Monzo or Lloyds

b737pilot

I’m wondering if to open a Monzo account as fancy a change. Is it better than Lloyd’s?

It won best bank 2018 a few weeks back (Monzo).

What’s peoples experiences?

PRAISETHESUN

In my experience they have similar functionality - Monzo has the benefit of free overseas transactions and (limited) cash withdrawals, whilst Lloyds has a branch network which some people find useful as a safety net. I personally have accounts with both and use both of them for different things and haven't had a problem with either of them so far

armistice

Monzo's good, Starling a bit better.

Both way better than Lloyds

walesrob

Black Horse Apocalypse or Hot Coral?


Choices, choices.

d123

armistice wrote: »

Monzo's good, Starling a bit better.

Both way better than Lloyds

Agreed, Starling is far better.

b737pilot wrote: »

It won best bank 2018 a few weeks back (Monzo).

I’m not sure what Monzo won, but:

British Bank Awards 2018 winners:

Best British Bank: Starling Bank

Innovation of the Year (Powered by Bud): Moneyfarm

Customer Service Champion: Close Brothers Savings

Treating Customers Fairly Champion: Newbury Building Society

Best Newcomer: Bud

Best Banking App: NatWest

Best Current Account Provider: Starling Bank

Best Credit Card Provider: Virgin Money

https://smartmoneypeople.com/news/post/british-bank-awards-2018-winners

You know with Monzo the only “branch services” available entail you queuing in your local corner shop that does PayPoint, they charge you a fee to deposit cash, you can’t deposit more than £300 in a transaction or more than £1000 in any 6 month period. Fee free ATM use overseas is restricted to £200 a month.

I wouldn’t call Monzo a full featured bank current account yet.

If you want a mobile type bank, a Starling account is far better than a Monzo account, especially if its as a main or only current account.

worried_jim

armistice wrote: »

Monzo's good, Starling a bit better.

Both way better than Lloyds

Got all three but I do work for Lloyds.

Have Revolut too.

Alexd52

Use both Monzo & Starling and agree that the latter is better, however, both are useful in their own way. Mainly use them when travelling and also for online shopping

jonnygee2

I use Monzo and Starling. Personally prefer Monzo but strongly prefer both to Lloyds.

For me, I've always wanted a bank like Monzo. Basically a place to store and manage my money that is customer and technology focused.

I don't mind using 'legacy banks' for rewards occasionally but I highly doubt I will ever go back to one as my main account.

d123

jonnygee2 wrote: »

I use Monzo and Starling. Personally prefer Monzo but strongly prefer both to Lloyds.

For me, I've always wanted a bank like Monzo. Basically a place to store and manage my money that is customer and technology focused.

I don't mind using 'legacy banks' for rewards occasionally but I highly doubt I will ever go back to one as my main account.

Monzo Plus hasn’t gone down well with a lot of customers. I saw some of the Monzomaniacs have gone off the deep end on the community forum and gone from Monzo love to hate in a few days.

What’s your thoughts on the current trial offers?

jonnygee2

It's a bit of a mystery why this post floated to the top of the board. I haven't posted on it since the 23rd of December, but this evening every time I post something, this post has gone straight to the top again. Weird?

Anyway, seeing as you asked...

Monzo Plus hasn’t gone down well with a lot of customers. I saw some of the Monzomaniacs have gone off the deep end on the community forum and gone from Monzo love to hate in a few days.

What’s your thoughts on the current trial offers?

I just looked it up - so basically it's travel insurance and some new card colours? Definitely not for me.

And I get why people react badly, but also they do have to run a profitable business somehow. There were protests on Twitter when they started offering overdrafts - despite that obviously being a very reasonable thing for them to do.

Most tech companies go through this painful stage of starting to experiment with revenue generation. Not all survive it, so it's interesting times for Monzo ahead.

For me, as long as they don't start pasting my home screen with adverts for there paid for products, or make stupid changes to the stuff I use, I don't really care what else they are doing.

d123

jonnygee2 wrote: »

It's a bit of a mystery why this post floated to the top of the board. I haven't posted on it since the 23rd of December, but this evening every time I post something, this post has gone straight to the top again. Weird?

Now you mention it, it is weird, I didn’t even notice the date of your last post, it showed up tonight in my subscriptions as a new post by you :huh::huh:

I’d agree about Plus, looks tremendously overpriced, but there have been people banned over at Monzo for the way they’ve gone totally anti-Monzo over Plus and then suddenly started hating on Paypoint problems, cash deposit fees and the overdraft charges, almost like they hadn’t realised they were there before.

I bet someone at Monzo is regretting the overpriced Plus trial now, for the trouble it’s caused.