Yup!
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 thereās no interest - what is a switching bonus really going to do? Monzo will just become another one-stop-shop in a game of āWho can collect the most free money?ā
Yes, Iām bitter. But also, from a growth and/or long-term ādonāt just gain customers, KEEP themā perspective - interest should be the priority over switching bonuses.
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Iām actually surprised that folk are so hung up on interest, and that people arenāt more generally happy to forgo the cost of a lattĆØ a month for the superb features and service.
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Iām very happy with zero interest as the cost of running the account.
I think itās 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.
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Forget interest savings (sorry Monzo, I love you) get yourself a Freetrade account and make serious money.
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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 >
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Yes, this is also true.
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