What exactly will upset me? I suggest not reading into the tone of the comment, but the content 
Of course you can criticise.
I just find it amusing that those who have stated very plainly before that either do not use Monzo at all or as their primary account seem to be the ones making all the noise.
It may be because they use other products and have noticed the discrepancy/difference. Rather than them having a dig at Monzo.
And you can’t say fairer than that.
Because potentially, the way a person uses his account, affect his choice. And when the gap is so small in certain things, it could be little thing like this that sway a person back and forth.
As long as I don’t close a challenger bank and can jump back and forth how I please. I used monzo for 6 months mainly and now I’m at 7 months with starling.
This, and everything else in your post. +1 to the max
It’s as simple as pots aren’t in another defined account with its own sort code and account number. It’s just an amount of money ringfenced in the current account.
It’s wholly unfair that Monzo charge overdraft fees if your total balance, including pots, is above the -£20 floor.
But we may be using it as a primary account if these issues were resolved! I love the idea of pots but can’t use them while overdraft fees are charged when an account is not overdrawn. So there are some who use Starling not thru choice but because of issues with Monzo forcing them to look elsewhere.
I care about it when people are taken advantage of, even if I’m not directly affected…
(First result for pots in help)
“if it looks like you’ll go into an overdraft, and you’ve got money in Pots, we’ll warn you beforehand”
Definitely sounds like a company taking advantage of people
…maybe drunk people at 11:30pm
I think it is taking advantage of those who don’t read all the help texts. Who would assume that they only get charged for overdraft usage, if their account is actually overdrawn. Not part of their account.
With terms like Balance now, Left to spend, Available balance and balance - I can see why people get confused about how if it goes below £0 they get charged. Despite that being how banks have always worked in the past. That one “total balance” definitely overrules all the rest of it.
The fact remains that with the current system users who hold a positive balance in that account can be charged fees.
That’s something even the high street banks don’t get away with (excluding special/packaged accounts). And the majority here are cheering Monzo on for it!
Bravo Monzo, bravo.
I hope the high street banks take note of Monzo’s innovation, since otherwise they’ll never catch up with them…
Yes, that’s the point of a ring-fence. Whether by different account number or just calling it a pot.
Ring fencing is defined by the act of setting particular assets aside, removing them from the control exerted upon them within the current situation or directing the funds to a specific purpose.
There are a good number of situations where you don’t need to ring-fence money, but that’s not to say there’s never a case for it.
So aside from the 50p a day fee. If I have say -£50 in my ‘main balance’ and £50 in ‘pots’, to Monzo I’m in overdraft and I’m paying 50p a day.
My ‘account balance’ is £0
Doesn’t that mean that they also reporting to CRAs that I’m £50 in ‘debt’ to them? Surely that’s wrong?
Nothing is being ring fenced though, you’re still spending that money and then paying Monzo to pretend that you haven’t.
How is that good for anybodies financial management?
The fact you go into overdraft, cannot spend beyond your overdraft limit and have no external access to the funds implies a fence. Unless you are telling me if I put £2k in a pot with £0 balance, I can then spent that £2k despite overdrafts not going above £1k.
What that means is that you have £1000, but you are paying monzo 50p a day to let you pretend you have £2000.
I mean, Monzo could offer that service to people who want to delude themselves if they want but it shouldn’t be default account behaviour. They could have tiers - for a fiver a day you can pretend you have a million pounds.
I’ve got loads more ideas like this - let me know if you want a copy of my consulting rates, Monzo.
Honest question, same scenario:
What should be the limit:
£-1000 - your overdraft (backed by pots)
£-2000 - your pots (entirely)
£-3000 - your total balance + overdraft
It’s funny how sarcasm completely undermines an otherwise logical argument. Now I understand why this thread hasn’t died. 