Looks like Monzo have launched their first energy switching partnership, with Octopus Energy. Here are some screenshots.
Didn’t they do bulb a while ago?
I didn’t like it then, and I don’t like it now - this isn’t a recommendation based on what’s best for their customers, but is based on who is going to pay them most commission, and their ‘We’ve got your back’ statement is laughable.
If they were interested in helping their customers they would be doing a full market comparison.
Hmm I am not sure I like the fact they are pushing one supplier. Making money switching as a comparison service seems OK - but this just seems like an in-app advert.
Last time, they had links to both Bulb and Octopus, if I remember correctly, but these were just links to their site. Now it seems to be a fully automated flow.
Which is what they said they intend to do over time - it takes time to integrate with many providers.
Agreed - from what I’ve read generally that’s their end goal, but waiting till that’s fully been implemented would be their way of doing things - they seem to test things as soon as they are usable, rather than waiting for the full offering.
They are after a lot of £50’s
Absolutely - and nothing wrong with that. Tariff info is clearly displayed, and it’s a one-tap switch (well, almost) - no forms involved whatsoever (just made use of it, as it’s cheaper than my previous provider).
They do make it sound as though it’s the best deal for you, which in some cases it may not.be.
I don’t think it’s wrong per se. I just don’t like being sold at.
For the same reason that I tend not to shop at W H Smiths (No, I don’t want to buy a bloody big bar of chocolate and I’d I had wanted a copy of the Telegraph with my bottle of sodding water I would have brought it to the till).
I didn’t like being offered a loan in the Starling transaction ledger either.
Up selling and all that ‘would you like to buy something from our carefully selected partner who will give us a wedge of wonga for introducing you’ is a turn off for me.
Building in a comparison would seem better to me. It’s going to return results based on your situation that would necessarily depend on who offered them the most cash.
Definitely agree - I certainly hope that they build out an energy comparison area within the app, with as many providers as possible.
The actual switch flow, once a provider has been selected, is really neat though, and a good foundation to build upon.
I’d much rather they were focusing their energy on actually making the current account the best it possibly could be. Why should a company that wants to be taken seriously as a bank actually be bothered about which engery supplier you’re with?
To be fair, this has been part of their plan from the start. They’ve always said that they wanted to be a financial hub and marketplace, and that being a current account was just their way of getting there.
Personally, I just want a functional current account, not one that sells things at me, so I closed my Monzo account.
I want my bank to be my bank, I don’t mind a bit of a sales push, but not a big in your face, and certainly not just because they have got a deal with a provider so need the commission.
Convenience works for lots of people, but I don’t mind once a year spending 10 minutes getting a better deal than my bank is offering me, plus cashback normally.
They have a partnerships team that works on this and other partnerships, so these tasks aren’t mutually exclusive.
A bit more commission slurping
Falls far short of a whole market comparison
Not the best headline to encourage switching!
Haha, Telegraph really doesn’t like Monzo, do they?
Of course you’ll almost be guaranteed to find a cheaper deal by searching the whole market, then by just comparing two suppliers. And, of course, it’s exactly what we’ve come to expect from Monzo.
Incidentally, whatever you do, do NOT switch to Outfox the Market. They are the cheapest for a reason…
Let’s not beat around the bush here, reading through the Monzo forum there are clearly customers of Monzo that are perhaps so taken with the whole brand or are just so flush with money anyway, or just plain can’t be arsed to shop around that they of course won’t be bothered in the slightest about paying more than they have to and that is their absolute prerogative. I personally refuse to pay any more than I absolutely have to on anything.
I use comparison sites for everything, but as [Departed user] has pointed out, there are some instances/companies you perhaps should do plenty of research into before you commit.
I’m the same (which is how I ended up with Outfox the Market …)
I think though, we need to be realistic here: Monzo have two choices with their market place: (1) Build a full price comparison platform, (2) Curate a list of providers for people to choose from.
In my opinion the first doesn’t make sense: There are already dedicated comparison sites for almost everything under the sun, and competing with them will be very hard. Especially if they wanted to build comparison platforms for everything.
If they go down number 2 (which in my opinion is the only way they can pull it off, at least for the short/medium term future) they will probably only manage a very small selection: at most a handful per category. They will never have the absolute cheapest deals. And I think that wouldn’t be their aim (especially given the professed ethical stance on many things). They would still have potential to save a lot of people a lot of money.
Monzo won’t be everything to everybody. We can’t expect them to be best at everything. Overall, I think, their energy and savings partnerships are decent: They are not market leading, but they are good for many. And that’s all they need. And, quite frankly, all they seem to aspire to.
They wouldn’t have needed to build one, there is two very very big white label providers in the UK that a lot of comparison sites are build on. That pay a commission on all switches through them. Quotezone is probably the biggest used by the likes of Top Cash Back.