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).
I would really like to be able to use Monzo for serious investing but they are not quite there for me yet. The fund choice is limited at best currently and the pension is a hard no due to lack of own contributions. I personally would have liked to see at least the whole MyMap range offered as a starting point to give people options on par with VG Lifestrategy. I am really hoping they can expand their offering going forward, fingers crossed.
I want to be able to pick ETFs, I’m not particularly bothered about buying individual shares, but I do want a greater choice of funds.
If they made that possible I’d seriously consider Monzo, but for now I think T212 is the frontrunner, particularly because I already have a second S&S ISA there.
For the most part, I think the Monzo investment offering is fantastic.
Some people enjoy individual share ownership, some people are even good at it. But for me personally nothing beats consistent regular investment into a solid fund for building wealth.
As soon as my salary comes in I sort some of it straight into my Monzo s&s isa and forget about it, already up over 9% in a year (and that is because of regular payments, if I could have afforded the full amount at the start it would be even higher).
For many who don’t want to or can’t invest the time to manage their investments then I whole heartedly recommend just opening the s&s account and set up a regular contribution and then go about your life.
Do I want more choice in my Monzo investments? No I don’t think I do, again for the casual investor too much choice would ruin and overly complicate what the Monzo investment is. I can choose safe, less safe and f*k it levels of risk and that’s enough.
For those who want more choice and/or sophistication etc. go to Freetrade, they are good at what they do (brazen plug).
