Firstly, love any company that uses a community forum instead of providing a proper direct feedback service. Suppose it saves the agro of dealing with pesky customers.
My issue is this. Why do you offer to let me have a salary payment a day early (like that’s useful to anyone) because you can see it on the bacs network and is literally guaranteed, but can’t do the same with withdrawing from investment accounts that Monzo are partnered with?! Do you not trust these tier 1 investment players to pay you, OR maybe have you agreed that they or you will keep our money for just a tad bit longer?
I only ask, as I fail to see the difference in terms of risk.
Welcome. If you feel like this, why bother in the first place?
You can provide feedback here or via the app. Both of which get the same result.
It’s useful to lots of people.
If you want instant access, then don’t choose a slower release with a better rate. There’s admin involved with it and your investment is removed and returned to you.
They want to discourage you taking it in and out every five minutes.
My understanding of this is that in the case of the salary advance BACS is treated as a cleared fund - in that there’s no chance by 4pm of the company taking it back, therefore the risk is low, whereas in the savings I guess there’s a chance the savings fund might not release it (as a faster payment) and therefore monzo could lose out. So your point about risk is that in the former it’s lower.
Anybody taking their money ‘in and out every 5 minutes’ clearly doesn’t understand savings or investments. I am not in that camp, but appreciate your comment.
Correct, plenty of sarcasm was in use here. These are not children you/we need to protect, they are tier 1 banking providers with legal obligations, and should be held to account in all regards. Thanks for your reply anyway.
I can’t speak for @revels but as a #FullJointAccount user, I/we have multiple receipts into the account during the typical monthly cycle. Some are faster payments (get them when they land, unannounced) and some are BACS (claim early if you want to) - claiming early can sometimes give a positive boost with the timing of finances compared to not having the feature. It’s your choice - and that’s why it is useful to me/us.
