I’m liking the sound of the loyalty scheme integration and investment options.
My own wish list:
- IBAN support. Using TransferWise is great for actual international payments but my employer’s PeopleSoft system doesn’t accept accounts that don’t have an IBAN for payroll and expenses.
- Cheque imaging would be nice but tbh the cheques I get now are so rare that Freepost Monzo is fine.
- Use APIs to other banks to predict variable Direct Debits properly (particularly my AmEx bill) in Summary. Bonus points for using the same APIs to categorise payments properly, i.e. flow-through of transaction data from AmEx to Monzo.
- Some of the logic on notifications is a bit counter-intuitive imo, e.g. including my mortgage payment in what I’ve “spent today”.
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It’s super annoying to get a “you don’t have enough money for this thing tomorrow” notification when Monzo knows full well that my salary is going in - and even shows it in my feed.
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Whilst you’re correct that this is in many senses a solved problem, I’d counter with two main points:
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Whilst it’s a solved problem the percentage of people who actually do it is still low. I’d guess higher for Monzo users than the general population but an occasional prompt of “We estimate you can save £nn per month by switching provider” or similar could increase the uptake of switching.
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It’s probably quite high in the list as it’s a source of revenue for Monzo, helping Monzo to become a sustainable bank.
They also don’t have to build the entire process from scratch, they’ve demonstrated with TransferWise and Investec that they’re open to overt partnerships and potentially there could be more covert partnerships on the back-end systems too.
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I would like to see the removal of the £200/month limit on fee free withdrawals abroad, in-line with Starling. I’m a Monzo investor but a Starling user when abroad, which is a little frustrating as I tell all my friends to open Monzo accounts.
I understand that the cost to Monzo can be prohibitive, but are there really many people taking out more than £200/month on a regular basis to make it too prohibitive?
I think the more challenger banks that actually challenge the high fee structures in place, the more likely fees will reduce across all banks in the future. The high street will have to play catch up to stay relevant. At the moment Starling is out there eating all the cost by itself and so will end up probably cutting its losses like so many before it (Monzo included) and stop offering this.
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Yes there were, that’s why they introduced a limit
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I’d still like to be able to automate a transfer into pots based on a percentage of my salary payment that hits my account. Really useful when you earn a varying amount
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Transferring a percentage of income into pots seems to be top on the list for business accounts. Hopefully this’ll translate into the functionality being available for personal accounts, too 
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Is there a way Monzo could automatically store enough metadata for HMRC so that no one ever needs to collect receipts again? What would it take?
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Same when there’s a pending pot withdrawal
Though going committed spending/books out will come in the not too distant future and solve this!
I’m still loving Monzo, still waiting for a metal card to appear on the scene though 
Would even be prepared to pay a one-off fee for the joy of owning a hot coral metal card 
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Completely agree. I get paid weekly and an application like Acemoney makes it so much easier to budget. I currently have two bank accounts. One for bills, my main bank account and another for general spending, currently my Monzo account. I’d love to make Monzo my main bank account, but without OFX imports, I cannot do it.
The one off fee for metal, colours etc is defo the way to go Vs plus model for these type features.
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Agreed.
Pre selected choice of colours, one off fee and bobs your uncle. Forget the boring colours offered in the ‘plus’ package.
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I personally think they should stick with as few card options as possible. How regularly do you really use your card? I rarely touch mine as Android Pay is my main payment method.
Maybe down the line, yes. But not at the moment. Far bigger priorities for Monzo.
Yeah, not gonna lie, when I got my Investor card I was definitely hoping to see a brightly coloured band across it or something! 
How regularly do I use my card? Twice a day on the Tube, once a day for my coffee, twice a day for food, a few times a week for shopping… just saying.
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Of course - presumably you don’t use Apple or Android Pay?
I do use Apple Pay on my Apple Watch… but in rush hour I have a coffee in one hand and my FT in the other, and I can’t unlock my watch without a free finger! So it’s my card in those instances. Once they let you pay truly contactless with no unlocking required, I’m in!
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