Well, actually you still benefit somewhat.
Firstly, Monzo doesn’t increase the unit rate or standing charge. What they do is, most of the partners listed offer referral cash (for both the switcher and referrer). Monzo basically takes half of that.
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Oh woah OK. I’m clearly sticking my nose in something that I don’t know enough about
Well I know three people who are on Monzo that would definitely not try Cleo or Plum, and that also includes me. This is anecdotal, I don’t know what the general market is like. But I don’t think you can assume there is complete or significant overlap.
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Ideally Monzo will be able to show you the cheapest supplier, based on your particular set of needs, which is something that referral sites haven’t been able to do before because they don’t have access to the (payments) data. They might also find you the suppliers who not only save you the most money but also have values that’re more closely aligned with yours.
Obviously they could save you the time of searching for / reviewing the different options too.
Also, Monzo can alert you to the fact that you’re overspending, as soon as that becomes apparent, whereas it might take you a while to figure that out, if at all.
So hopefully they will offer you more value than the money you would save by searching yourself.
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I tried using Cleo and it didn’t really impress me. It wasn’t very intelligent and would tell me I was spending too quickly etc or not sort categories intelligently. Emma is a little similar and has work to do before it will give me more useful info. The support is a lot better though, and I like how the app looks. At the moment it’s something I only look at occasionally. I’d say Monzo is a different product from Cleo- someone who might not want another current account might use Cleo, and a Monzo/ other fintech bank user might not see the point in Cleo as their bank already gives them plenty of insights.
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I watched The Long Short the other day. Pretty much says it all about why the financial legacy institutes need to be wrecked.
Don’t pay your taxes - go to prison
Steal because your family is starving - go to prison.
Commit fraud on a global scale impacting the financial well being of millions of people - naughty boys, slap on the wrist.
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