We're adding two new fees, which only affect a minority of customers

Monzo Chat News & Updates
68

Is it just me, or having this sort of criteria is no different to many other bank current accounts out there? . . .

Paying in at least £500 every 35 days to a Monzo account and have at least one active Direct Debit on that same account

Tesco had a minimum pay-in and DD requirement (eventually) on their interest bearing current account.

TSB have the same for their current account with interest.

Santander 123 Lite is £500pm deposit and qualifying DDs for cashback.

These are just examples.

How does Monzo’s requirements differ to these?

Thoughts?

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69

Does signing up for Plus and getting your initial sparkly card count as a replacement?

70

Unlikely. It is an account upgrade.

71

I know but people are wondering

72

It doesn’t – that card is covered by the cost of Monzo Plus (so there’s not charge for it) :blush:

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73

Good blog post!

I think the costs are fair, reduces freeloaders using monzo.

There’s probably a reason why, but to me it would be simpler if the two limits circled were merged. Does it matter if it’s within the U.K./EEA or outside of that?

Someone who doesn’t qualify for the higher limits could otherwise withdraw £250 in the EEA then £200 outside of it all for no cost.

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I really like the email that’s gone out as it’s tailored directly to the recipient and thus explains the changes based on how it will impact me specifically rather than generically

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74

if you have savings that you put a chunk into Monzo every 6 months and then transfer 500 internally from pot to main account and have several DDs paid through Monzo are you covered for fees ?

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76

So this works on a rolling 35-day period. Any time you meet the conditions, that’ll be triggered against your account, and then 35 days later, we check again.

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78

I think these are very sensible changes.

It is also good to see some engagement with the forum and the blog post is clear and well written.

Sounds like this could make a reasonable dent in reducing unnecessary costs.

Good job.

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79

I see where you are coming from.

Other banks have the eligibility criteria to qualify for perks.

Getting access to your money, as cash, is possibly not a perk, as such.

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80

Cannot see a tweet from Monzo on Twitter about the changes yet, however, the hate tweets have already started to be posted :rofl:

Wonder if they’ll trend today.

81

“We’re also making it easy to see exactly what your fees and allowances are with a new home in your Monzo app, so nothing’s ever hidden.”

This sounds good @jackcully - any timeline on how soon this will hit the app?

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82

@jackcully What about people who are careers and earn £67 and don’t qualify for universal credit because they’re a career?

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84

If you get paid £499 and take out £250 then I guess you’re going to be charged.

This must be rare though.

85

There’s bound to be some specifically from those who it impacts. But again they likely just use monzo as a top up and spend card while banking elsewhere.

Can’t have your cake and eat it I guess

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86

The team are prepared for this, too! If you’re worried about this, get in touch with customer support in the app and they’ll have a chat with you about this and they’ll be able to help you out :ok_hand:

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88

Overall though.

If Johnny Big Potatoes gets paid £4k a month and takes out £300 a week to fund his coke and hookers, then he can either afford to pay the charges or move his salary to Monzo.

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89

This should be ready for when the fees go live – so by October 31st :blush:

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90

I also wonder how much of this they suspect is fraud. Money comes in, goes straight back out in cash.

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91

There’s this from the article:

If you tell us you’re in difficulty, we can exempt you from or refund these fees.

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