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


#43

I think this is where “customer experience” and “forum member/supporter” become blurred (which is kind of understandable).

The customer really shouldn’t need to think along the lines that you are thinking - It’s not our place to second guess what Monzo are/aren’t doing.

We can only go by what we can physically see, which in this instance makes Monzo look poor (in this one specific area).


(Nathan) #44

Personally feel this just comes off as an assumption taken on Monzo’s part which unfortunately comes off as poor planning.


(Splodf) #45

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!


#46

What’s the poor communication though?

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?


(Splodf) #47

I think, we usually learn more.

PR from Monzo tends to be.

• We have this problem
• It happened because this exact reason
• We’ll have it fixed soon.

Whilst this PR indeed follows these guidelines. You learn nothing from it. That’s the bit we’re not used to.


#48

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.


(Splodf) #49

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.


#50

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?


(Kolok) #51

The 250k is per person across all your personal interest pots,
(So you can’t have one pot with 249k and just open another and put 249k in that)

That 250k limit isn’t for everyone in total


(Andy) #52

I’ve “sold” Monzo to friends using the investment pot.

I think it’s backwards and poor business to pull a basic feature once it’s released.


(Richard) #53

Quite surprised this has happened to be honest. Given the feedback about the £1000 limit at the time it was released.

But then I also don’t use it, favouring a higher rate from Marcus…


(Jai Sullivan) #54

Wow this is so disappointing, and still there’s some here on the community finding excuses for Monzo.


(sam) #55

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.


(Jai Sullivan) #56

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?


#57

Now you see it, now you don’t? :wink:


(NM) #58

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.


(Jai Sullivan) #59

I’m with Marcus too :fist_right:t3:


(Richard) #60

This could be the downside to a ‘market place’ if said providers don’t get the traction they were looking for… they could pull the “offer”.

Alternatively

They may limit it as per what’s happened here.


(Andy) #61

People are hungry for savings products. This article on Marcus…

Monzo has to be allowed to underestimate without all the criticism.

Isn’t this good news in the longer term? Showing potential partners that the right product will have Monzo users buting their arms off?


(Tony, Secret Lemonade Drinker) #62

You make it sound like you’re primarily responsible for the growth of Monzo.

Let’s face it, if people are joining Monzo for a 1% savings account, they have greater issues to tackle.