Monzo switching bonus


(Matt C) #124

Yup!


#125

I honestly believe offering interest on pots would be a better and cheaper? way of getting people to switch to Monzo AND keep them there for the long-run.

A lot of people play the switching bonuses (guilty) by getting the money & switching to the next bank with a bonus & repeat.

There are so many people whose one gripe for not going full monzo is that there’s no interest - what is a switching bonus really going to do? Monzo will just become another one-stop-shop in a game of ‘Who can collect the most free money?”

Yes, I’m bitter. But also, from a growth and/or long-term ‘don’t just gain customers, KEEP them’ perspective - interest should be the priority over switching bonuses.


(Jamie 🏳️‍🌈) #126

I’m actually surprised that folk are so hung up on interest, and that people aren’t more generally happy to forgo the cost of a lattè a month for the superb features and service.


#127

I’m very happy with zero interest as the cost of running the account.

I think it’s the opportunity cost of the switching incentive that is the question here. In other words, could that money be used in a way to inventivise longer term use of Monzo than by paying joining fees which often encourage carpet bagging.

I previously thought that increasing interest for referrals would be good. Others objected to that on bait and switch grounds - but hopefully Monzo will be collecting some useful data to be able to make an evidence based decision. Or at least some more tests.


#128

Forget interest savings (sorry Monzo, I love you) get yourself a Freetrade account and make serious money.


#129

Or lose serious money!

< generic voice-over artist >

Your capital is at risk. The value of your investment might go down as well as up

< / generic voice-over artist >

:wink:


#130

Yes, this is also true.