What features would your ideal bank have?


I love the concept of Monzo, I love how easy and modern it is for the current climate. There are a lot of things that I’d like to be different, which are either being worked on, or will be worked on in the future (I hope) of Monzo.

But it got me thinking, what features would your ideal bank have?

I would like to see multiple accounts linked to one account, but that can be easily switched and be used by the same card. If that makes sense? Also easy, modern and ‘beautiful’ UI on the app too.

I also love the idea of pots that Monzo has, but with way more functionality. Rules that you can assign to do pretty much whatever you want, being able to separate money and have direct debits/standing orders coming out of a certain pot. Maybe having money saving challenges included as extra options or something like that?

Of course, generous interest is a bonus too and a cashback option that you don’t have to activate, but is already automatically activated.


SCT, SWIFT, SOFORT, Euro accounts, SDD, multiple accounts.

(Alex Sherwood) #3

In case you’re interested, Monzo collects user’s ideas & adds them to their ‘Extraordinary Ideas Board’ here :star_struck:

(Adam) #4

I wish my current bank offered secure webchat or messaging.

(Leon) #5

An overdraft based on APR and not a daily charge…


Wouldn’t you rather have a disincentive to go into the overdraft at all? The flat rate helps with that.

For overdraft-size borrowing use a 0% money transfer card.

(Leon) #7

Indeed but it punishes those who end up in a overdraft. Nobody goes into their overdraft (longterm) if they can afford not too. So certain banks are kicking those that are down. How wonderful!

So a credit card is your solution? Not quite. Credit card companies normally take only the people with very highest credit ratings for their 0 per cent offers. (Oddly enough those are the very same people who don’t really need a 0 per cent deal but I digress.) Somebody who is just about keeping their head above water I doubt will qualify. Those are the very same people that do need the 0 per cent offerings.


from my days with a Consumer Credit license when I counselled members of a credit union I totally concurr with your comments about Overdrafts and Credit Cards.

(Leon) #9

Thanks I am just pleased that people think along the same lines that I do. :grinning:

(Ben Green) #12

While I agree with your ideal overdraft, I suspect Monzo would have to remove the £20 buffer that we currently enjoy.

It’s a small price for a few days providing the APR was low enough. Monzo then probably wouldn’t make enough profit for those of us (like me) who only stay within the buffer or at least come back within it before midnight. Although I would welcome insight from a Monzo employee about this.

If it were a higher rate however, those same low overdraft users (like me) would feel very penalised very quickly and obviously even more so at the other end of the overdraft spectrum who could quite easily fall into the trap living in their overdraft.

The third alternative would be use a tiered rate which is, as I understand them, what a lot of legacy banks do but it just creates a lot of confusion when attempting to understand the charges.

(Leon) #14

Yeah because £20.00 is such a incredibly high buffer. I’ll be crying over it’s withdrawal for a long while if it were to happen. sarcasm overload :yum:

My joking aside, your points are valid. I feel the daily fee is hurting more people then it helps at the moment and from a supposedly caring bank it’s a bit :open_mouth::face_with_raised_eyebrow::sleepy:

(Ben Green) #15

With a higher buffer you’d have to suffer a higher daily rate or APR.

You can’t expect to freeload the system. Monzo are in business to make a profit and deserve to be paid for the quality product they’ve produced and building upon further.

Who knows, maybe the marketplace will be so successful that the fees from partners will allow for a reduction in the daily rate of overdrafts? One can dream.

(Leon) #16

It would be a extremely large overdraft for that to be the case.

Sorry misread your post. Yeah but the APR we are paying at the moment (50 pence a day vs APR) is so high only a overdraft of upwards of a grand could touch it.

APR is fine as far as I am concerned.

Maybe but as a beta user of the marketplace I have my doubts.

Whoa whoa whoa who is freeloading the system? Monzo has made some pretty marmite decisions in the past 6 months. The international fees for withdrawal of cash is one. 2nd No interest when in credit. 3. Overdraft daily fees

(Ben Green) #17

Me too, but it’s very early days so I’m gonna reserve judgement on it until after full release. I mostly agree with the thread on marketplace feedback.