The Monzo Current Account Preview

True. But they are owned by YBS which is pretty big - one would have hoped they supported FPI.

I was told as N&P are closing down their Current Accounts they do not anticipate updating sort code or bin directories

13 posts were split to a new topic: Recurring Payments - CA

A post was merged into an existing topic: Accepted ID for Account Opening - CA

How are “savings” managed? I’m sure this has been covered before, but if you get 100% of your salary paid into a Monzo CA, and want to move £x into Savings, where do you move it? To a separate Monzo “area”, or externally to another bank/building society?

To Pots or a third party account, by bank transfer, if you want to earn interest on your savings.

OK thanks - thought I’d read something previously…

Indeed they are and it proving to be a massive cluster*@#&. YBS basically didn’t want to invest in the current accounts but assumed all the customers would keep the savings accounts with N&P… Nope. So N&P/YBS has lost about 95% of it’s savings accounts now.

Got my card today! :tada: Also successfully managed to top up with a large amount after a fraud detection with Barclays (Even got the guy on the phone interested in Monzo after he was asking what it was for! :grimacing:) Next challenge, sorting direct debits.
I take it, account numbers will stay the same even when the full launch happens?

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I also joined this evening. Although being in the Monzo office, you still registered through the app by taking a photo of your ID and filming a short selfie. You then waited a few minutes (for what I assume is human verification) before getting the all clear and collecting a debit card to register.

Was good meeting @alexs and @coffeemadman over some beers too.

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That is correct, yes :raised_hands:

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Excellent to meet you too :slightly_smiling_face:

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Also got my hands on my card this evening. Very pleased to get involved and have the opportunity to play and test features.

Overall, very much what I’d come to expect :grinning:

A couple of bits of functionality that might be worth listing as “to be delivered” (apologies if there already there but I’ve missed them):

  • the today widget
  • when I changed my PIN at an ATM, I got a zero ATM withdrawal, but unlike even early versions of the prepaid app, it didn’t state that I’d changed my PIN. This is how it used to look
    IMG_8684

I look forward to playing with the account properly over the coming days!

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I didn’t attend today, but it must be hilarious view for Monzo employees (over and over again), when a bunch of people desperately torn envelopes, talk to phone (with rubbish background) and try to succeed in making sharp picture of id document… :mondo: Team should set up timelapse video of all of that and add Benny Hill music. :wink:

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I think it’s more out of a desire to test the app before the mass rollout, but it was a little surreal talking to people each waiting for their screen to turn from the ‘verifying’ to the ‘verified’ screen; which of course happened to everyone at different times.

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The envelopes are super high quality, I haven’t seen a torn one yet! :joy:

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Got my card tonight just got home, had an issue where I had a space after entering in my postcode which deleyed me getting verified (good old swiftkey now deleted) but got sorted in end and I got my train from Liverpool st with seconds to spare :+1::tada:

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11 hours or so, 420-ish miles, 2 trains, 4 trams, 1 underground train and 1 loooong walk down Euston / Pentonville and City Roads (I did underground it back) I arrived home with a current account. I can finally leave RBS! The event did overrun a little due to the later start and then the poor soul from Monzo who had to verify everyone individually.

The office was packed to the rafters so I guess another 100 to 150 people added to the current accounts. The presentation was similar to the one they gave for the live stream but they did focus a little on ATM fees as that is a bug bearer for them right now and what plans they are thinking about solving it. They also mentioned they have 5 on the Android app team now and they hope to make good and quick progress with the Android apps as Tom is on Android.

Very good quality. I’m actually planning to buy myself as the name of your supplier is written nicely inside the envelope!

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Got my current account last night too :heart_eyes:

It was a great event, thanks Tom and co! Ran surprisingly smoothly considering how many people you had trying to download the app/complete verification all at once.

I’ve already moved most of my Direct Debits over and will be getting my salary sorted today!

Once thing I’m nervous about is that I got used to using the prepaid card for ‘rationing’ my money week by week - I effectively gave myself an allowance every week to spend on Monzo, which I knew I’d properly budgeted for. So I’m really looking forward to ‘pots’ or the as-yet-unnamed feature which keeps track of upcoming payments.

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I noticed the today widget too, but hey ho it’s not too big of a deal :slight_smile: