While this is a good idea and step in the right direction I am hoping for more options in the future ie The Post Office. I’m sure some people won’t mind a fee for convenience but a fee free option is the best way to go IMO.
If I remember correctly, the nature of Post Office charging will mean that, if introduced, the fee for PO deposits will likely be higher than PayPoint.
Hmmm didn’t know that, thanks for the heads up. Still a useful option though and be nice to have choice as long as fees are well stated.
Can i ask where have you seen this?
I havent come across anything that suggested this.
Monzo came out saying the integration with paypoint was the easier option so thats why they went with it as far as i remember (and didnt need to replace cards) didnt see anything about it being cheaper?
I’ll have a search. It may have been on Slack.
I remember people were asking @simonb whether Monzo would average out the fees and charge the same for both or have a separate fee structure for each deposit type. Clearly that’s a question that couldn’t be answered seeing as a PO integration is only theoretical.
from further up the thread will do as supporting evidence I guess.
I think they’d raise PayPoint instead of confusing things. Saying “it’s £1 for PayPoint but £2 for Post Office” is awkward. Much easier to say “it’s £1.50 for cash deposits”
But what happens if 90% of people use the post office? That would end up costing more than the fees covered.
Pay for the service you use to keep it fair
Does anyone know if starlings agreement with the Post office is exclusive or not?
Most big banks have an agreement with the postponing don’t they? HSBC maybe not but the others do, I think.
What if everyone used PayPoint and Monzo made mad cash? We can’t account for it and who wants to confuse their users? No one. People will just use what’s closer.
It isn’t, most banks have some form of agreement with the post office as @Feathers mentioned. Sometimes they don’t support full services though and sometimes they don’t support a particular way of doing something. For example one or two require paying in slips if I remember right.
I think they will also use what they habitually use and old habits die hard. Does anyone know if Monzo did any user research on this before going with PayPoint?(I would assume they would but what demographic did they use etc)
So surely someone at Monzo could try and negotiate the same deal that starling has…
Don’t forget that Starling change business customers £3 for post office deposits so that’s subsidising personal customers
Starling is subsidising users deposits with business account deposits which cost £3 each it’s not free for them, they just knew they’d get shredded for charging for this. They’re also dedicated to free consumer banking.
Then maybe that is the answer then using a business account to subsidise cash deposits. BUT the business account if and when it comes out needs to be top of the line market wise.
Perhaps that is the answer, I certainly think its an option.
This isn’t possible. Everyone has different needs.
Unless Monzo are offering free cash deposits and every other feature every other business accounts offer, different currencies, local account details.
Don’t businesses have enough costs without having to subsidise personal accounts? I’d be totally against that
I don’t have a business account so I am unsure what the costs are. Could you do a mock of what all the costs are?