Could all boil down to poor communication this. We’re used to transparency, yet, when the reasoning doesn’t seem correct or is lacking we ready our pitchforks!
The communication seems solid enough - Unless they have a solution which is imminent, in which case, I would have thought it would have been released at the same time?
Maybe I’m alone, but just because a company comes forward and tells me why a problem happened, I’m not always content with the situation.
The CS thing was sorted eventually, after many many months of horrendous wait times.
The only way I can see this NOT being Monzos fault is if Investec pulled the plug somehow (unexpectedly), or Richard Branson decided to screw them over by depositing a few million across various accounts…
Anyway, I look forward to the next stage, and hopefully they’ll learn from this.
I don’t quite see it like you but I am playing a little Devils Advocate.
It seems to me Investec imposed a max savings limit for the whole Monzo account. This we’re sure of.
It would also appear that Monzo didn’t anticipate how popular this feature would be.
Speculation is that they were perhaps a little too slow to react and renegotiate with Investec (if this is even possible) or find and sign with a second supplier.
The Investec deal did seem to be quite long in the works - so maybe this process just takes time.
Surely this is just the flip side of being a relatively agile, fast-to-innovate and experiment bank?
If we enjoy the fact that Monzo moves faster than we are used to with traditional banks, perhaps we have to accept that it won’t always be smooth sailing?
I created one about 14 hours ago. The app said it’d take 24 hours to set up: should I assume I have my savings pot set up since I was able to create it through the app, or will I get an error some time in the next 10 hours? Maybe I tipped it over the limit heh.
Most customers couldn’t care less about this, they just see Monzo offering a savings account and then not offering one shortly afterwards. What do I tell all those people I’ve been advocating to move to Monzo on the proviso they offer an interest-bearing savings account?
Tell them to link their Monzo account to Marcus and get 1.5% rather than 1.15%.(This is what I have done and I would argue its a better product than Monzo’s saving offering)(Albeit not in APP)
In all seriousness I completely get your point that it hard to sell a product or service when the product or service drops off.