What challenges do I have with my exising money management


(Justin Hunt) #1

So Monzo is all about making money management easier and more transparent if im not mistaken.

So whilst were are having fun with our Prepaid cards what are the main challenges we have in terms of the other aspects of current accounts ?

I guess for me Top priority would be Direct Debit and Standing Order cashflow management. What days do they come out how much, and i’ll always have bled my account dry the day before they are due to come out without me even realising. So an effective DD and SO tracker would be great and help solve that problem.

I’m sure i’ll think of other stuff, but what other stuff do people with a current account would do better from money management perspective?


(Justin Hunt) #2

Logging into my online banking is also an odious task, with those stupid little calculator pin sentry things, they need to go, along with the 20 layers of crap security checks.


(Ben Green) #3

This is getting into the realms of financial advice, which I do agree is a good idea and one that would fit well with Monzo’s image of promoting a financially healthy lifestyle. However, Monzo aren’t licensed to offer any financial advice and it’s not currently on their roadmap for the foreseeable future to get licensed either.

Hopefully they do decide to put it on there, but with all the other features in waiting they have to be careful not to push to much to soon. If necessary, I would prefer the focus on a few features at once at get them working really well.


(Tom ) #4

I don’t think this is financial advice at all - this is cash flow management.

I would also like to have a time travel feature where I can see my future DDs coming out, and when my current account is likely to dip into overdraft for example.


(Alex Sherwood) #5

That & a notification 24 hours in advance, which your bank could give you (because they receive a warning at that time) but don’t, of course.


(Ben Green) #6

Nope, that’s me not properly understanding your post… doh! :grimacing:


#7

I agree.

It would be useful if for example Monzo knew about regular monthly payments (eg salary) as well as regular monthly outgoings (DD/SOs) and could warn you when you are getting close to overdraft, taking into account stuff still to come out. Alternatively they could show you two “available” balances, your actual balance, and your balance until next salary in - stuff still to come out.


(Michael) #8

Showing DDs coming up would be awesome. Also displaying newly set up DD’s would be nice.

Many of my banks won’t display a new direct debit until the first payment amount has come out, so sometimes its almost 2 months before a DD shows up on my account :frowning: