- They move away from being a top up/prepay card
- They get to serve a customer need.
- They’d have more people willing to solely use them.
What exactly is it costing them more for? Another card is about it which i’d happily pay for if it was such a big issue.
Arguably they’d gain a lot more by having me use them as a sole bank. They’d have more money deposited - and done via bacs. All i do is top it up via apple pay which costs them money.
It’s around 25% of people in the UK who have more than one account, so its not that small.
I know monzo share numbers on total amount of current accounts. But would be really interesting to see something along the lines of
- % of accounts receiving salary payments
- average balance
- number of accounts with 1 or more active direct debits
- number of accounts with an active pot
- transactions per day or month
(though assume they never would for competitive reasons)
I imagine those would be less impressive hence this type of thread.
Whilst i’m sure its increasing i’d be surprised if more then 1 in 4 people are currently using monzo are their main current account due to still being too much of a compromise in some key areas.