Monzo, tech company or bank?

Hopefully some of the good people on here can shed some light on this.
I’ve been with Monzo for about a year now, and I am getting the distinct impression that they are more interested in the “tech” side of their operations than they are as an actual bank.

Maybe it’s because i am not really the typical Monzo customer, not living in the big smoke, and being the wrong side of 50 :rofl:

What are the forums thoughts on this???

Monzo are more concerned with being trendy than they are a decent bank imo

I’d move over to Starling (in fact, I have already)

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How are Starling more of a ‘decent’ bank then Monzo?

I do have a Starling account as well, and i have to agree with you.
Starling doe’s feel more like a “proper” bank

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I wouldn’t say that Starling is more of a decent bank.
Just that Monzo seem more interested in the tech side than the banking side of their business

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  • Excellent customer support. Queries sorted within a few days maximum in my experience.
  • Unlimited withdrawals abroad with no charge from Starling.
  • Post Office deposits up to £20,000 per transaction with no charge for personal customers at all.

just to start with. Starling has a far better product and a much superior all round offering and are definitely the best fintech out there.

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They also don’t block your number on the customer support line when you call them - unlike Monzo who stopped answering some customers :slight_smile:

Also euro accounts, business diversification so they don’t need to nickel and dime customers


They have been saying for several years they will try to generate revenue in non-traditional ways (for a bank). It seems to me they are going for a hybrid of a bank and something other than a bank - what they have been referring to as a financial control centre.

Clearly this is a turn off for some but I find the ambition to try something different interesting and is one of the reasons I use Monzo.

They are a bank though they seem less interested in offering basic banking services (cheque imaging, free cash deposits etc.) then they do in offering ‘innovative’ products (getting paid early).

However, large parts of the company seem to think they are a tech firm - rather than using tech to deliver their services - Monzo tend to issue products/services as an MVP with insufficient QA rather than ensuring its fit for purpose as other banking firms would do.

Finally, it was reported that Monzo regretted applying for a banking licence…


Monzo for youngsters
Starling other customers


Chime has been doing this before Monzo for a while using the US’ direct deposit

That’s amazing, but makes sense

Lots of admin when they could just be ringfencing their cash

I have no problem if that is the way Monzo want to go, and I know a lot of their customers love the features.

Even though I use Monzo as my everyday spending account, and to cycle money through to meet other accounts pay in criteria, about the only feature I use is the instant notifications
(and that is only to make sure no one is spending my money :rofl:)

In fact, over on the Monzo forum, there is a thread regarding the new Monzo Plus
(I should imagine some on here are more than familiar with that thread)
Part of the discussion was regarding the different tiers of Monzo.
I was tempted to mention I would be very happy with a more stripped back version, or the ability to be able to hide certain features (as you can with Revolut dashboard)
But I should think I would be in a definite minority there :upside_down_face:

That is probably the one reason I stick with them :grin:

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In a nutshell…:slightly_smiling_face:

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I’d hardly say I’m a “youngster” :rofl: :rofl: :rofl:

Genuinely, why would you want to use Monzo over Starling then?

Second youth ;))

Good question, and one I have asked myself a few times, but I’ll try to explain why:

Although my Starling account isn’t a joint account, both myself and my partner contribute towards our travel savings and spending via this account, hence wanting to keep it separate from any other accounts.

Of the rest of the FinTech offerings, only Monzo and N26 have a banking licence with FSCS protection. (N26 was still very new in the UK at the time too)

Hence, Monzo became my everyday spending account.

I do have accounts with numerous other FinTechs, and to be fair, I do like most of them, it’s just the banking licence and protection that really keeps me with them, although I am always open to suggestions for an alternative.


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My apologies, I should have said FSCS
“or the European equivalent”

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Similar to Iceland or Cyprus, don’t expect the home regulators to look after non-residents when things get tough.

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