Some decent additions so far (apple pay, international payments, direct debits in recurring payments, web interface)
What I want to see next:
Interest on savings
Ability to add your own photos to pots (and more complex rules for pots - IFTTT does simple transfers on a date for me and sounds like simple transfer are nearly here for IOS too)
Customised start dates (I have to agree with everyone else, I don’t think this is complete to the standard it needs to be. It’s pretty fundamental to good budgeting and a better solution needs to be found. I still think you should have the ability to select on a calendar what dates your time period starts - not sure whether possible though as I have no app making skills!
The ability to exclude transfers in from the summary
The ‘keep track of who’s paid you back for lunch’ which is in sneak peeks in the app (might be linked to no.4)
Ability to deposit cash - Monzo is my only account so this proves to be a massive problem, especially with an Aussie lodger who pays his rent as 6 £50 notes every month!
I actually think once all six are done, the app would be pretty much there for me in terms of being able to use it without any issues to help me budget month to month and to automatically save into savings pots which is the basic aim that the main Monzo app should be trying to achieve.
I wouldn’t say this is ‘done’ at all and I hope we will see improvements fairly soon — it doesn’t seem to work for most people. It only works for those who get paid monthly exactly. Those on any other type of payment pattern it’s pretty much useless. I get paid on the last working day of each month, this month summary thinks my month ends on 28th July when it’s actually 31st.
Eventually more choice will be availabile through the marketplace (I imagine) but hopefully it’s going to be a good initial version of how a seemless signup will work with a provider
I imagine the rate will be comparative with other general savings accounts on the market, I’m not expecting them to come out top.
I wonder how Monzo will make revenue from this intervention if at all? It doesn’t show any hints on that screenshot.
The whole point to Monzo (for me) is not taking 1000 years to create the perfect solution (hint: it doesn’t exist) but instead get it out and get using it and then let the community contribute to how it can be improved.
So looking forward to a savings account! I would really like the ability to save custom images as a background.
With Starling I kept looking at this little boat I wanted in the app - it made me more emotionally connected and more likely to save rather than spend.
I have a 4-year-old daughter with a Nationwide savings account. I would like one for her, in a pot, and the ability for her to upgrade to a current account when she is old enough.
And if a Monzo genie asked me what my other wishes were it would be something like a Monzo- GoHenry alternative. I would even be happy to pay a service charge for it.
I think Child Pot(s) or sub account would work better - the child would only have access to their own portion whilst would be able to supervise and see overall activity. It will teach kids about accessing bank accounts, how they make money, how spending affects them. Once the child (or the parent) is comfortable the account can be split into a new account.
This pot or sub account could also be linked to online activity such as buying games etc.
Btw, I’m talking about young kids (pre-teen, early teen). Teaching kids at a young age is important lesson.
Hope Payee Management includes being able to unify bank accounts from the same person into one Contact card e.g. my partners Monzo, NatWest and NatWest joint account will all be filed under his contact card, each with ability to name accounts for easy picking when it comes to paying
— it doesn’t seem to work for most people. It only works for those who get paid monthly exactly. Those on any other type of payment pattern it’s pretty much useless. I get paid on the last working day of each month, this month summary thinks my month ends on 28th July when it’s actually 31st.
