‘Perks’ Don’t Make the Bank — Rates Do 🇺🇸

Back when I switched to Monzo in early 2017 it did wonders to my finances even though my legacy bank at the time would pay me interest & cash back… only to eat all of it back later in fees for foreign payments, declined DDs, etc.

Monzo allowed me to actually have real-time visibility on my finances and that was worth a lot more than a couple quid cashback or other BS.

I disagree with the article. A non-prehistoric app is way more important than you’d think and even in 2019 the legacy ones are still very much behind (sure, they improved the design, but it’s still just putting lipstick on a pig and the underlying tech is still crap).

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The US banking apps are pretty much on par with Monzo, so thus might not be relevant to UK.