Plus account given to those who regularly pay their salary into their account

Thanks for the clarification. It was the reference to the badge-claiming in Your Monzo that I didn’t connect with.

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I get the feeling that Monzo wouldn’t take this approach - as I feel they need more than just being “salaried” (per their own definition of paying more than £1000 each month) to make profit from plus.

Per the 2019 report, they have 30% of their users they class as ‘salaried’, and that means 30% of users they wouldn’t be able to get conversions to fee-payers from.

I like the idea, but I can’t imagine it will be part of the current plan.

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If they do this, I really hope it’s less than £1,500 a month.

I work full time and still earn less than that, if they set the bar at £1,500, I will be pretty annoyed.

Because the OP suggested something around £1500. I presume it has to be financially viable to work this way, so would need to be more than I put in my account every week.

To be fair, even if they did set a bar that high, it would be easy to get around by transferring money out then in again.

You can even set yourself as a payee in your own account, and the account sees that as new money coming in.

It would be easy if I happened to have £1500 lying around… sure! I wish.

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Easy if you’re happy to apply convoluted workarounds:

  1. Have salary paid in.
  2. Withdraw all or part of salary.
  3. Don’t spend anything - pay it all back in.
  4. Repeat until threshold crossed.

My salary is under £1.5k. Also is paid in to a legacy account and a standing order transfers a percentage across to Monzo. So in theory, if I wanted to hit a Monzo limit, I’d transfer across from legacy, withdraw from Monzo, deposit to legacy, and transfer to Monzo until I cross the threshold. (Preferable to being Monzo only where each deposit would be charged.)

seems not a bad idea on the face of things, if not a thing traditional banks have been doing for years. I had a Santander account many moons ago that required a minimum monthly contribution or you actually got charged!!

So long as others aren’t excluded from subscribing to any future plus model, then offering it as part of a packaged account for those throwing their lot in is at very least Monzo’s perogative

that may be true but you could apply that to any suggestion. The bottom line is Monzo and “other” banks have massive trait in common. They want to turn a profit. This seems relatively harmless. Not excluding those who don’t put their salary in or giving them an alternative affordable access is what would make Monzo unique.

Monzo is at a crossroads here. Contrary to the sense of socialism(dare I suggest communism😜) that pervades the community they won’t be able to please all the people all the time and are not a charity

Whilst people may think paying in a certain amount and waving a fee is a good idea. I am going to say why i think it’s a terrible idea for Monzo even if it’s a great idea for users.

Monzo needs money and a steady income stream, given stuff away or reduced hurts income, no income no Monzo. Depositing a salary has no effect on Monzo apart from increasing the amount they hold or the amount that passes through. They can’t spend your money so it’s not an income but an expense for them.

Whilst your ideas are interesting and good they are not good for Monzo.

Monzo cannot send you effectively targeted ads without review to terms and would be the only bank to do so in such an aggressive way, legally dodgy given the complexities around data protection and GDPR. I know you are just saying Monzo knows and it triggers off a message, but some might see this as a ‘big brother’ move and do more harm than good plus the cost of development of tech to do this which could be spent elsewhere. If i see a notification on my phone saying cashback from your Spotify i would be like oh cool but also like hay what else are you doing with my personal data?

Capital reserve comes from ‘profit’ and ‘endowment’ and not stored customer funds - that’s how the government protects your money. This is why Monzo needs to find a more lucrative. revenue stream and I sensing perhaps another round of investment to follow if there is more failures.

interesting post. I can’t really question much of it other than to say I must be the most pointless customer to my main bank for the last 25 years :rofl:. My money goes in there monthly and that’s it. I’ve never thought too much about what that is worth to them but I did assume having that monthly was good for them, same as for Monzo… Maybe naivety on my part

This isn’t true. This is how Monzo makes most of its money: the interchange fees. Depositing your salary into Monzo is very lucrative for Monzo.

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  1. they can still offer premium accounts with things like insurance bundles at higher prices
  2. a significant proportion of the (2.1 million) customer accounts that aren’t salaried are loss making for Monzo. Reducing this overhead would help monzo.
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This is all moot until Monzo declare what they will do with Plus/Premium or whatever they call it (I vote “Fred”).

With that in mind.