When?


(Sami Hussain) #1

So when is Monzo rolling out?

How is it rolling out? <3


(Adam) #2

Short answer, Monzo plans to close its PrePaid cards before the end of this year


(Jamie 🏳️‍🌈) #3

@tom was at pains to underline that those signing up for the current account in the next couple of months are roadtesting the basic functions of a bank account; Faster Payments in and out, bulk debit card transactions, direct debits etc. The plan is to switch off the pre-pay card at the end of the year, whereby :monzo: Monzo are looking at having opened around 700,000 current accounts, with current sign-up projections. Overdrafts will be available to those who want one in around 2 weeks or so. Android and iOS parity very soon.


(Sami Hussain) #4

I’ve read about those all to be honest, but just wanted to a straight answer to whether if they would release them instantly or gradually.

Guessing gradually by what you guys have said.


#5

It has always been a gradual rollout. It’s what they have been saying since they first announced current accounts. All moved over to current accounts by the end of the year.


(Nathan) #6

FWIW The gradual roll out is planned to be nice and easy, you’ll receive a push notification alerting that you are ready to have a current account, you’ll be given an account number and sort code right then and there within the app, your payment feed and balance will follow you and your new debit card will be with you the next working day.

(all this is probably subject to change depending on roll out experience, technical issues, logistics etc. but this was the plan mentioned by Tom at the preview current account event)


(Sami Hussain) #7

Do people who have prepaid credit cards get their current accounts earlier? I don’t really have anything with Monzo right now, but I want to open a current account ASAP when they’re released to new members.


(Nathan) #8

I assume by prepaid credit cards you mean the Monzo prepaid card… I have no special inside knowledge but I am willing to bet a beer (or a coffee) that prepaid members are prioritised over new customers (and Investors prioritised over prepaid users).

Why don’t you have a card? Join the family :smile:


(Sami Hussain) #9

Don’t you need £100 to deposit into the prepaid card? I could do that and not touch it, and wait for the debit card I guess.


(Sami Hussain) #10

In how many months do you think, current Monzo prepaid card members will, get their current accounts?


(Nathan) #11

You do need £100 to activate the account (per se), if you don’t use withdraw it? or maybe just use it? it’s useful, start by separating your funds if thats helpful for you, like lunch money in the Monzo and you’ll find yourself using it more.

Monzo aim to have most if not all current customers migrated to the current accounts.

But to be honest mate, if you are struggling to find a reason to use the card I wouldn’t force it, I’d wait, it’s all fun and games playing with apps and banks, but you seem a little confused as to what you want and if it affects your money and leaves you in a hard place you’ll get angry and blame the world.

Maybe if you can elaborate on what it is you really, really need from a current account that the prepaid won’t do for you right now, we can help a little more.


(Sami Hussain) #12

Lol, it’s mainly just somewhere I want to store my wages and save money, if I’m honest.

But I love the features that they introduce such as seeing where your money goes (especially where they’ve been and the graphical representation!), the concept of it being “branch-less”, sending money lightning quick to other people and lots more. I also feel like the ethos behind Monzo is more “honourable” (if that’s the word?) compared to your big hypocritical banks, with traditional out-dated, gimmicky systems and corrupt “high-ranking” employees (other day I read about Barclays bosses doing some serious fraud).


(Nathan) #13

I see, I feel you, based on those reasons I think you’ll just have to be a little more patient. The Monzo concepts isn’t going to change anytime soon, it’s still recommended to hold onto a traditional bank account anyway, so you won’t be completely free from traditional banking. Best suggestion is grab a prepaid, top it up use it for a bit get familiar with the way how the app works and stuff. Then you’ll get a current account and make your own choices from there.

Good luck!


(Colin Robinson) #14

You might as well use it rather than leaving it on there, then you get a true feel for how :monzo: works :slight_smile:

PS Do you know about their transparent roadmap?

https://trello.com/b/9tcaMB4w/monzo-transparent-product-roadmap


(Sami Hussain) #15

Hey!

I’ve actually signed up and now in the queue to try and get a pre-paid Monzo credit card, so it’ll be cool.


(Alex Sherwood) #16

If you grab yourself a golden ticket from here you can skip the queue :smiley:


(Sami Hussain) #17

Thanks sir!

Just skipped the queue!!


(Nathan) #18

Welcome to the family :slight_smile:


#19

One thing I noticed in the announcement was that investors only get early access if they’re on iOS, a limitation that probs should’ve been mentioned earlier.


(Kevyn) #20

Well I’ll buy your holdings if you feel hard done by.