Great to see WiseAlpha appearing
Relevant (some of OakNorth’s savings accounts are in the marketplace, the other challenger’s aren’t [yet]) -
From looking at the Wealthify website the fees listed in the Monzo app are different? Can you confirm they are listed correctly?
Great th see the additions though! Nice choice!
This is all great but please don’t do what every other service does and forget Northern Ireland. We have different insurance companies and electric providers. Home heating oil is far more common than gas, I’d love to be able to order that from a market place app rather than ringing 5 companies for a quote every time I need to top up
I’m still struggling to understand the purpose of this Beta.
At the moment, it just looks like a list of recommended products.
What exactly is the innovation here - or are you about to integrate these accounts into the app?
Revolut added Pensionbee (today/yesterday) and they’ve at least managed to get a clean sign-up page.
Here’s a preview of what the integrations should eventually look like.
And here’s Starling’s more detailed preview - which will probably look very similar..
TL;DR - This test is a long way from what the marketplace will eventually look like but launching now gives Monzo an opportunity to collect data about how user’s use it & feedback.
More of this then:
I’m not sure how this is linked to the marketplace?
So I signed up with Octopus via Monzo marketplace. As mentioned above it just seems sort of recommended products page than a Marketplace at the moment. I thought Monzo App would at least recognise that I have gone ahead with Mozno recommended product and completed a sign-up but there was nothing. I would say it’s not yet a Marketplace Beta, more like early Alpha.
I would be keen to see how this will evolve and find it’s proper place within App.
I think at this point in time its best to keep providing that feedback
When I looked at the market place nothing realy grabbed me but like everyone keeps stating it’s early days
I’m literally just going through the motions and providing feedback rather than applying for anything
The marketplace is a great idea. I switched to Bulb Energy recently and testers of the Monzo Marketplace can switch from within the Monzo app and Monzo get £25.
However if you are not yet able to test the marketplace, and want to switch to Bulb renewable energy and save some cash, and earn £50 for switching - feel free to use my referal link bulb.co.uk/refer/nick3188
Didn’t find anything of use to me at this moment in time. Perhaps once the market place grows.
Didn’t really understand why there is a savings market. Surely if Monzo wants to be a real banking competitor they should offer their own savings accounts in the near term and even maybe a credit card in the long term.
They won’t fit the old definition of a bank that’s true
If they offered their own products (they won’t offer credit cards & as fair as I know, they don’t have plans to offer savings accounts), we’d miss out on these types of benefits -
I signed up to Pensionbee having been prompted to the offer by Revolut. I’m glad to have discovered Pensionbee through them as I don’t think I ever would have otherwise. This is the some indication of the potential of a Marketplace to enhance financial management. With Monzo’s they’re very clear that this is a basic beta (admittedly I wasn’t expecting it to be this basic as to not at least have taken Revolut’s approach with the dedicated sign up affiliate pages) but I’ve just discovered Wealthify & WealthSimple through Monzo which again I wouldn’t have otherwise.
The utility of the Monzo Marketplace will increase tenfold when it evolves with advanced app integrations, which I’m hoping will be before yearend as competitors such as Starling appear much further ahead in this area.
A good concept, but these products don’t appeal to me.
Fair enough, there’s lots more products coming
It looks like Ratesetter’s products just got added to the savings category in the Marketplace
I don’t suppose anyone knows how Monzo is making money on the savings and investment products do they?
On the energy products it specifically states that they get £25 (I switched to bulb earlier in the month using this) - but on the investment stuff it just says “we don’t get paid if you sign up” - presumably these accounts are on a profit share %?
I don’t think they are right now, they’d just have a different message if the revenue model was different. They’re being transparent about what they’re earning regardless of what the product / agreement with the provider is.
I expect they’ll add referral fees once the testing’s finished
Gotcha - thanks Alex!