What is the upside in banking with Monzo?


#1

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.


Should I make Monzo my Main Account?
The Overdrafts Pricing
Our Plans to Close the Monzo Prepaid Cards
About Feedback 📣
New to Monzo
Using Monzo as your full time current account
(Tony Hoyle) #2

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.


(Colin Robinson) #4

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!


#5
  • 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”

#6

Being there at the start of something new and exciting.


(Change Works) #7

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.


(Kevyn) #8

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: .


( related to Monzo CEO, Investor in Monzo ) #9
  • 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


(system) #10

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