What is the upside in banking with Monzo?

Monzo Chat
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Above are links to three recent threads. Two are critical and one is looking for reasons to switch. The relative sizes of these threads reinforces the idea that there is a lot of negativity.

To try and give the newish member an insight into the advantages of banking with Monzo I wonder if we can post them here. I am thinking just of Monzo, not relative to any other bank and in particular what you see as a major benefit of having Monzo in your life.

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Instant notification, and the balance is exactly what I have to spend right now. No guesswork.

Even though I earn enough that I don’t have to worry about running out day to day, having the figures at my fingertips gives me a much better idea of how I’m doing this month. It’s more than just a feeling of control - it’s helping me pay off loans faster.

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Instant notification and automatic categorisation - :monzo: made me realise I spent more on eating out than I did on groceries :slight_smile:

Oh, and I went to Australia and didn’t need to get travel money before I went and the MasterCard exchange rate was awesome!

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  • Instant notifications, including the helpful “you’ve spent x amount of money”
  • None of the contactless transactions don’t appear for 3 days nonsense
  • An app with great UX, and that doesn’t invest in security theatre
  • monzo.me
  • Hassle free foreign exchange
  • Excellent customer service - response times seem to be back on track, but more importantly, I’ve found the replies to be detailed, helpful and proactive. I don’t mind waiting 5 minutes when the response is “sorry about that, the issue is because of this, and I’ve already fixed it”
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Being there at the start of something new and exciting.

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Okay. If I’m not allowed to be negative on this thread I’d say that the the only upsides to Monzo which are relevant to me are:

  1. Instant notifications when abroad. I like these, because I get a very close indication of the Sterling amount immediately without having to perform the calculation myself.

  2. Free access to some cash when abroad. I signed up for Monzo in part because they offered free foreign ATM withdrawals at a good rate. That is now only £200 per month (which is effectively £200 per trip for me), which is a bit disappointing, but I do have alternative ways of obtaining cash in Europe. So the Monzo £200 can be seen as an emergency cash boost.

I’ll keep my account open for the above benefits, and hope that Monzo will improve their offer in the coming months.

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I don’t view throse threads as critical or negative, I view them as examples of having a community of passionate people who want to improve Monzo :star_struck: .

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  • instant notifications of what the cashier is taking off me when I use contactless payments

then with the tap of a couple of buttons in app

  • being able to search for a spent amount from a certain outlet in the last year/ month and knowing exactly when and where I spent it

  • knowing how much I have spent last year compared to this year compared to my income

  • knowing how much Ive spent in the pub this month compared to last month

  • all of the above lets me fairly quickly evaluate whether Im living within my means or not and then lets me adjust my spending to suit my budget - in short being more in control of my money spending habits without having to sit down with my bank statements and a calculator

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