I have been trying to move all my banking to Monzo from my other banks, the only limitation really left for me is surrounding the number of Monzo Pots and Virtual Cards we are allowed. I no longer go crazy on having a pot for every different bill like I used to with Revolut, I have a ‘bills’ pot, I have a pot for my amazon toiletries subscriptions because the amount changes every month. I have Christmas savings, I have another pot for savings to pay off debt, I have one for volunteer work that I do where they pay me for my fuel so I use a pot and connect it to a virtual card and use that to pay for fuel for easy tracking. have a few savings pots/goals, not many, a holiday, some crypto gains in another, I have the safety net pot for my emergency savings.
so my point is even after compressing it a lot, I am still maxed out on my virtual cards and Monzo pots. of 5 and 20. and I pay for Monzo Plus.
Whereas on Revolut and Starling, without any subscription, I never hit a limit to how many ‘Pockets/Vaults’ (Revolut) and ‘Spaces’ (Starling) I could create which is the equivalent of Monzo Pots.
Where as Revolut will allow me to have 20 virtual cards, and an unlimited number of their pockets/vaults.
Starling give me 5 virtual cards on their free account tier and an unlimited amount of spaces.
For me these multiple accounts for ‘envelope style budgeting’ is what differentiates fintech banks from traditional banks and why I am into them and not into traditional banks.
I am curious why Monzo is not competing more on these two features with Revolut and Starling. They don’t seem like things that would cost them much money to adjust and once adjusted I am not sure why it would cost them anything more, for example, if we are allowed 100 cards per year why not allow 20 at one time and also why not allow, say 40 pots, or unlimited like starling and Revolut.
Sometimes my life gets a little more complicated, even for short periods of a few months financially and I find myself straying back to starling and revolt to use their equivalent of Monzo Pots and virtual cards.