Tred discussion

I had hopes for Tred - I almost took part in the fund raising last year.

So now they’ve started charging a membership fee of £2.99, which I wasn’t too happy about, but the deal breaker was the online authentication codes not working - tried to buy stuff from Amazon last night. and the code sent to me was invalid?!

Emailed them to close the account.

Me too - but the moment they proposed charging for basics I didn’t go any further with them.

I don’t hear many people using them day to day, I think you must be their one customer.


The model obviously doesn’t work for free, so why do we all expect it to be free?

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That’s true, they have to make money somehow

But I think there’s a difference between charging for additional features ala Monzo Plus/rewards vs Treds model which charges for things such as bank transfers etc.

Spotted in Leeds… City Square.

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Tred is closing all personal accounts

So they found people were not prepared to pay £4.99 for basic banking functions free elsewhere then.

Shame - I liked Tred but no way was I paying for a bank (with no features for that cost)


Big surprise. There’s not really room for n+1 fintechs in the UK market, and if your USP is charging people £4.99 for basic functionality you’re living in cloud cuckoo land.


This feels incredibly onerous. Can’t one just transfer their own funds out?

I have no desire to send them my detailed statement from another bank showing my balance, and my private transactions. That’s a bizarre request - I’m not applying for credit, I should simply be able to name a sort code and account number and off we go. And I should be able to do it in-app… Mad.


Showing your age there! This was my grandmother’s catchphrase.

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I’ve sent them a redacted Monzo statement header with no details, hopefully enough info

No reason they shouldn’t. Whenever these are requested of me, if they have no purpose for needing to see see my transaction history, the whole thing gets redacted besides the part of the header that includes my name and address, the banks name and my account details and the date. Never had any problems.


I shall make no public statement! :sweat_smile: I try not to give too many giveaways as to my age, not sure if successfully!

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My balance has been at nought since Tred told me it would begin charging. I tried to close my account but the app is only set up to pre–populate an email from the Apple Mail app (:eyes:!!) which I don’t have.

The other option was simply to not have enough in the account to fund the fee, which would trigger an account closure after two months’ failed attempts. Needless to say I’m still a customer after six.


Tred account all closed down automatically, on the day it pulled all personal current accounts. At that time, there was a lot of encouragement to invest via a crowdfund. Now that looks to be in trouble too…

From email, as I still receive them:

Hi there,

We’ve decided to postpone our public crowdfunding launch, it will no longer be going live this morning :alarm_clock:

Due to recent regulatory changes by the FCA, CrowdCube has reduced the amount of information businesses can provide on the pitch page, this includes Tred. This means we are still having ongoing conversations with pre-registered investors which we’re committed to completing before launching to the public. We believe this is the fairest approach.

If you’re interested in investing, please drop me a note by replying to this email or emailing [redacted]. I can help provide information upfront to give you an overview of Tred, our vision and product. This will help give you enough information before the pitch goes live.

I closed my account in December when they announced a monthly fee.

So was quite surprised to get an email recently saying

We’ve been contacting you over the past few weeks to settle your negative balance (debt) on your Tred account. Please reply to this email or contact to settle this debt.

Especially since they haven’t tried to contact me and I have never had a debit balance with them…

In a way a shame but they never really had a product that was in any way market different to what else is out there. Plus charging for a basic bank account was never going to work for them.

Looks like last funding was for £688k in 2022 which I’d imagine is gone and they’ve run out of runway.

Slight shame.

So a bit like Algbra, Kr-poo, and all the others?

Kinda. I think Algbra does have a difference though, they actually have to me at least one of the nicest eco-first fintech implementations going. But Kroo, yeah.

Basically, you can’t just be “another FinTech” and expect to get away with it these days.