We are pointing out this “feature” is something that essentially exists at every bank where you can open more than one current account, just under a different name."
I was referring to the feature existing at almost every bank, just called something different, not opening an account under a different name.
It’s the facility that has a different name. Monzo calls it bills pots. Other banks call it a separate account, but they’re essentially the same thing.
That makes sense - I read @Lightning720 as saying you should open a bank account under a pseudonym. Which would have been terrible advice.
I’m not entirely sure it’s comparable though. Monzo has built in a tool to segregate things in the one account, giving you visibility. I make no value judgement on that, just that that is a different thing to effectively reaching the same result but through multiple accounts.
I suppose with open banking it increases visibility of multiple accounts
Although if you use decided to pay each bill from a different pot, or categorise bills into several pots, then multiple accounts to replicate that sounds a nightmare
You don’t think having an account for spending and an account for bills is comparable to having an account for spending with a separate section for bills?
I think that having developed a feature that both segregates money, gives you a fallback payment option and provides visibility in one place is different to having two accounts, yes.
But this isn’t football: that can both be true and folk can prefer Starling - or two accounts at Lloyds. This is feeling very much like a zero sum battle to the death which is a bit silly. They’re just bank accounts.
The nightmare is having separate pots for each bill and having to fill them up every month/week.
All my bills, apart from my credit card, are the same every month, so I’ve added them all up (you only have to do it once) and every month, the day after I get paid, that amount is transferred to my bills account where the bills get paid from. I don’t have to fiddle around doing this manually, either. The traditional banks have a marvellous tool called a standing order, which does this automatically for me.
It’s so much simpler than faffing around with bills pots. Of course, if bills pots works for you, that’s absolutely fine, but please don’t pretend that it’s essentially any different, or easier than having a separate bills account.