recently moved from another bank. tried to pay £900 cash in the other day into my Monzo knowing there is like £1,000+ limit every 6 months which is already weird tbh, but when I went into the paypoint shop the limit was like £300 maximum pay in, or £150, I cannot remember. either way it’s pretty pointless for me. So I will still use TSB at the post office to pay in any amount of cash for free with a limit of £1,500 per day or £10k per year. And I will use Starling to cash in cheques via the camera and their app. What keeps me at Monzo vs Revolut and Starling? Monzo has the option of a Monzo Flex credit card type of card, Starling does not, Monzo has virtual cards and pots Starling did not, but now does. Would love Monzo to offer higher cash deposits allowance and post office integration for cash deposits. Not going to lie, as soon as one fintech bank can offer all the facilities of a traditional bank and also at the same time compete in the usually fintech ways, I’ll probably move to that bank because in the end you just hope to do all your banking in one app, at least for me that is the case. So I believe it’s good to focus on these features, cash deposits, cheque imaging as rare as they are, when you do need to use them it’s a game changer if it’s easy.
I know this is a late response but, yes. Not filing on time is a criminal offence. The automatic companies house fines are separate to any criminal investigation which would be done by HMRC, although in reality this is only pursued for egregious breaches and they’d send warnings over several months to ‘file now before we take action’ etc. Late accounts are very common (despite technically being criminal).
The main effect is that suppliers may question you or stop working with you as it will raise a flag in due diligence checks.
Amazing poll! One thing that is missing, and those of us with EU origins would love to have, is the ability to open a native Euro account.
The best package at the moment imho is from Barclays. The most comprehensive travel insurance (really, it covers it all) + European breakdown cover from RAC. It simply is the best out there, and it only costs £13 per month. I would love to give that money to Monzo instead, but the current Premium package is just falling short.
So it’s been nearly a month and some interesting things have come out of the data:
- I’m surprised by just how many folk think that Plus/Premium needs a better offer. It’s rare to get over 50% of people voting for something in a poll like this, let alone 73%.
- But I’m not surprised at it being top. Or second being higher interest rates on Plus/Premium.
- Conversely, things that I thought would be top of the list (cheque imaging and paying in at the Post Office) weren’t as popular as I thought they’d be (or have been in previous years)…
- On the global list, the top item (direct pot to pot transfers) feels like a quick win. I wonder if it’ll make the delivery list for 2023, or if there’s a specific reason not to do it, over and above competing priorities?
- Whilst coming in at number five, I was still surprised to see a web interface so high. I mean, I voted for it, but I was surprised that it was so popular. It even led polling for a while!
- On that theme, I was surprised that Automatic Get Paid Early was so high - but that Automatic Salary Sorter was a few positions lower. This is me projecting my own wants, but if I could only pick one, it’d be auto salary sorter. I’m still pushing both of them, though. They’d be transformative!
- We need more US members! Only 8 voters for US stuff (and a bunch of those are UK based, I think!)
- No one really wanted to predict stuff this year
I predict a riot
I doubt it’s that popular. I don’t know anyone who bothers with it. GPE meanwhile, I’d have a hard time finding someone who doesn’t.
I always use both together. Get my pay and then ‘ring fence’ into 3 separate bots for bills etc.
It actually always surprises me how much this is scoffed at on here. It’s a basic thing that all banks should have and yes, even digital banks (actually especially digital banks) and the polls might reflect the silent majority on it.
I’m sorry if it sounded like I was scoffing at it. I agree that it would be really important and would actually help drive growth in certain demographics. I want it.
My comment was more that I hadn’t had an indication from folk on here just how popular it was. I don’t think it was so highly rated in previous polls either.
I think this is a good point. There are folk on here who sometimes explain why something will never happen or why it’s a bad idea - but understanding that data shows something very different is super important.
Exactly the same with a Joint Account. But because our Bills pot amount and amount to transfer to my Personal account differ month-to-month, manually doing Salary Sorter is crucial to allow the saved values to be quickly edited before sorting. Otherwise it’d mess us up.
I wouldn’t mind GPE being automated*, but not SS.
*But missing out on dragging the cash to the wallet and that sound - it’d be a big loss
Oh no no, I didn’t think you were at all. It’s just when I’ve seen it suggested by people on here there is sometimes a fairly robust “if you need online banking then Monzo is not for you” response which I don’t think reflects what a lot of Monzo customers would actually like to see.
I maintain that a digital bank should have a good online web offering.
Five months down (give or take a week) and I thought it’d be interesting to see how these are matching reality.
First up were our wants/wishes.
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Top billing was direct pot to pot transfers. Despite some hints, and this being in the US product, it’s not quite made it to the UK yet. Soon?
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Second was a modern, responsive HTML web interface. No signs of that on the horizon, and my tea leaves are giving no indication it’s on the way. Sadness.
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In the last position on the podium was automatic get paid early in the UK. Another US win but again no signs in the UK.
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Credit card pots are still sadly not a thing on the UK. But the US romps ahead again. We’re gonna need an intervention (or a reverse tea party) at this rate.
Is it just me, or is the US team doing an excellent job rethinking some of the fundamentals and challenging some of the Monzo myths? Come on UK, get with the program(me)!
- This is better! Number 5 was a native Monzo savings account. Although it was oddly hobbled (you can’t schedule withdrawals, you can only have one - plus an emergency pot, and you can’t have your own pot image), the rate was good (although a little bit more would get it into the best buys!) and it’s gone up on the same day as the Bank of England have increased interest rates. Which is just amazing.
And the best of the rest of the top 10: no sending money on triggers , no single use virtual cards , no net worth tracker , no child accounts 
, but we have an automatic salary sorter… in the US obvs . (I mean I’d consider emigrating if I didn’t know how bad the rest of the US banking system was).
Now, those were meant to be the Monzo platform wishes, but some country specific stuff crept in 
. The UK specific wants haven’t turn out that well at all… yet:
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A refreshed Plus/Premium offer.
. Although Monzo has been recruiting for roles and top spy @davidwalton has uncovered a staff metal plan. Maybe it’s a new test thing? Or maybe it’s just because reasons. -
Higher interest on Plus/Premium.
. Nope. Although we did we general confusion about how the new savings pot and the Plus/Premium interest interacted. Tl;Dr - you can double dip. It was a painful lesson in communication though. Words, eh? -
DDs and SOs directly from a lot.
. Make your own family fortunes noise here. It’s still the current account bounce. Which some folk like. And avoids the inevitable “overdraft from pots?” question. Obviously, there’d be riots if you couldn’t dip into your overdraft from a bills pot. -
Cheque imaging.
apparently! We’re waiting on @fernandofanton’s promise for someone to come and tell us all! -
Number five was paying for Plus/Premium from a pot.
All we’re asking for is a pot to pay from. But no. Sadness. -
Honourable mention for sixth place: paying in cash at the Post Office. Another one of @fernandofanton’s promises! (Just don’t ask him about joint accounts and he’s quite chatty).
Feels a bit like we’re getting through stuff! None of this was ever guaranteed and these polls are a bit of fun, but it’s nice to see some new stuff coming through in the US!
Let’s check back in later in the year and see how our predictions and wishes are faring!
We really need to be able to deposit more than £1000 in cash every 6 months as well.
I had an email recently from their researchers on the plus team. The whole survey was about the appeal of different plans - some with retail partnerships, otherwise with insurance (home, mobile, travel), and one with all bells and whistles with digital streaming partnerships rolled in.
Worth explaining though that they did highlight they were examples, as I suspect the research is figuring out what types of things to include in the revamped accounts.
Big thread about it here
Rapid Reaction Revels 
beats me to it again!
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