£288 seems incredibly low to me. It indicates people have no savings.
But Monzo don’t keep peoples savings, they’re handled by a third party.
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Which is a problem as Monzo aren’t able to lend them.
Never been Monzo’s plan.
Well if Monzo want to charge to make money then they won’t keep me as a customer long.
Even if you don’t need to pay if you don’t need what they’re offering?
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Still this myth is peddled.
The report actually directly contradicts this.
Which report? The funds are held by Investec et. al. so Mozno cannot lend the funds to other Monzo customers.
Instead they’re paid a commission from the third party they use for putting business their way
Correct, but they cannot loan these funds. I would imagine the compensation is far less than could
be obtained by loaning.
I have just skimmed the report so I may have missed it, but you are claiming that Monzo can lend money to customers which is held with 3rd parties. Is that true?
As an idea I think it would be good if you could offer free upgrades to higher tiers for holding savings accounts in monzo (basically saying that the cut you get from the interest covers the cost of the more premium tier).
No, the myth that by keeping savings elsewhere, Monzo is unable to lend sufficiently and by doing so it is somehow laming itself.
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If Monzo were lending sufficiently it would be turning a profit.
Are you confusing sufficiently and irresponsibly?
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Not at all, if Monzo had more to lend, it could do so. Mozno wants to lend more, but can’t yet. They want to increase to £7k
Monzo currently cannot offer large loans such as mortgages, automotive loans, or business loans. All something monzo could be doing responsibly if it had the assets to loan.
Monzo currently do not offer large loans
Where are you getting all this from please?
They’re rolling out 7k loans and I assume the rest of your argument is your gut feeling? I’ve not seen anything mentioned on here to support any of that.
I just said that.
They do not, because they cannot.
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The two are not correlated. There is nothing to indicate a lack of ability.
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