The Monzo Current Account Preview

Looks like I’ll be at the office next Tuesday to get my account set up :slight_smile:

1 Like

When I visited Monzo the other day, we were told not to expect any new functionality / feature parity initially as they are really looking to test the links with the main payment processors and to find any bugs, although overdrafts will be tested in the next few weeks hopefully.

When the current account launches fully, it will have full feature parity with the current prepaid app.

1 Like

I also got a second invite this morning although I’m already registered for the event on the 3rd Aug :blush:

1 Like

They’re a Building Society not a Bank I think.

1 Like

14 posts were split to a new topic: Accepted ID for Account Opening - CA

Second invite and most of us can’t even get one, go buy that lottery ticket haha

4 Likes

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?

3 Likes

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.

3 Likes

That is correct, yes :raised_hands:

4 Likes

Excellent to meet you too :slightly_smiling_face:

2 Likes

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!

2 Likes

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:

5 Likes