I think you are bang on about this, and I can’t see monzo passing this up when it comes in to effect. Feels like they didn’t realise how much people enjoyed instantaneous transfers, hurriedly added it back in, and PSD2 will allow them to retract it (very reasonably in my opinion) at a later date. And why not, if it’s all easy and in the app then that’s all people are really after, right? For now funding the fees of cards top ups is a bit of a start up cost.
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Do a deal that will speculatively increases the value of an investment in monzo, versus receiving the fee up front right now, straight away, no middle man. Doesn’t have much in it for stripe does it? Maybe a bit of a good will sweetener could be worked out,not much more imo.
I use Monzo just as you do, but with a few 1000 ‘ring fenced’ away from my primary banking…
I would point out the value of instant notifications is fraudulent spending is alerted immediately. I have had my Monzo account compromised, I saw the spending attempts, told support (they were fast, recent reading of 7 hour chat response delays scares me) they blocked the card, were very understanding about me travelling and expressed one overseas.
All in all they provided near perfect customer support on that issue, and I had a new card in hand 48 hours later while in another country. Faultless really !!
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- Only up to 85k
- Lack of track record
- Lack of international payments (those with assets need this)
- Lack of multi currency
- Lack of web management (entering IBANs on a phone !!)
- Lack of interest and perks.
I could go on… Monzo operates great as a current account… I dont think Monzo is really trying to offer HNW or even savings products at this time. Would be interesting if they did.
This is the sole reason I top up with debit card / Android pay.
It’s a few taps to add money to my account this way, otherwise you open your other bank app, login, select your account, make a payment, select Monzo as your payee, enter an amount, confirm, and send. That takes ages compared to the 3? taps in Monzo.
Unfortunately this convenience that Monzo provides comes with a cost, mostly because other banking apps are slow / long winded.
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1: Only up to £85k.
Yes, this is the same as with any other bank, but beware, if you have money in two banks in the same group (e.g. you have savings in Nat West and with RBS - then you’re only covered for £85k in total, not per bank). So make sure if you have more than £85k in bank accounts you spread it around banks that aren’t in the same group, then you’ll be covered for £85k per bank.
So with Monzo, being on its own, you’re covered for the full £85k.
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technically aren’t on the same license. In some cases multiple banks in a group may be covered by one license, in others some banks within a group may have separate licenses. Your bank or the FCA should be able to clarify which banks are covered by what licenses.
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Refer to this website:
They have a complete list how the £85K is spread across different banks. Like @anon44204028 said, it’s per banking license. So despite HBOS being acquired by Lloyds Banking Group, they operate under different licenses and therefore offers separate £85K protection.
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There is a new screen for top ups in the TestFlight version released yesterday.
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I can already see a lot of people complaining how “unprofessional” this is, and that a bank should be able to afford it, etc. but personally I see nothing wrong with it, it’s simple and goes straight to the point, without imposing hard limits which would backfire for those cases when card top-ups are the only option.
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I don’t think it’s unprofessional to encourage customers to help a business when presented in a friendly way.
Just like while I hate surcharges and boycott businesses with them (and am even more determined to now that they’re illegal, tho I already did) I’d personally have no issue with a business politely saying ‘we really do prefer cash/debit/etc’ as long as they were friendly and didn’t say anything more when I said ‘no thanks’. Tho I might be a little iffy about WHY they preferred cash…
Note, I’ll still report any business that does that to the card networks because they have anti-steering rules, and I believe if you enter a contract you have to honour it. I’d also avoid a business like that, because how can I trust them to honour their contract with me, if they won’t honour it with their payment provider? I’m just saying if there were no anti-steering rules, then I’d personally be okay with it.
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If we’re not moving salaries over then long term, Monzo probably needs us want to, rather than have to.
We deposited to our prepaid with a thumbprint, I’m surprised that you’re surprised that we like that.
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I can’t see me bank transferring but I’m keen to know if one big top up a month is better than lots of little ones I’m keen to use pots.
seems that small top ups are better than 1 large one unless the large one is by bank transfer in which case that would be cheaper for Monzo - you could try a standing order of a small amount every month by bank transfer ???
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I have started to top my card up each week to pay for my train fair and lunches, don’t bother with my high street bank card anymore. And starting to make use of the pots and the Coin Jar feature that rounds to the nearest pound and puts the difference aside. What I didn’t know and I certainly didn’t go looking for this, was that you are charged for going to an ATM 
as it happens I hadn’t transferred enough into the main account anyway and so i cancelled. But with the Monzo card and and internet banking i have a nice setup for what I need day to day.
You personally charged? Monzo won’t charge you a fee for using an ATM. The only fee would be if you’re abroad and have used your £200 ATM allowance in which case there is a 3% charge taken
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Have you thought about using bank transfers? When I send them from Lloyds, they reach my Monzo account instantly & it saves Monzo money to use to develop features for us instead 
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now I know its a way of saving monzo money I will try it for 200 as I really like pots and now I’m upgraded this was the killer feature that would stop me topping up as it wasn’t on prepaid I Iike my account locked out except a few pounds I’m paranoid someone will go on a 30 contact less spending spree
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So then I suppose now I have a sort code and account number I can go to my bank and do a 200 bill payment every month yes
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if you freeze your card between transactions contactless won’t work - bit of a pain I acknowledge - you can also turn on location based security which will give you a bit more protection 
would be nice if Monzo could have a security toggle in settings to allow not allow contactless if thats possible