I’m going to need a new question!
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developing our decisioning strategies
It’s important to do good decisioning so that you don’t get frauded, I guess… 
Can you fix the exclude from summary toggle when you make a loan repayment? It’s not worked in the 2 years I’ve had my loan
If you could change 1 thing to improve the customer experience for customers borrowing from Monzo, what would it be? Apart from fixing that toggle of course
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Do overdraft rates change or are you stuck with the same rate you are given when you apply for one in the first place?
If no, then would it be something Monzo will ever consider doing?
If yes, how many people get their rates changed?
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There are different overdraft rates 
Is it the same as loans: 19%, 29% and 39%?
Those are the overdraft rates. I’m pretty sure they’re not the loan rates
Yep, just checked, they are not the loan rates which start at 7.2%
Nevermind, I sometimes type faster than I can think 
Found the page on overdrafts: https://monzo.com/i/overdrafts/
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Do you think there’s ever been twins that their parents have got them confused as babies and they’ve ended up swapping names?
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eek - so many great and tough questions! Will start going through a few slowly today 
Haha - I had a bet with @AlanDoe and @AdamLittle that this would be the first question asked!
I think you probably know my answer already… We’ve got a lot of exciting things coming this year in Borrowing, but afraid I can’t talk about any new products until we’re ready to test them with you and other customers.
Sorry, bit of a boring answer I know!
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You know you’ll be our favourite if you tell us
Or we can just wait for Dan to slip up again
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These are both things on the potential roadmap for H2 (along with some other things mentioned in other threads on the forum such as allowing you to pay a loan from a bills pot). We’re currently going through our H2 roadmap planning to decide which things we’ll do first since we can’t build everything at the same time 
I think you should see at least one nice change on the loans side in the next 6 months though 
Can’t be sure what it’ll be though (Note our H2 year runs September - Feb to align with our financial year)
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Thank you for such a detailed timescale. Im really excited to see these implemented!
This will be a little bit of a longer one. In short, right now, it isn’t. This was a decision made right at the start of overdrafts (back in 2018) and it has come up a few times since (eg. when we discussed the question below, which i’ll get on to) and i think it comes back to how you see pots. Just how “separate” are pots? This will probably be answered differently by different people but I’ll try give a few examples that favour the current implementation and informed the decision back in 2018:
- If you have two accounts, your Barclays account and your Monzo account and you use Monzo for your spending so you have £500 in Monzo and -£250 in Barclays. You wouldn’t expect Barclays not to charge you for your overdraft usage. You can micro-manage this situation if you want in the same way to can micro-manage your
Monzo pot - Monzo current accountsituation so you’re not paying interest but most people won’t do this because either they’re not that bothered or they want to keep that separation of money. - The argument on the above might be that it’s with different companies but here’s another example. You have £2,000 in your Monzo current account and a £2,000 loan with Monzo. How much interest do you expect to be charged on your loan? I’d expect almost everyone to say they’re changed on the £2,000. So net, your not in debt with Monzo but you’re still paying interest. This is your choice to keep your money separate. You could have the money in your current account offset the loan but this is a different product (an offset loan) which would require a different credit agreement and would likely be priced differently to take into account this interaction.
Monzo will always send you a notification if you enter your overdraft so you can easily move money from a pot if you want to. This isn’t something customers really ask for/ question (through chat/ complaints/ etc.) compared to loan extensions which customers do reach out to us about quite a lot, from the data we can see it would have a reasonably small impact, and it would also take a fair chunk of time to change from a technical perspective so even if we were thinking about it - it would be extremely low on the priority list.
So the discussions around this is something that I was involved in. We’ve gone with an option at the simpler end of potential solutions and I’ve gota say I think it’s really cool and gives customers the flexibility to use their pot in a way they want to use it. The solution also tested really well in user research 
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Doesn’t how you pay interest contradict this though?
As a Plustomer you’ll pay me interest upto £2,000, no matter which pot its in.
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Thanks for the answers, Theo! 
This is interesting! I agree that most people would say that, but that’s because they’re used to a traditional banking paradigm. And that’s where user research can sometimes fail: if you ask horse riders what they want you get a faster horse, rather than the motor car… Sometimes it takes a risk to rethink things to make them better. (But then user test the prototype, obviously!)
I’m super excited for this - keen to see what you’ve come up with!
(I also offer myself for testing purposes 
)
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Firstly, thank you for the detailed answer! And I note you say it would be very low down even if it were to ever change, so I won’t hold out hope.
But my follow up point/question to this is that pots aren’t loans. If I put £200 in my pot, and my ‘main’ balance goes negative I am still not borrowing money from Monzo.
With the loan, I obviously have at one point literally borrowed money from Monzo, and then, as you rightly say, can choose to pay it off more quickly or slowly. So I’m not seeing the equivalence?
And I just think it’s a shame as pots are such a fantastic feature, but at points in a month/my life, I can either basically pay to use them (by incurring overdraft fees) and keep my money nicely organised…or not use them 
I’ve gotta say also, I’m intrigued as to what this is… to somehow be flexible and cool, but be different to the current setup? And still keep the current setup for normal pots as is.
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Agreed, and this could allow people to have a self funded overdraft of sorts where they have a limit equal to their savings (i.e. standard monzo pots). Go beyond that limit and then the overdraft charges should apply as that’s when they are spending monzo’s money.
Anyway like you I’m not holding out hope. As much as I’d like this approach I don’t need it, and I’m happy enough with the rest of monzo’s approach that it’s not a deal breaker for me.
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Ditto really. But I think a change here could really help. When I was younger and used to live in my overdraft, trying to manage myself out of it each month was a challenge.
I think if Monzo let pots count towards your balance, then lets say you’re £500 overdrawn and you get paid £1000, you usually spend all of that money, but you want to pay back £100 this month so at the end you’re only £400 overdrawn. It’s easy to say “just don’t spend it” but at the start of the month if you could move £100 into an “Pay Back Overdraft” Pot, then it’s half the battle I think. Out of sight, out of mind is a big reason a lot of us use pots.
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True. It’s probably a bit flippant of me to say that I don’t need it and therefore it’s not a deal breaker, it’s just this has been discussed to death on here and I don’t see it changing any time soon if at all.
I do see it as a really valuable way to do things for those that would benefit from it the most. I was definitely in that camp a decade ago and it would have allowed me to feel even just a little more in control of my finances and would have reduced the stress I felt at the time.
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I use this very loosely, but it’s a bit “Helping the rich get richer”
If you’re lucky enough to have a bigger balance and you keep upto £2k in your account, you can gain interest on all of it, no matter which pot.
But if you’re struggling and you want to try and save £5 a week to pay back your overdraft, you can’t gain the extra help that pots would bring.
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