Hi IronsE11, I’m Max and I work in the Investment product team at Monzo. Thanks for the question and to everyone for the engagement on this topic!
We can’t give too many details away just yet but, yes, we are absolutely looking to expand our range of funds so customers have more choice.
Simplicity and transparency will still be at the heart of the Investment product so we’re thinking carefully about how to introduce the new funds without the experience being overwhelming or alienating new and existing investors.
Hopefully we’ll be able to share more towards the end of the year so watch this space!
This is really good news. I have another investment platform that’s cheaper with more choice, but I always gravitate back to Monzo investments as it’s where my main bank and business accounts are. I would like to solely use Monzo.
Also, a tiered fee structure would be good, like after £100k, a 0.25% platform fee. I think this would keep us here for the long haul.
A global tech index like L&G Global Tech Index, maybe a simple global and US equity index would be good.
I would love Monzo to take the investment area really seriously as there is so much growth here.
Is there any news on whether this will be available for Joint accounts in future? I’d love to be able to contribute to one of these together with someone instead of having to send it to their personal so that they can move it to their own investment pot
I just tried to pay in to my investment account directly from a pot. The pot had enough money in but my current account didn’t. I got an error saying I didn’t have enough funds to invest which is incorrect as the pot had enough in. After transferring some from a savings account in to my current account, I could then make the investment directly from the pot.
Looks like Monzo is checking the balance on the wrong account/pot when investing.
It works from pots and I always do it from a pot. This was the first time my current account balance was less than the pot balance so it wouldn’t let me. It’s just a bug checking the wrong balance.
My current account had £49 in, my pot had £116 in. I tried to invest from the pot the £116 and it wouldn’t, said I didn’t have the funds. I transferred in £200 to my current account from my savings account then tried again and it successfully took the £116 from my pot (it transfers it through the main account and then to the investment account automatically).