feel Monzo are doing enough” and “Monzo are working hard and are good” need to take a minute to accept each other’s opinion.

Doesn’t everyone want a better Monzo here?


This post was flagged by the community and is temporarily hidden.

(Chris Middleton) #30

Revolut isn’t (yet) a proper bank account for the UK. Starling and Monzo are, and there are a number of other new entrants at various stages of development. The legacy banks are starting to sit up and take notice and to mimic some of the selling points of these new banks too, where they can. Each has good points and less good points.

For me the 50p per day overdraft charge is preferable for me, considering how often I’ll use it, compared to my old account which charged £20 per year for the facility, plus a vague rate of interest which I never knew how much it would cost me.

Calling this charge “predatory” strikes me as a bit extreme. It may not be the best pricing structure for you, depending on how you plan to use your overdraft. In which case you may be better off taking your business elsewhere. Different accounts have different pricing structures and are better/worse suited to individual cases.

It’s certainly transparent and you know exactly how much your overdraft will cost, unlike a percentage charge. But if you were £21 overdrawn all month it would be expensive compared to if you were £1000 overdrawn all month.

(Dan) #31

Yeah £20 for a printed statement is super consumer friendly, go Starling!

If I remember right, it’s £60 for a lost card abroad too?

(Splodf) #32

This thread was never going to go well.

If Monzo have a Consumer Monzomoodometer (for measuring Monzo customer moods obviously). It would certainly be indicating that this is the lowest and most combative the community has been. (At least since I joined up).

(Joe) #33

You havn’t seen nothing yet then i’m afraid. It’s just a couple of users posting over and over again on many different threads, please don’t take it to be a general mood of the forum. There’s plenty of positive stuff when you can manage to avoid the drama.

I think atm Monzo are trying a few different stuff out and I think it’s great. They need to see what works and what doesn’t. Nothing is being prioritised over anything else, the new current account features are being worked on pretty much at the same speed as they have over the last year, just extra stuff is happening quickly on the side (such as monzo plus and energy comparisons) that make it seem like the normal business has taken a back seat. If you look at the usual rate of feature production the good stuff is coming just as per.

(Nick) #34

Monzo rolled out some A/B testing to a tiny, tiny, tiny percentage of users.

They’ve received plenty of good feedback, and have publically acknowledged many of the points made.

They will surely go and look at everything they’ve learned before taking the next step in the evolution of Monzo+.

I dunno really. Seems like a good trial, really.

(Leon) #35

What? Is that the price point that’s being discussed? If so :flushed::pensive:


I didn’t create the thread. It was split from another. :man_shrugging:

  • Exchange rate - Monzo is better than all banks except Revolut and Starling’s new Euro accounts (including fees). Revolut has worse exchange rate on weekends. Revolut & Starling’ Euro account weekday exchange rate is only slightly better than Monzo’s.

  • Foreign purchases using card terminal - Monzo, Revolut and Starling charge no fees.

  • Foreign atm withdrawal fees - Monzo = £200 fee per month then 3% charge. Revolut free = €200 fee per month then 2% charge (NB: this is for ALL ATM fees, not just non-UK ones). Starling are the best with free unlimited withdrawals. All other banks charge for foreign atm withdrawals (as far as I’m aware).

  • Card replacement - Monzo = free. Starling = up to £60. Revolut = £10 if in country with Revolut.

So Monzo are in the top 3 for travel. Not sure you can successfully argue that they’re poor.

  • Completely understand why people don’t like paying for a service they’re had for free.

  • I also understand why you might feel uncomfortable going to a newsagents to deposit money when they don’t feel as secure as a bank. However, the instant “we’re processing the transaction” notification helped reduce my worries.

  • Monzo definitely need a method of reporting PayPoints which don’t know how to deposit money. Perhaps a one page document explaining how to deposit money to PayPoint staff would be helpful too (a bit like the “One Minute Guide to Monzo for Merchants” which helped with merchant acceptance).

  • While I somewhat agree that the 50p overdraft hits the poorest and most vulnerable customers the most, I’m not sure you could argue that it’s predatory.

  • The costs of predatory overdraft would be hidden as much as possible from the customers it wanted to prey on so they accidentally fall into it without knowing the cost. This is absolutely not the case with Monzo. They’re been very clear about the pricing of their overdraft in the media and customers are told very clearly during the overdraft application flow that it costs 50p per day with no hidden fees.

  • Also, I think it’s difficult to argue that a percentage-based overdraft could be clearer than a fixed rate overdraft: it’s much easier to count the number of days and then multiply them by 50p then it is to calculate a percentage of how much you were in your overdraft each day and keep a running tally.

  • Surely this is an example of Monzo not doing predatory lending - their models are actually more conservative than other banks.
  • I agree that the current travel insurance offering in the small-scale Monzo Plus trial is pretty bad. Hopefully they improve their offerings in the future.

  • Personally I’d like them to almost be like a comparison site in the future. You’d put in your specifications and then Monzo would give you the option of 3-5 insurance products which meet you needs, you choose one and then Monzo purchase it for you and provide you with an easy-to-understand version of the terms and conditions. Any claims you want to make, you’d tell Monzo and then they’d pass it on to the insurance company on your behalf.

(Splodf) #38

I never accused you of doing so and I agree with some of your points.

I just think it’s a bit too hot here at the moment for proper discussion.


Let’s try and keep this in perspective. Monzo is still reasonably new (though getting progressively less so, the passage of time being what it is). It does, though, need to turn a profit. It isn’t a charity, or even a mutual (like a building society).

While I would like all the good things immediately, I accept that these come with time. And that constantly adding new features that cost Monzo money without passing on the cost - or finding ways to become profitable - would be nice while they lasted, but ultimately that’s not building a sustainable business.

Would I counsel Monzo to move a bit quicker on things like the new Accounts and Payments screen? Yes. Would I suggest they stop working on super important things that can make them money (like energy referrals)? No. And while Monzo Plus isn’t my cup of tea just yet, I know from experience that staff read the views here and they very much factor into internal planning and product decisions.

For me, personally, Monzo is my main bank. They’ll stay that way until they break my trust or someone else pulls far ahead.

But Monzo is just a bank. And I get a little fed up of the holy wars between it and other providers. Again, this is a personal opinion, but I’d much rather this place be constructive and helping Monzo - and the industry in general - to get better. If anyone is here just to take pot shots (and I’m not suggesting anyone in particular is) then I think it might be time to consider whether you’re with the right bank - or posting in the right place.

(Leon) #40

Sounds a lot like you’re saying you only want yes men/women here. (I know that more then likely wasn’t your intention but just pointing it out.)