Monzo

d123

Takmon wrote: »

you need to accept that this is no longer a basic service for a lot of people.

Except it still is a basic service need for millions of people.

As it stands, Monzo cannot be considered a full featured only bank account for the average person.

Takmon

d123 wrote: »

Except it still is a basic service need for millions of people.

As it stands, Monzo cannot be considered a full featured only bank account for the average person.

What statistics do you have to backup that statement?.

The average* employed person is extremely likely to be paid by BACS directly into their account and the most common way of paying bills is Direct Debit. The majority of payments an average person makes can be made by electronic means. If somewhere doesn't take card then people usually withdraw some cash and spend it (but i don't know of anyone who withdraws extra cash then pays it back in).

So i would say the average person doesn't actually need to pay in cash.

Some people may choose to deal more in cash but certainly don't "need" too. So that's why banks like Monzo don't need to offer cash deposits.


As you will probably argue my definition of average person i have used the follow information:

-90% of UK workforce paid by BACS
-73% of household bills paid via Direct Debit/BACS
https://ddinsights.fastpayltd.co.uk/blog/what-is-a-bacs-payment

-Only 40% of payments now made by cash (but people can still withdraw cash using Monzo and make this payments)
https://www.theguardian.com/money/2018/feb/19/peak-cash-over-uk-rise-of-debit-cards-unbanked-contactless-payments

I think you overestimate how many people actually need to pay in cash.

JackeeBoy

One weird thing about Monzo is that if you don't have phone that has a fingerprint reader, like I do, there is no security to get into the app. You can't do transactions but if you lost your phone or it was snatched from your hand, someone can see all your DD details, balance, address etc.

I am actually in the process of switching my Santander account to Monzo, which will then be my main account. I was dead set on Lloyds or Halifax as transactions are taken off your available balance straight away, they have a save the change feature and I could also view my stock ISA all in one place. Thought I would give Monzo a chance as as they had the first two of the above but more importantly, they have a tracker for your spending and you can set the date when everything starts/is calculated.

Will give them a try. Though if the budgeting tools are not that useful, will switch to Lloyds because of the lack of security logging into the app.

JackeeBoy

d123 wrote: »

You think people still dealing wholly or partly in cash are just 5% of the population? :rotfl::rotfl::rotfl:


The government claimed 2 MILLION people are evading income tax through taking cash payments, how many more honest people do you think work and legitimately get paid in cash?

https://www.telegraph.co.uk/finance/personalfinance/tax/9421590/Middle-classes-who-pay-cash-in-hand-morally-wrong-and-aiding-law-breaking-says-minister.html

You must be one of those “Coral Crew” on the quasi-cult Monzo forum...

Then it's simply not the bank for them... It's hardly like Monzo are making this decision whilst having a monopoly.

Takmon

JackeeBoy wrote: »

One weird thing about Monzo is that if you don't have phone that has a fingerprint reader, like I do, there is no security to get into the app. You can't do transactions but if you lost your phone or it was snatched from your hand, someone can see all your DD details, balance, address etc.

If you don't have a fingerprint scanner on your phone you can still set a pin/password/pattern to access it and should do this right away if you have nothing!

JackeeBoy

Takmon wrote: »

If you don't have a fingerprint scanner on your phone you can still set a pin/password/pattern to access it and should do this right away if you have nothing!

My actual phone has a login yes, but not the app. I even asked customer service and was told the only security is the fingerprint reader.

d123

Takmon wrote: »

-90% of UK workforce paid by BACS

https://ddinsights.fastpayltd.co.uk/blog/what-is-a-bacs-payment

I’d love to know where they got their 90% figure from, considering even HMRC say around 2 million people are paid in cash simply to evade paying tax, then all the small businesses who accept cash and craft fair/car booters, sole traders like electricians, plumbers, locksmiths, builders, mechanics, taxi drivers, driving instructors, labourers, gardeners, fencers, plasterers, aerial fitters, repair engineers, waiters, bar staff etc etc etc

That’s a lot of people squeezing into 10% when you consider the government say there are currently 32.21 million people in work.

So removing the 2 million using cash to evade tax, every other form of employment that might accept cash totals 1.2 million in the entire UK?

OK, if you say so... :cool:

System

Apparently Revolut now has a EEA banking license.

Is there much between it and Monzo?
Does Monzo has real-time faster payments like a real bank?

Vet

Yeah? It's alright

jonnygee2

One weird thing about Monzo is that if you don't have phone that has a fingerprint reader, like I do, there is no security to get into the app. You can't do transactions but if you lost your phone or it was snatched from your hand, someone can see all your DD details, balance, address etc.

This is true but in this situation someone could also read my emails, my WhatsApp messages and see some other stuff I seriously would not want a Stanger seeing. Actually my bank balance would me the least of my worries. Which is why I secure my phone.