This is no longer a requirement. The other director in my company only has access to the business account, and another business account they’ve since CASS’d over. No personal account at all.
Do you imply that it should free, or just more reliable? I don’t think offering free deposits via a paid service, will help profitability.
What they’ve done technically, is beyond what most modern banks can achieve. Fintechs have often been approached by (and worked with) legacy banks on improving their systems because they can’t move as quickly because they’re carrying so much dead weight with them. There’s a number of talks on YouTube that reference this.
We see this come up on the forum a lot: “I don’t pay for X”. Nothing in life is free. Period. You pay for TV in one of two ways:
(a) via your TV license (for the BBC);
(b) through your time, because of advertisers.
Even if you’re watching on catch-up, you’ll be subjected to adverts. It’s literally costing you in time. Our society doesn’t seem to acknowledge time as a transactional commodity. I’m particularly irked by this, as being heavily involved in the software world, I get very frustrated by clients using the phrase “but we don’t pay for this bit of functionality with X company”, whilst ignoring the data they’re giving away for free, or their time invested in watching/viewing ads.
This has been mentioned in other threads, but when moving house, the large deposits are never time-critical on your part - you’re given a window (often weeks) in which to move the deposit to your solicitor, who orchestrates the final transfer (and charges you for doing so). The very fact Monzo is willing to allow a higher faster payment through, rather than forcing you to pay £30 for CHAPS, should be commended. My legacy bank for my first house purchase, got really funny when I suggested I’d make the transfers in smaller amounts across the course of a week to avoid paying the £30.
Look at this from a different perspective - if Monzo’s goal is to increase their deposits, yet they make it seamlessly easy to increase your limits for outbound faster payments… Which bank is going to become an (even bigger) target for fraud? The contact via chat/phone is positive friction in my eyes.