Partnership with Nutmeg?

(Eve) #69

It’s posting excessive referral links/ misleading people that it isn’t for personal benefit/ not disclosing the amount you get that isn’t encouraged (and also not banned, since they suggested doing a wiki for it). No one will ban you for posting a link to a source haha!

I’ve seen links to other fintech companies on here that were well-received, like Tail, Revolut, Starling etc. Maybe it’s not entirely on topic but I remember one of the concerns raised on the forums was about disclosing how much Monzo would earn from a referral link if they promoted/ included a company in the app (under a separate section).

(Alex Sherwood) #70

As Johnny said, we’re off topic here. Could we please get back to discussing the Nutmeg partnership :raised_hands:

If anyone has anymore thoughts on referral links that promote other companies, they can post them here -

#71

No. These weren’t referral links. They were links similar to Monzo Golden Ticket. :wink:

#72

I use HL because I enjoy picking my own investments and their app has relatively recently been massively improved and my OH uses MoneyFarm because she doesn’t so it would be awesome to see integration for those.

I think a lot of people may move to Vanguard as they are low fee so that might be another company to keep an eye on.

One thing that myself and my OH do a lot is have pots of savings with our current accounts, but these pay at least some interest. Does Monzo have any plans to have savings accounts that aren’t ISAs or to integrate with others? I say that because having read the microsaving thread I’d love to round up my spending into an easy access saver.

(Alex Sherwood) #73

They’ve not said that they’ll offer savings accounts & we know that they won’t pay interest on in-credit balances for the current accounts - even though they could probably afford a bit, like Starling.

So my assumption is that all of the savings solutions will be made accessible via the marketplace, rather than being provided by Monzo themselves.

(Alex Sherwood) split this topic #74

A post was merged into an existing topic: Chip Integration - Automated Micro Savings

(Sacha) #75

Aviva is taking a majority stakeholding in Wealthify, which includes buying out the crowdfunding investors stakes at an 18.7% premium.

Not a bad return in 10 months :grin:

#76

Personally I find that disappointing - Aviva are exactly the sort of company I don’t want to deal with - I want fintech startups to kill off the old dinosaurs, not get gobbled up by them.

And 18.7% is rather poor for the level of risk taken on.

(Sacha) #77

It was a bit below what I was expecting, however the app hasn’t developed at the speed I would have hoped and I wasn’t sure I would get anything back. As such, a modest profit is better than nothing. Aviva will have the funding to really promote the brand should they wish so it gets the visibility that others in the space already have.

(Philip Parkin) #78

My sentiments exactly and I am so disappointed I have moved my investments back to Nutmeg where I started.

(Matthew Oldham) #79

I’ve been using Nutmeg for a while now, and I’d love the ability to add ‘MoneyBox’ functionality to it. If Monzo could facilitate extra contributions by rounding up purchases that would be excellent, and hopefully not too difficult to do.

(Leigh Nicholls) #80

I use Hargreaves Lansdown and have been very happy with them. I pick and choose my investments and transfer cash in for each new purchase, I also have two funds that are topped up automatically by direct debit each month.
Monzo could integrate so that you pre-choose a couple of funds, have these set up on a separate tab within the app you can then transfer spare cash directly to the fund you choose from your preset ones.

#81

I hope Monzo can steer clear of the likes of Aviva. If a supply partner is needed I’d be happier with a mutual like Royal London.

(Tim Banting) #82

This is the sort of thing I want to see in Monzo “pots”.

#83

they would be good as I could access my life assurance, pensions, etc.

#84

very good point

#85

I don’t currently have any ISAs as with the amount of savings I have, I earn far more interest parking them in a current account like Club Lloyds.

But what I would like Pots to evolve into is something along the lines like what you’ve described with Nutmeg, but basically present my ISA account in a very similar format to my Monzo current account (with the pulse graph etc) or a history of how my savings has grown (either from my own inputs or from interests etc), and I’ll have the ability to deposit/ withdraw from those pots.

Essentially mapping those ISA/ third party accounts into a Monzo current account of sorts, but of course what’s possible will really depend on what these third-party provider’s API would allow I guess!

You’ve also mentioned ‘Chip’ in another post, but to be honest I would very much prefer Monzo to implement those features in-house rather than use a third-party provider for that, because I’m not very fond of sharing my banking/ spending behaviour with other people unnecessary, and since my current account provider already posses these data, I’d rather they make use of these data to help me than me surrendering my data to someone else because my current account provider aren’t able to provide these services. But I read somewhere in other posts that Monzo is looking to implement some rules-based decision of sorts to automatically allocate money into a Pot so I guess there’s really no need for Chip?

(Jake MacGregor) #86

I use nutmeg and would like to see this integration

(Michael) #87

Perhaps as a retired IFA I can offer some experienced insight

Nutmeg look extremely expensive,the offering is very limited,simple is not always best and I see no option to invest in Investment Trusts.

My own preference would be AJ Bell.

Can I suggest Monzo pull together a group of IFA’s to investigate the market with an educated eye and not just on the basis who has the flashest website.

#88

Whilst I completely agree with you on the excessive cost of Nutmeg and I too use AJ Bell, I have to disagree on one point - simple is more often than not, best!

Even Buffet says that for most people, sticking your money in an index tracker is the way to go.