Monzo blog nonsense

I felt it for a while that Monzo’s blog was really going down hill. But this one is just terrible:

you must take out buildings insurance if you own property. It’s required by law and usually by mortgage providers too. (emp in original)

I cannot believe it. There is no law whatsoever requiring this. That a bank would spout out such falsehoods is terrible…


Yeah, that is poor.

It’s a condition of my mortgage lender, and I assume many/most others. But not required by law.


Condition yes

Law no

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Does that mean I should stop emailing you all my issues and email them? :joy:

Struggling to find a good reason why they’ve done this - Perhaps doubling down on the social “money hub” aspect of their business.

Seems a little like one of those ideas that sounds great in a Monzo meeting room (perhaps with some context behind why they think it will work), everyone gets hyped to bring it to market, and then they completely misjudge the public perception.

But I could be (and usually am), very wrong!

It’s required by the law of common sense.

Someone has to be I guess? :rofl:

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O :poop: I thought you were joking!

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Sounds like how the meeting for Viola Black probably went down :upside_down_face:

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OK, I really didn’t want to have to do this, but I imagine most of you have switched off the Monzo forum by now!

They have just changed the way they unlock a locked pots.

It used to be that you had to contact CS (which adds to that friction they love).

Then last week, one of the COps said how it was likely to change, as it was taking up too much COps time (quite a big percentage).

But rather than just come out and say that - They’ve tried to play it like “this is what the people want, and we’ve listened” :exploding_head:

You’ve told us you really like the feature, but that talking to us every time you want to unlock early is a pain. Fair enough! Today (the updates are on their way) we’re making it so that you don’t need to chat with us to unlock a Pot before the deadline. You have the option when you go into your Pot detail to unlock and withdraw the whole amount, and we’ll close the Pot for you.

This is literally the opposite of what all of the forum has said, and even what their own COps said last week!

Why oh why does everything need to be spun into a marketing exercise?

The link for anyone curious:


I mean, it was blindingly obvious that this would happen. They were surprised by this?


I can’t help but feel that ever since “the big list”, a lot of the “features” have been a tick box exercise to generate buzz.

They forget or ignore the long term consequences for a short term positive blog post.

“We have savings pots - YAY!”

2 months later…

“Oh, we maxed out this feature - It’s now gone”

“We have locked pots - YAY!”

2 months later

“Oh, shit, our customisers are asking us to constantly unlock them. If only someone had thought of that”.

But I’d still rather they told the truth, than spin it into a “we’ve listened” type of update.

Who are they listening to? There isn’t a single person on the forum who has said this is a good idea.


I’m probably just a bit dim, but how does this qualify as locked if I can unlock it at any time?

Also, I never got this, anyway: if you need/want to lock away money put it into a fixed term account for interest.

To be fair, every company does this. It’s just not particularl transparent…

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Think of it like a locked door that you can’t enter - Except you have the key and you can enter whenever you want.

Monzo customers seem to like their quirks.

1% interest on savings pots with terrible t’s and c’s? Sure! Sign me up.

What makes it worse here, is that not every other company preaches the "transparency " thing.

I was impressed when their COp came on last week and said it was because it took up too much time - That’s honest.

Don’t then spin it for the masses.

Not to your hardcore, dedicated forum at least!


Not sure about you (or indeed the average Monzo customer), but I’d quite like to think of all my bank accounts that way…

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I never saw the appeal of locked pots.

For the life of me, I just couldn’t get my head around it.

But… I’m comfortable with managing my finances.

Clearly there are some people who aren’t, and if the locked pot worked for them, then great (it also didn’t impact me, so I didn’t care).

But… It’s obviously NOT working, because so many people are asking for it to be unlocked.

So this seems like a pointless feature now and wasted dev time.


Credit to Hugo for coming on to take some of the heat.

I feel Monzo’s way of going about their feature releases are a little trial and error.

This new method, which on the surface of it looks pointless, may end up serving the same purpose to those who want it locked, and help those who use locks differently.

The people it’ll hurt are the impulse spenders who genuinely want some help.

Although I’d imagine on the scale of things, these are probably a small minority.

If I want a locked pot or to ‘lock money away’ then I’d want some damn good reason to do so like a nice interest rate.

I’d defo hit up Dozens 5% if I can get in on time but for 1% nah for the sake of it no chance

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Everything with Monzo has always been about the experience and the seemingly “social” following.

If I said to the Monzo customers that they could put their money into a Natwest savings account, with a £1,000 minimum deposit and “next working day” withdrawal terms - I’d be laughed off the forum.

Whether or not it was a success (jury is out), there were people who were openly willing to use such a feature (despite the numerous better alternatives out there).

Monzo has a fan base - There are no other words to describe it, and kudos to them for managing to generate it.

The more “mature” customers (sounds creepy, but I can’t think of a better word), will use the best services available to them at the time.

For me, the Monzo current account is great - No complaints there.

But I don’t use any of the extra services which I feel come up short in comparison to the alternatives.

I do struggle to see the point in a lot of them, and wonder how anyone can actually want to use them when they are so far behind the rest of the market (the extra services, not Monzo as a bank) - But clearly I’m just a bit narrow minded!


I think they are focusing on too much and releasing shitty half baked half finished ideas.

If I was Tom I’d stop everyone doing what they are doing and go back to basics and fix what is broken and actually listen to what is being said on the forum.

For years we have been saying the pulse graph is pointless, and they have admitted that it does not work.

We have said summary is a fail

Merchant info is a fail and this bit really annoys me as it was one of their USP’s when they launched.


It must work well though - I asked a question on there the other day about note taking apps (completely irrelevant to Monzo, but they have a big iOS user base on the forum).

When I search for said note taking app (agenda) on Google, the Monzo thread is on the first page!

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