Fair point - I think I will.
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It concerns me a little that there’s an algorithm running every 35 days to classify my account based on some criteria. There’s obviously been thought put into deciding the criteria. I expect that any changes in it will be communicated.
If people are re-classified as a result of a funky month, I hope that they can discuss this with Monzo in a human-way, rather than it feeling like a faceless machine has made a decision. Especially when edge-cases pop up.
I respect that you’re being honest about this process and the new service(s) that back it.
The only cost that concerns me is that someone would have to pay to access cash in the UK.
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It’s not trending on Twitter for me.
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Oh I’ve already checked. Monzo is the ONLY bank in the U.K. that charges to take out your own money.
It’s ridiculous
Other banks that you’re talking about requires a minimum to get perks like cash back not accessing your own money
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Monzo is my one and only bank account (I was a very early adopter!); all my financial comings and goings are contained within it. These changes are eminently logical, and fair. Best bank account I’ve ever had.
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Greater Manchester as my location on it and it’s #9 for me
Twitter does personalised trends or actual geographic trends so perhaps it’s the users personal one?
Greater Manchester is my location too. And it’s not trending.
The “free” card replacement, is this per account? So two for my current and two for my joint account?
I’ll grab a link
@jackcully I don’t like the changes on principle. I understand the motive behind them though I think the criteria could be more straightforward.
My main concern is charging for every replacement card if you don’t meet the criteria.
Given that only 1% of customers request more than one replacement/year, I would have preferred Monzo to issue one replacement/year free and then charge a fee (in fact, I would charge Plus customers as well - instead of giving them 2 free replacements/year)
However, charging customers if they lose the card or its damaged once feels wrong.
It would also have made sense to align the amount you can withdraw in the EEA and outside.
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Or look in the app at the card number?
There are accounts (eg. “Black Card”) that are exclusively done off either you having a mortgage over a set amount with the bank, or an income of 6 figures+ etc.
No annual fees, they just know they’ll have your usage etc.
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Some I think are normal accounts. I’m judging from the accounts that had switching bonuses, from back when I went through all of those, purely from the bonuses. There was some disparity between pay in requirements, which is easy to game, hence the direct debit requirements too.
But the more standard accounts I believe had pay in requirements of £800. And premium ones would exceed £1500.
They pay in requirements exist purely to demonstrate that having your salary paid in is required to use the account, and the pay in minimum limits to denote the class of customer they want using the account.
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Black card has fees…
It’s either 5k/year or 50k/year
Search it up
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But those accounts can be used with no fees or minimum requirements, you just don’t get the switching bonus.
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Yeah black card / centurion has fees. Extremely high fees too
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You’re being slightly unfair in the comparison, though. You’re comparing the pre-paid/spending card tier, with a high street bank account.
What Monzo have done here, is separate their users into two groups: main account users, and those that treat it like a pre-paid card.
If you compare these fees to other pre-paid cards, you’ll see they’re still better in a majority of cases.
Some even apply pressure to change account tier, based on having too much. I was once called by Natwest and told to either upgrade my account or move the money elsewhere, as I had too much money for a student (I’d withdrawn some savings and received a student loan payment all in the same few days, and Natwest didn’t like that).
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Yea, I did … Premier Banking at Natwest ……
Zero Fee, high income or mortgage etc. Better terms etc. etc. etc.
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Correct yes, but some will actually then charge you for having the account if you don’t meet the criteria either, or demote you to a lower class account with lower limits and higher fees if they have one.
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I used the wrong terminology. Didn’t mean AMEX Black Card. Other banks issue black cards too
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