Why you can’t create new Savings Pots – for now


#23

I must have missed this (also, was it highlighted when it changed - and what did it change to?)

I can’t see people storing loads of money in a 1% interest account - I could be wrong, but I imagine it was closer to the £1,000 mark, than £10,000 mark per customer.


#24

I would have thought Monzo would have a special agreement with Investec on this - But the news today almost shows that wasn’t the case.


(Splodf) #25

On three everyone dump everything they’ve got into their savings pot

1, 2 …


(Kieran) #26

(Splodf) #27

It is an oversight though Feathers. Someone has taken their eye off the ball.


(Daniel White) #28

I think it is Monzo’s mistake and they do this quite regularly. They pump something out and then just leave it and don’t iterate until it’s too late.

  • We have some COps, let’s just leave them to it until they’re overwhelmed and then do something about it when customers complain but also keep advertising even though we can’t cope with the customers we already have. Personally I don’t think the COps issue is resolved yet because although you get an quicker response it’s to someone who doesn’t have a clue (a la another Challenger Bank)
  • We have some Savings Pots, lets just leave them until they’re too full and then turn customers away because we can’t offer the service.

and it’s not just leaving something until it’s broken, it’s also not going back and iterating functionality for a very long time:

  • Still no IFTTT for Joint Accounts
  • Joint Pots took forever
  • Round Ups on Joint Accounts visual issue still not fixed
  • Switching between accounts, still not fixed

Developers are getting bored and clearly don’t want to keep things iterated and up to date because they want to move onto the next shiny thing.


((╯°□°)╯︵ ┻━┻) #29

That’s rubbish. A team or someone will have made and signed off on every decision and action from creation all the way up to the announcement today. How they haven’t seen this coming or even been prepared with a backup plan is beyond me - so yes, a senior manager/team/Monzo as a whole is accountable. It certainly isn’t my fault or anyones here?

I’m not offended either, just highly disappointed and frustrated.

I’ve literally just closed my savings pot because I’m about to complete on a property. I was going to open another one in a couple of weeks. So to announce this out of the blue is unacceptable.

Also, everyone knows that when Monzo say :soon: that it could be anywhere between now and next year.

I guess that’s me moving my savings elsewhere, where they will be more stable and with a bank that has better contingency plans.


(MikeF) #30

You assume an awful lot with statement. We don’t know anything about the agreement between the banks, whether there was any flexibility etc, so all of these judgements are being made on a foundation of guesswork.


#31

This seems incredibly short shighted…


(Splodf) #32

I agree, but to flip the coin you are assuming the opposite?


(MikeF) #33

I’d rather assume nothing. I’m not making statements either way. I’ll accept what I’ve read until more information comes out.


(Splodf) #34

I think we’re from different Monzo eras.

I see incompetence where you’ve seen (and known) competence.

I still need to be fully won over.


(Tony, Secret Lemonade Drinker) #35

I see we’ve gone from
“A rate of 1%? I can get better elsewhere! Monzo this is awful!”
to
“I can’t open a new Investec pot? I feel personally attacked! Monzo this is awful!”

:rofl:


(Michael) #36

I want a bank that is completely different from the existing big banks

vs

I want a bank that is able to act exactly like the existing big banks

There lies the original sin/tipping point for Monzo and here it seems to be getting its most pure outing for a while

They need to work together with third parties without the great clunking fist of an HSBC and this will result


(MikeF) #37

To me it fells like people are confusing incompetence with “something they don’t like or agree with”.

I don’t know the reasons for this so am unwilling to pass judgement.

Technically, I’m also off topic…


#38

It would have been better had the savings pots been introduced within the context of the “marketplace” idea. It would have been better if this could have been viewed as Investec withdrawing a product from the marketplace, rather than Monzo removing a basic banking feature.


#39

Fixed term products are usually on sale for a fixed period of time


(Michael) #40

Yeah, would be interesting to know

Are (for example) HSBC withdrawing deals, but because they never ever email about anything other than new deals I am missing ones being withdrawn?

Though they presumably keep the money in house so their limits are differently constructed


#41

If this was an Amex/Curve issue (lol’s), I would be more inclined to agree - Although, Curve still came out of that one pretty bad.

But Monzo (to my knowledge), didn’t position their savings pots as a limited time offer.

They made a big song and dance about it (rightfully so), as it’s a core part of banking for many people.

The lack of foresight to not having a substitute in place immediately is the issue - I don’t think people have an issue with liking or agreeing with what they are doing.

It’s just the lack of planning that causes problems.


(MikeF) #42

The “perceived” lack of planning.

If an alternative were something Monzo could produce on their own, I’d agree.

Without knowing what effort has gone into doing just what you suggest behind the scenes, if any discussions have been held, declined or abandoned and if anything is close to release I don’t feel I have enough information to judge.

I agree it’s clunky to the customer and this may well be a weakness in the marketplace model but it’s also the first time through this loop so, hopefully, this will improve next time around.