Personally, I’d go for “what’s the best current account for you?”
If you’re looking for excellent cash-back and savings rates, it feels like Chase is the answer.
If you’re looking for (in my opinion) a quicker, more responsive, more contemporary app with extra features (like Trends, bill splitting, shared tabs etc etc) then Monzo is for you.
Ultimately it’s for everyone to decide. Most folk on here will probably use a combination of accounts for different things.
And, let’s remember, whatever solution everyone chooses is okay!
Speaking personally, the Chase app isn’t anywhere as nearly polished as Monzo’s. And Monzling have really raised the game and spoilt me, so odd bits of grit (like slightly delayed faster payments) become a bigger issue than they perhaps would have been a few years ago.
But that said, Chase’s offers are pretty good market leading. I know that JPM is effectively buying customers and that in the long term that’s not good for competition, but (again from a personal perspective) I’d be silly not to take advantage. And I do like some of the features, like being able to pay direct debits from the savings account (even though I won’t be using that).
I think this leaves me thinking:
Competition is good, and I hope this causes Monzling to pull up their socks (I suspect that Starling is likely to be more of a substitute than Monzo, but let’s see).
I feel a bit sad that the rumoured Starling acquisition never happened. JPM funded offers with the technology of Starling would have been very difficult to beat.
I’m very keen to see how Monzo responds. They don’t necessarily have to match the offers, but more differentiation is needed - especially for the paid accounts.
Indeed, this was part of my feedback when it asked why I was cancelling premium. It just isn’t worth the extra money (especially if you have a family that need phone insurance), for me at least.
I’d like Monzo to keep polishing and adding new external providers to connect to but show some movement on this rather than building and leaving it. Same for the offers, have a few pop up every couple months to help keep things fresh. Move some of the stuff out of Plus/Premium tab that @Peter_G has mentioned on another thread. More virtual cards would be nice.
The problem is that Monzo spends most of its time building stuff which doesn’t help me. The budgeting features are irrelevant to me and same with Flex. Perhaps I’m just not the audience.
When cancelling Premium, skip the step of confirming your address for the coral card. Then order the Plus card when upgrading. I only got one card (Plus) in the post.
Virtual cards will need to be recreated, as they are deleted the second Premium is cancelled.
So @AlanDoe - lots of guesses and want’s from Folks.
Is there anyone from the plus team who would mind sharing their thoughts? The total lack of response from Monzo suggests that nothing is going to happen, or there is something exciting in the pipeline.
Would there be any kind of official Monzo line on the future of plus/premium?
I pay for plus specifically for those features: the automated exporting of spending reports and categories are simple but give me a much better overview of my finances across both my monzo and brick and mortar accounts - I’m happy with what Monzo are providing - will look forward to benefitting from further developments/services
@JIMMWX I’m having a meeting next week with a member of the Plus/Premium team so I’ll see what kind of update I can bring or if we can get some input from the team directly
Hey @AlanDoe no problem - as nice as it is to hear from the community what we would like to see, these are just hopes (and maybe inspiration
That would be amazing and no apologies needed for radio silence, we are all busy people so anything they can do to give us an insight would be much appreciated I’m sure.
I’m not unaware of how updates from the plus team have gone down previously so I hope everyone can be civil this time
