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.
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.