Monzo should focus on encouraging customers to transfer their existing ISAs to them, rather than the other way around.
There is a vast gap between beginner level and The Wolf of Wall Street. I had never invested prior to my experience with Monzo, but in doing a bit of research after taking out a S&S ISA (and just by reading the comments earlier in this thread) it quickly became apparent there were better options out there which required very little additional experience or effort.
My transfer to T212 was seamless*, and it’s just as easy to invest in a pre-built BlackRock fund on there as it is within Monzo, except I’m no longer forced into the same 3 pre-selected ESG funds.
And for those that do have experience, you can PYO investments. So it caters to all levels.
*The only part of the transfer that wasn’t seamless was how long it took Monzo to sell my funds prior to the transfer, which cost me £600. The same sell order on T212 would have been virtually instant and resulted in zero loss.
I just don’t see why anyone with an existing ISA would transfer IN to Monzo, when they have such a poor fund selection and higher fees for the sake of marginal convenience.
Beginners who are completely new wouldn’t know any different, but I’m really curious what would encourage an existing S&S ISA holder to actively move to Monzo with their current offering.
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Monzo Extra customers pay a 0.35% platform fee, which is comparable to some of the large UK retail investment platforms.
Add in a great UX and the convenience and data aggregation benefits or using a single app then it’s easier to make a business case.
I’ve re-read the Fund Factsheet and this is incorrect, as the ~36% UK weighting stated in the Geographic Breakdown is based on the Funds’ domicile as opposed to the underlying exposure.
I believe it is the £7 Monzo Perks plan which gets you lower fees, not the £3pm Monzo Extra plan.
In which case, are you counting the £7 as part of the investment fee, or just writing it off as something people would already have? As that’s not exactly a fair calculation…
Monzo Current Account is free
Monzo Extra is £3 a month
Monzo Perks is £7 a month
Monzo Max is £17 a month (3 month minimum commitment)
Monzo Max + Family is £22 a month (3 month minimum commitment)
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Hi, I see the Black Rock adventurous fund it says 36% invested in both USA &UK but only 16% in Europe ? How can that be
I have to disagree. First Halloween and now this. 
There’s already an incredibly healthy and saturated market of investment products just like Monzo’s geared towards those new investors. They’re everywhere.
And whilst yes, there are platforms out there for those with more experience and who are comfortable doing things for themselves, they not accessible and price an awful lot of people out, not to mention legacy AF. In this space there are literally just two key players and neither are very compelling propositions anymore. There’s a lot more room here for someone like Monzo to come in and disrupt, making this approach more accessible to everyone and guiding new investors into it.
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Out of interest who are the two key players you are referring too?
That would be Freetrade and T212.
My bad (again). I was confusing Monzo Extra with Monzo Max which I have just signed up to (mainly because it is cheaper than the standalone breakdown cover RAC were charging me) and includes the 0.35% fee offer. I would write this off as something I already have for the above reason, but the 0.1% saving would pay for itself pretty quickly regardless.
The product is a fund of funds. ~36% of the assets are invested in UK domiciled funds, thus the geographic breakdown above, however their underlying equity exposure is predominantly non-UK. E.g. a UK domiciled Fund which invests solely in US equities would be listed as 100% UK in the geographic breakdown but 100% US in the regional exposure.
Depends on who is doing the classifying. On AJ Bell, they look under the hood so, if I invest in a fund that is UK listed but 100% invested in America, they would say that it’s 100% in America.
As per BlackRock’s Factsheeet:
Decided last year to run a test for Monzo investments. It has been just under a year. The markets of course have been good, but as a product designed to be exceptionally easy for customers to get started, it has done well. There must be a lot of people out there who would have never otherwise considered investing, that have had similarly good returns. I think though now is a good time to expand the funds and give more geographic choice. A range of index trackers would be great.
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More funds would be good. I like the ability to split across funds without having to have multiple accounts in places.
Not too sure that 24% is all that good considering but better than nothing.
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I think that is very confusing for investors? I think I’m investing in UK but I’m not? I could be 95% invested in North Korea !!!
Regards Andy.
(Edited personal information out from original post: Tom_)
For context, I also put money into a Vanguard global index tracker on the same day, and this is up 23%.
It has also outperformed the funds on your screenshot over the same time period.
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My core fund is +34% since 20/10/2023. Sadly it’s not available via Monzo.
Which fund is that?