It’s really no different from the promotions other banks run. They also encourage people to switch frequently to take advantage of limited time offers, but often the best financial decision is to stay put rather than jump around and risk losing track of your spending.
And from what I understand, you have to actively opt in to receive the reward if you win, so if you’re fortunate enough to be selected, you can always show your opposition by simply not accepting the money.
I’d argue they’re very different. Switching rewards are guaranteed (as long as you’re following the T&Cs). You’re not switching on the chance of something happening, you’re switching because you know you’ll get £100.
If I win I’m taking the money I am slowly moving my money away from Monzo though, it’s not the bank I hoped it would be and this is just another small part of that. I definitely feel I’ve gotten too old for it
The difference is that this is a lottery/prize draw whereas switching bonuses and cashback offers are actual guaranteed rewards if you meet the criteria. And by restricting it to Bacs only it also means that many people who are actually paid by Faster Payments are not even eligible through no fault of their own.
To me it feels like Monzo are less and less interested in actual banking these days and either want to sell you pensions, home insurance etc. or entice people in with lotteries. It just feels a little tacky to me and leaves a bad taste in my mouth.
The public get plenty of handouts, I know many folk who play the system and take home far more than me, working full time and having to pay my own rent.
Not saying claimants are all the same, but wholly agree there should be a line whereby someone steps up and pays care to the working society.
People claiming and working, can still be eligible. PIP and DLA payments are included in the double payday, meaning those who can’t work on non means tested benefits can still be eligible.
Ha, fair. I guess what I meant is that the actual core banking experience at Monzo feels secondary to everything else they are doing/selling. As I said earlier, if they offered Extra for free if you get your salary paid in then I’d definitely find that way more tempting than a 10 in x million chance to win. I’d also be interested to know what the actual odds are but doubt we’ll ever see that info.
I agree that the banking experience is definitely better than many other banks but they shouldn’t just leave it as it is. Just look at the number of posts in the feedback and ideas section, especially some that have been around for a long time, there’s still improvements to be made. TBH I’d rather they invested the few grand they’ll be spending on this lottery into carrying out merchant updates again
This is a nice “free lottery” if you already get your salary paid in to Monzo but not enough to convince me to move.
I’d much rather something guaranteed like extra/perks plan for free when paying in £X amount per month instead of a 0.00025% chance of winning (that’s assuming 4 million customers pay their salary in to Monzo and are eligible)
What a great idea - I suspect like billsback I won’t win but it’s a nice incentive to go full Monzo and no doubt will attract media coverage. I know some people will not like the fact certain benefits or faster payments are not covered or it might entice gamblers but on the whole I think most people will welcome it.
I can see it both ways regarding gambling but i’m leaning towards it not being an issue, it’s less of an issue than say vodafones spin to win thing in the rewards section of their app.
I am slowly moving my money away from Monzo though, it’s not the bank I hoped it would be and this is just another small part of that. I definitely feel I’ve gotten too old for it 
