crikey come over to this forum to talk about two ways of charging for overdrafts - done that for several posts on Monzo forum , we differ in our views of what encourages people to go into debt and how much overdrafts should be that won’t change just because we’re on different forums
I kind of understand @Liam’s desire to keep the free speech alive and well, but keep the Monzo forum discussion to one place.
From an objective POV, Monzo probably haven’t had their greatest time of late - Lots of things to be annoyed about, and little to sing and dance about.
There’s also a lot of Monzo discussion simply because they are one of the biggest FinTech players in the game, and there is a lot to talk about.
I’d personally rather the “Monzo forum” thread died, but some of the other threads which could be perceived to be negative, are OK IMO.
Things like the Agony Aunt thing… If you don’t laugh you’ll cry, so it’s OK to criticise if you can back it up.
But other than myself and a few less vocal others, there aren’t many who use Monzo - Sometimes it just needs a voice to speak up about things that others might forget about.
There’s a reason I use Monzo, despite the expensive overdrafts, low interest rate (non existent now), slightly teenage girl blog posts and other things that I’m not the target market for.
That doesn’t make Monzo poor in my eyes. But I can see why someone would think that, if they absolutely loved Starling or someone else.
On paper, for a lot of factors, Monzo doesn’t come out well.
On other factors, it comes out top.
But you should stick around and balance the scales!
I use the roundups to maintain my even balance as well as save more aside of the £400 or so I save a month, but eh.
I don’t need any friction at all on my money, and wouldn’t use the feature.
But the challenge of “making money work for everyone” is making it work for those with little money, right? So maybe instead of a 50p a day overdraft, you offer a free overdraft up to £100 for those people who have to wait a few days at the end of each month for wages. You loan to businesses, charge businesses for overdrafts and cash deposits.
On top of this you build features like the gambling block, maybe a block on alcohol sellers to help people with drinking problems. You offer roundups and savings accounts (or pots or w/e) with friction, like a 24 hour timer on it after withdrawing before the money is released, that you can cancel.
You do things like giving pots direct debit support too, as it let’s people ring-fence money.
I think a lot of the stuff in this thread although may seem negative is really just a normal conversation, one that we can’t have on the Monzo forum coz we’d get banned/flagged/have posts removed as shown above.
Most of it is constructive
While I think Monzo Plus is a shambolic product I’m fine with them offering premium tiers. You don’t have to subscribe to this and they could very easily sell it as a “fans only” kind of deal
Every time this thread gets resurrected I think that.
Nothing about this thread reflects well on this forum.
yes great - Id like my tax returns to be filled out automatically , Id like the best interest rate all the time, Id like lots of things but Monzo , and Starling and all the others are 3 years old (? ) - Id like everything I want now - yes whether others want it who knows , but I want it
Cut developing garbage like Monzo Plus and work on adding good features so Monzo’s “making money work for everyone” is true instead of “Monzo: the worst Premium Account you’ve seen”
Id like to find the apostrophe?
The only bank I defend is Barclays, the rest have lots more issues
I use my Monzo account a fair bit, but it’s not anything more than an extra account, for things like the penny a day thing or whatever I’m doing, and aliexpress as I don’t get ripped off. It’s overdraft and features like that, are expensive and definitely nothing worth praising.
It’s locked pot, which isn’t a locked pot. It’s savings, which actually is offering a substandard rate for a tied in product.
But like most new banks it has some things going for it.
However the forum, is not one of the things it has going for it. It’s extremely negative to outsiders or those that criticise Monzo.
sorry my typing skills aren’t up to scratch , very sorry if you didnt understand what Id writ
Might be joining the club. See how the first month goes
Haha. Jesting. All I kept thinking was id software when I read it
Yes! Get involved!
Barclays are great - Like a familiar old shoe!
lol you prove my point its really not worth joining in - enjoy guys
@liam can you delete my account please ( I lasted 44 minutes )
See how it runs come payday
You’re dodging the point I’m trying to make Ian and you have a tendancy to do so whenever I speak to you.
Monzo Plus, is a waste of time. First you develop the core features to make it work for those who it normally doesn’t work for, that’s why your tag-line is “making money work for everyone”
Then after that you look at tailoring it to the people with disposable income. Private banking, premium accounts, all that jazz.