I have seen two people recently moving money from their savings accounts NSI premium bonds. I thought would a good idea if this could be controlled quick and easily through Monzo. I am sure it would encourage more customers for Monzo.
What does everyone think???
Itâs not clear to me what you are proposing here?
You can do a bank transfer to NS&I with your holder number to buy premium bonds.
Do you mean that Monzo should have an in app integration with NS&I to offer investment and gambling?
I donât think National Savings and Investments is gambling, is it?
Whilst there is a chance to win some money each month, ultimately, your capital is protected. The only âriskâ involved is that you donât earn interest on that capital, which at cash rates these days, probably isnât going to be much. So no, probably not gambling.
Not really, no. I forgot the tongue in cheek emoji thingy.
Fair enough.
I only asked as I was aware Monzo pioneered (I think?) the gambling block and I wouldnât have expected NS&I to be subject to this.
Iâd love an integration with the Premium Bonds in my Monzo account, in a similar way to how the Credit Card integrations work, i.e. just balance for now with the intention of allowing quick deposits/withdrawals later (subject to that being possible I guess).
Money Dashboard pulls in Premium Bonds balance and updates when prizes are reinvested, so canât see why they couldnât do that. Probably not a huge priority for development though.
It would fit with Mondoâs original vision of being a banking hub/marketplace. I think theyâve shifted focus to monetising by copying the legacy banks in flogging premium accounts?