Who gets their salary paid into Monzo?

I’ve just been paid now. Not sure if work sorted it out or not…

Unfortunately not. I get paid every 4 weeks so it messes up all the budgeting features.

So I use a another account to receive my salary and then pay myself from that every month. Does that count? :grin:

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Just heard back from support. It seems they’ve been having issues with delayed payments this morning.

I had the same. Started getting worried as the previous payroll manager just left my company last week. :smile:

Glad I’m not the only one. I get paid weekly and when I asked Monzo if they plan to make an option to change the frequency of salary to make the budgeting features and the summary actually useful they said “most people get paid monthly so we are catering for them first”.

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I get my salary paid into Monzo (have done for 3-4 months now) but my employer changes the reference/name on each payment. Even though the bank details stay the same, as the reference changes Monzo is unable to track the merchant logo and name. I have to contact COps every month to make it look good again, not great! See below for anyone else in a similar situation, hope it’s addressed fairly soon :smiley: :monzo:

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I’ve noticed mine uses the pay period in the reference so that’ll change every month. I suppose I only need to get it fixed 12 times before it just works!

My employer puts the month in the reference but the name displays correctly, surely it relates to the account it is being transferred from?

Yeah, I re-read and noticed the cop said the name changed as well, maybe their employer is sending from multiple bank accounts? :man_shrugging:

Nope — same bank account as the sort code and account numbers match in app for each transaction. The only thing that changes is the name/reference of the payment.

I’m not sure how Monzo can’t match it then :worried:

Maybe the system is shared with spending and only looks at names and references. That would really need fixing for incoming :grimacing:

Yeap I know, seems weird! I would understand if a different sort code/account number was being used but it’s been the same for every transaction. ‘Description’ must relate to the payment reference surely, what else could it be?

IMG_2817

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It’s not the only thing they cant match (fuel as well for example from Tesco and other places). i’ve given up, it doesn’t look like its on the board to fix for a good while and it currently always breaks.

30% of users now get their salary paid in Monzo. Impressive!

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I do, and you’d hope that their ~34,000 new investors would be switching their salary over and using it as a main account pretty quickly too (given it would benefit their investment).

Interesting that the % of salaried accounts is growing fairly consistently, even as account numbers are rising pretty rapidly - show’s it’s maybe not taking long for people to see the benefits and making the switch.

Edit: I think I saw someone on twitter last night asking what the approx proportion of salaried accounts might be for banks in general - would anyone at Monzo have any view on this?

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Only? I imagined it to be much more already.

When I opened this topic this came up as the last post I read, which was :100:% correct at the time.

How much has this changed 9 months later?! The Monzo touch has brought me a lot of control and peace of mind.

I’ve always been at risk of being caught out with direct debits landing when I don’t have the money in the right place. I’m not the most forgetful person but I have always run my current accounts close to zero.

For the first 20 years of my banking life that meant getting the occasional bounced DD, resulting in charges on both ends and late payment markers on credit files.

Now I get a pre-warning of the DD and the amount, then if I still forget and it bounces I get another chance to move the money over and solve with a click before anyone knows that I messed up.

Such an awesome solution :love_you_gesture:

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30% of a million is a pretty impressive number, given Monzo is a startup and moving your salary takes a lot of trust.

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The growth trend looks good and hopefully will see atleast 50% full monzo by end of 2019.

I have my salary paid in, never had any issues. I love hearing the alert tone when it goes in. Always wakes me up at night, but I don’t mind! :rofl:

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