Monzo!

Shakin_Steve

The message I got said one of their providers was doing a 'large migration', so it could be okay tomorrow when they switch it back on, or...........:eek:

Shakin_Steve

I do hope it's alright, I've got £13.67 left on mine.

Neil49

jimjames wrote: »

Not sure how it's a new type of banking that doesn't include a current account - pretty essential in my book. Now sure how it would offer any advantage over my existing bank that pays me 3% on the money in my account.

Use your existing bank card abroad and you would soon find out why people go for Monzo.

Mastercard rates of exchange and no hidden commission fees are a big plus feature.

If your card gets stolen or cloned you would find out about it pretty quick through the mobile app where you can block it straight away.

I've got one as a backup for travelling abroad and I can top it up when the balance gets low. Much safer than getting back home and finding that your bank account balance or credit card has been drained of funds.

Shakin_Steve

More problems this morning. Android app is crashing for some people and purchases are showing the wrong amount for everyone. Feels a little bit creaky to me. I'm a bit nervous about the fact that they hold the debit card details that I use to make payments to the card with, think I'll close it later. That, of course, involves an online chat, and I think they may have their hands full at the moment.

eDicky

It seems to have been a problem with the in-app display of transactions, with the actual transactions not affected. I've topped up my card and used it normally in the last few days, being apparently unaffected myself, although I saw the notice on the app and link to a page with updates about the problem:

http://mondo.statuspage.io/

So at least they didn't leave users in the dark, as mainstream banks sometimes do. I expect them to use part of their second round of investment to hire more app developer talent and make the necessary progress, as Revolut did.

younandpoor

I just signed up to Monzo and got 2 cards in the post?! Seemed really odd, so need to get in touch with them. I like the concept, though not sure what you'd do if you ran out of money on that card!

Shakin_Steve

I've closed my account. I really wasn't getting any benefit from it, but it may suit others better.

eDicky

In its current form, Monzo is only really useful for spending your pounds overseas without the banks taking anything in the process, for which it's excellent. Perhaps also for a means of payment that can be switched off when you're not using it. Apart from that, it's an interesting exercise in app development that may well become something more useful in future...

glider3560

eDicky wrote: »

In its current form, Monzo is only really useful for spending your pounds overseas without the banks taking anything in the process, for which it's excellent. Perhaps also for a means of payment that can be switched off when you're not using it. Apart from that, it's an interesting exercise in app development that may well become something more useful in future...

It also has the advantage of not having any card issue fee, unlike Revolut. Also, unused cash can be withdrawn or spent in the UK, fee free.

To "overcome" the £100 minimum deposit on signing up, I just withdrew it all from an ATM once my card arrived.

I saw someone at work paying for their coffee with a Monzo card (very distinctive colour). No idea why they're not using a proper bank card? Maybe people feel safer with a prepaid card?

avian946

i have a monzo card! I love it! it allows me to easily budget and easily identify what im spending my money on. (and then make appropriate cuts ��). The added bonus of no FX fees is also welcome as i go on holiday a couple of times a year. They are also releasing a full current account this year. unfortunately they are not offering savings accounts or in credit interest on their current accounts though ��.