So I opened an account at Ulster Bank (£200 bonus) and must say I do like the app. Some say it’s a copy of RBS but I like it. Has some good features that Monzo have which is nice too.
Since moving my salary and direct debits I’ve had a message from monzo about fees if you don’t pay in a set amount or have at least 2 direct debits active, plus atm limits and charges which I guess is a way of getting people to use monzo as a main account whilst making it a premium bank with limits for everyone else.
I do think I will close Monzo at some point as I have niggles in the back of my mind. I know it’s fully licensed and money is protected. Big banks are now catching up with the tech and are doing just as much as what Monzo are doing but without the fees and gimmicks. I do think monzo will eventually charge for the basic account and have more restrictions and fees on how we spend our money.
Topic title aside, you are free to choose whatever best suits your financial circumstances, and I wish you the best of luck with that endeavour (it never ends!)
I don’t think Monzo will ever charge for the basic account, but I can totally see it eventually evolving into a completely digital only current account (no physical card, withdrawals or deposits etc with the ability to unlock by purchasing a physical card) like N26 have done in Europe. The more the way we interact with money evolves, changes and moves in that direction, the more that sort of product as standard starts to make a lot of sense.
I think it’s more just covering the cost of those specific things really. The fees are for things that cost them money like international ATM withdrawals so they charge you.
You are generally right though, Monzo put fees in (it was years ago now so not really that new) to dissuade people from using it as a cash card in ways that cost them money (like just abroad or to take out cash or whatever). I think it’s relatively fair of them, but if it means it’s no longer the account for you then sure, you can leave.
Lol yeah I think it’s because I’ve just moved all my direct debits away from Monzo so their AI must realise I’m not using them as my main account anymore haha I think I just have a problem with being told how much of my hard earned cash I’m allowed to withdraw before being charged fees for taking more out.
You have to do one of the following to continue to get the higher limits
At least £500 was paid into a Monzo account in your name over the last rolling 35-day period, and you have at least one active Direct Debit on the same account in the same period.
You’ve received a Department of Work and Pensions or a Department for Communities’ payment into a Monzo account in your name over the last rolling 35-day period.
You’ve received a student loan payment into a Monzo account in your name over the last rolling 8-month period.
You’re sharing a Monzo Joint Account with someone who has done at least one of the above.
It’s been like that since 19th November 2021 when the terms were updated.
I think I’m also at the point that I need to have a stable bank account that I’ve built up some years with all my transactions. These switch incentives are good but I need to stop it now haha
1 Like
phildawson
(Sorry, I will have to escalate this.)
11
Why the need for only one bank?
Just have as many as needed.
Monzo / Starling / Revolut all worth having for me personally for the various services that the others dont provide.
Its then worth having a salary/DD legacy bank account like your Ulster you can then shuffle around the switch incentives.
Switch that to HSBC and another £200 atm
At this point most legacy banks (apart from the shambles of Coop) are basically the same nowadays.
7 Likes
phildawson
(Sorry, I will have to escalate this.)
12
I should also add if you’ve only collected £200 from Ulster you can shuffle it to the sister branches Natwest and RBS and collect £600 total
I can see your logic but I don’t think they will. It just wouldn’t suit a UK market, and whether we like it or not a bank needs to also capture more than just digital only folk.
