Monzo, tech company or bank?

Cyprus or Iceland vs Germany, one is in top 5 richest economies on the planet, one isn’t :sweat_smile:

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I wouldn’t call myself a youngster either.

A big factor in me using Monzo over Starling is Monzo had a working product before Starling so I opened a Monzo account first. I try to avoid opening additional accounts just out of curiosity and instead try to restrict new accounts to those where I see potential for a feature or quality that I don’t have elsewhere or is significantly better than what I already have elsewhere. I don’t see that with Starling.

The differences between Monzo and Startling seem to me to be relatively minor or in areas that are unimportant to me.

It sounds like there are plenty of lovers and haters of Monzo’s way of doing things.
(and probably the same number for every other FinTech too)

This has been a great read, thank you all for your contributions.

Think I’ve finally found a use for my Monzo card. I’m loading it up and will be taking it on holiday for pos cashback to avoid atm charges. I signed up just for Gpay but since that’s now commonly available I struggle to see the point of Monzo.

Deutsche Bank isn’t Deutsche Bundesbank or its compensation scheme Enschädigungseinrichtung deutscher Banken. That’s like saying if Barclays failed, the Bank of England will fail and not pay out through the Financial Services Compensation Scheme.

If the German state collapsed like Iceland, Greece and Cyprus did then we all have more to worry about than a few hundred pounds in a German bank. Germany is just a different kettle of fish compared to those three states. Even then, I feel the Germans would pay out to everyone.

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Exactly what I was thinking; Iceland is tiny and obviously doesn’t have the resources to pay off that kind of debt vs Germany who’s economy is massive and can generate the income to pay that

Bundesbank, DB and ECB being standalone entities should be pretty obvious (always cracks me up when I see online comments talking about how ‘central banks caused the financial crisis’, just because they were ‘bankers’).

Point was that, having the main bank go @ a financial blog would and should be quite concerning for anyone interested.

Imagine if HSBC did that.

If DB had to do a bail-in (and subsequent a bail-out), pretty sure Germany would not be able to withstand and bring on their own balance sheet all the derivatives exposure that DB has.

Just been reading some more of the threads over on the Monzo community.
Some of the topics definitely err towards tech than they do bank.

Are the die hard Monzo disciples so incapable of working out their finances if their app doesn’t tell them?
Can they not manage something as simple as “The 1p Savings Challenge” if their app can’t do it for them?
“I didn’t get paid a day early”, so what, you’ll get paid tomorrow.

As I have said before, I use Monzo as my everyday spending account, and up to now have had no problems with them.
I also enjoy reading, and participating in the forum on certain subjects.
But the whole direction seems to aimed at gimmicks more than being a serious bank.

(Apologies if I have offended anyone, these are just my personal views and no offence is intended)


You don’t need to apologize Ivan, if people get salty over you saying they’re gimmicky maybe they need thicker skin :slight_smile:


Totally this.

At the risk of irritating some, I’ve long felt that the level of even the most basic financial common-sense is woeful as demonstrated particularly on the Monzo forum, where the clamour has long been towards even more fiddly trickery as a substitute for using your loaf ! :face_with_raised_eyebrow:


Maybe it’s an age thing.
All I have ever needed to know is “X” goes in, “Y” goes out, what’s left is mine.
I don’t need fancy budgeting gizmos to tell me that.