Monzo current account
Discussion
I have received the card for my new Monzo current account today in the lairiest of orange colours and got the app all working etc... but wondered if anyone on here has signed up for the current accounting by rather than the prepaid credit card for foreign money use??
If so how are you finding it and re you intending to move from your ‘traditional’ bank to them?? I’m unsure at the moment and bank with Barclays Premier currently and don’t know if it’s worth the change!
If so how are you finding it and re you intending to move from your ‘traditional’ bank to them?? I’m unsure at the moment and bank with Barclays Premier currently and don’t know if it’s worth the change!
I use the Starling current account, very similar to Monzo, just started out with current account.
I load mine up every week and then use it like a prepaid card, but with overdraft facility. Does me well, and the ease of checking finances is great.
My missus and mates all have monzo and it's super easy to transfer money. I got Starling just to be different.
I load mine up every week and then use it like a prepaid card, but with overdraft facility. Does me well, and the ease of checking finances is great.
My missus and mates all have monzo and it's super easy to transfer money. I got Starling just to be different.
Can I ask - quite seriously - what exactly the 'big deal' with Monzo, Starling, Tide, Revolut, Tandem, Wyelands, Clear etc is? What are they doing different to main banks that make them stand out?
Yes, they have nifty apps and no branches but at the end of the day, they're all just another bank as far as I can tell, aren't they?
Indeed, my understanding is that some of them aren't even 'banks' (in the sense they don't have a banking licence) but more 'apps' that allow you manage your money (or something) I believe.
What am I missing here?
Yes, they have nifty apps and no branches but at the end of the day, they're all just another bank as far as I can tell, aren't they?
Indeed, my understanding is that some of them aren't even 'banks' (in the sense they don't have a banking licence) but more 'apps' that allow you manage your money (or something) I believe.
What am I missing here?
My brother seems to think that Monzo has changed how he banked. He says that the reasons are that he can now just put his budget for the week on his card and spend it and the money goes from the account instantly.
So it's exactly like using the Lloyds banking app I use! I haven't yet worked out any benefit
So it's exactly like using the Lloyds banking app I use! I haven't yet worked out any benefit
Choice, competition and a kick up the backside for the high street lot.
My main account is with Metro, and their app seems to have acquired a bunch of features from the startups. Which is nice, and shows more investment than Santander put in the twenty years previously.
At the end of the day, it's just analytics and presentation of numbers in and out, but there's some fun stuff around the fringes, like apps that can dig into the energy accounts that you have, and see if you can get better deals. Tiny innovative things, keeps me happy.
My main account is with Metro, and their app seems to have acquired a bunch of features from the startups. Which is nice, and shows more investment than Santander put in the twenty years previously.
At the end of the day, it's just analytics and presentation of numbers in and out, but there's some fun stuff around the fringes, like apps that can dig into the energy accounts that you have, and see if you can get better deals. Tiny innovative things, keeps me happy.
Revolut? The advantage there is instant, inter-bank rate FX transfers. Plus if you use your card with a GBP balance in Europe (or most other places) it will transfer at the best rate with no fees. Rate is way better than even FX specialists and it's all instant. Plus a cool app. Plus the ability to disable/enable/change PIN/enable/disable contactless/set limit all through the app. It's showing banks how far behind they are with tech.
Jimmy Recard said:
My brother seems to think that Monzo has changed how he banked. He says that the reasons are that he can now just put his budget for the week on his card and spend it and the money goes from the account instantly.
So it's exactly like using the Lloyds banking app I use! I haven't yet worked out any benefit
ha! My thoughts exactly. I was out with a group of people the other day and they all got out their monzo cards to pay and I quizzed them on what they had them for...I got comments like "it has an app" "I can control my spending" "it has an app" "I can see what I spend" "oh, it has an app"So it's exactly like using the Lloyds banking app I use! I haven't yet worked out any benefit
right...all high street banks have an app. Everyone has the ability to control their spending. Just stop spending.
Oh, and the pain in the ass with it? You have to move money from your high street bank account into your monzo account so that you can use your monzo card. It has an app though.
And when it started, yer Big High Street banks had execrable mobile banking. Competition drives innovation, it's the way the world works. There is an upside to being a fast mover, but it doesn't mean you can stop coming up with new stuff, because the bank with 10 million customers will be watching. Adding context to credit and debit information works for me 
P.S. While the prepaid Monzo cards allowed them to play, it's worth noting that now they have a full banking licence, my Monzo card is a proper bank account...
P.S. While the prepaid Monzo cards allowed them to play, it's worth noting that now they have a full banking licence, my Monzo card is a proper bank account...
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