Just tried adding funds with open banking. The list of supported banks is short, so not useful. What provider does monzo use or is this in house and when can we expect more banks to be added?
Itâs all in house now I believe. Was a bit buggy for ages since the switch too, but it used it for the first time recently and was nice and smooth. Theyâve somehow leapfrogged from being among the worst at this to quite possibly the best.
The most recent thread for this stuff is here:
There are polls you can vote on for the accounts youâd like to see next, not that your vote will transpire into reality, but @tjvr occasionally pops in with a teaser of whatâs coming next.
Perhaps we could do with a 2022 thread @Peter_G ? or does one already exist?
If you feed it back here or suggest through the chat system itâll be looked into.
What bank is missing that youâd find useful?
Oh dear⌠I wonât hold my breath then.
Yeah, the polls are fun, but have no bearing on reality
Itâs quite a good list, you just mean it doesnât include the bank you want.
Itâs not so much that it doesnât have the banks I use. Itâs that past experience tells me not to expect monzo to add to or expand the feature any time soon. The approach seems to be to launch an initial product, then just leave it at that
Usually Iâd agree, but in fairness, since they launched the in house approach, they have gradually added a few more banks and credit cards over time. Not many, and not very frequently, but some.
At this point, I think the list is mainly (entirely?) limited by what banks support the open banking APIs.
Nope. Apparently they approach it based on market share. There are still plenty who fully support open banking and are still missing. The one I banged on about loads until I replaced the account were Triodos.
I have no idea which banks @Gaoler would actually like added, but itâs worth saying that Co-operative Bank (including Smile), Metro Bank, John Lewis Partnership Card and Chase donât support Open Banking APIs so they couldnât be added even if Monzo wanted to, without APIs being made available.
Thatâs a bit much to hope for!
More like Revolut, Starling and Triodos.
Revolut have a standards-compliant API, Starling have a slightly non-standard API (so a bit more difficult to implement) and Triodos have an extremely small customer base so I wouldnât hold out much hope that anybody will integrate with them.
I donât know if Monese have an API or not.
Iâm intrigued - where does Triodos fit into your setup?
At the moment, Triodos has the excess cash that I need to keep on hand. Iâd rather they did something more useful with it than Starling et al just doing the traditional crappy lending. Triodos donât even do interbank lending, for example.
Itâs better to separate card spending/direct debits and large balances too, imo, so it works nicely alongside Starling (direct debits) and Revolut (debit card payments)
Itâs partly practical, partly ethical. I just wish triodos actually developed a great product, instead of something that belongs in the last century
I tend to use Revolut Savings Vaults for this as theyâre interest bearing, easily accessible & segregated
Do you like having the larger balance linked to an entirely different card - accessible at any given time?
It makes sense I guess
I doubt Revolut is particularly ethical, so theyâre out for me.
Triodos is at least a bank you can call! Thereâs no way Iâd keep a large balance with Revolut. Starling has been a bit more reliable, but again, not a great ethical choice, though probably not the worstâŚ
What I have with them/allica bank isnât loose change - but I think by virtue of that and regular use I seem to be fairly whitelisted - havenât had any issues for quite some time. Itâs still not an amount I couldnât live without. Iâll lose my complaint compensation metal plan soon though & the rate may no longer be better than my main savings account.
Didnât pay much attention to the ethical part sorry!
Thanks for the feedback and discussion everyone. Weâre always considering new providers to support and community input has definitely been one of the key drivers when prioritising new integrations, so Iâd like to shed some light on how this works internally
If an integration doesnât exist itâs probably because one of the following:
- Doesnât have a significant customer base (we measure this both from observing transfers to/from that sort code from our users and community feedback)
- Their PSD2 API isnât Open Banking (although we made an exception with Amex due to huge demand)
- We made the integration but ran into technical difficulties that the provider hasnât been able to resolve yet, so we may be forced to hold on launching all or some part of the integration. This doesnât tend to be a problem, but if thereâs an obvious candidate you donât see on the list and the points above donât apply, this is probably why.
Adding a new provider that has a good Open Banking API is actually relatively straight forward, so if you think weâre missing someone, do let us know!