MSE News: Monzo pips First Direct to top our customer service poll - check how well your bank did

RCLON

Pretty pointless as Monzo doesn't offer mortgages or many other key banking services. Rather debatable whether you can call them a bank at all. Rather like allowing a motorbike and car to compete on acceleration.

I suspect most with Monzo accounts (including myself) have other accounts at real banks for other services.

When they diversify they will likely suffer the same issues given experience of communications outside the App. Would be more interesting to see how it compares to other app only financial services as I'd rate what I get from Revolut above Monzo and Atom way last.

For the record I hold multiple accounts and pick and chose based upon best individual service. I've found FD of late to be pretty awful given they are so far behind on savings rates whereas I've got a fantastic mortgage rate with Barclays. Yet the scoring for both these is inverted....so really it comes down to what services you need.

No_6

why do you need to chat to any bank account ?
look after your money, with a spread sheet or something !
just know what you have and about to spend.

JuicyJesus

No_6 wrote: »

why do you need to chat to any bank account ?
look after your money, with a spread sheet or something !
just know what you have and about to spend.

I like to ask mine how it is. "Empty" is the usual answer.

d123

No_6 wrote: »

why do you need to chat to any bank account ?
look after your money, with a spread sheet or something !
just know what you have and about to spend.

If you read TrustPilot it seems Monzo is quick on the trigger to freeze accounts. You might struggle to look after your money if you’ve been locked out.

In my case they somehow managed to get personal details wrong in the app, it would be a bit difficult to fix that with a spreadsheet...

Herbalus

No_6 wrote: »

why do you need to chat to any bank account ?
look after your money, with a spread sheet or something !
just know what you have and about to spend.

I don't think this is chatting. It's more likely that people contact their bank for a point of service.

For example when something isn't working the way it should be, and needs fixing. Or to tell them you've changed your address. Or you want a paper statement. Or you need a new cheque book. Or to make a bigger payment than is allowed on internet banking. Or to say you're going abroad. Or if your card has been blocked. Or if you don't recognise a transaction. Or close a savings account.

JuicyJesus

d123 wrote: »

If you read TrustPilot it seems Monzo is quick on the trigger to freeze accounts. You might struggle to look after your money if you’ve been locked out.

One might surmise they're a bit quick off the trigger because the absence of face-to-face contact and ID verification, as well as the lack of credit checking, presents quite high AML concerns.

One might also surmise that people engaging in dodgy dealings (particularly those involving cryptos) might choose Monzo specifically because they think that their iffy transactions might fly under the radar and then get a rude awakening when they discover that the reduction of account opening checks necessarily means more ongoing monitoring, not less.

ozaz

RCLON wrote: »

Would be more interesting to see how it compares to other app only financial services as I'd rate what I get from Revolut above Monzo and Atom way last.

Although I opened a Revolut account a while back, I haven't really used it yet as it didn't seem to me I would get any added benefit from it over Monzo. Out of interest, what do you prefer at Revolut in comparison to Monzo?

The things I like most with Monzo are instant balance updates, rich transaction information (e.g.unambiguous merchant names, location maps, merchant icons, notes field), and spending analytics. How does Revolut compare on these features?

Thanks

jonnygee2

Although I opened a Revolut account a while back, I haven't really used it yet as it didn't seem to me I would get any added benefit from it over Monzo. Out of interest, what do you prefer at Revolut in comparison to Monzo?

The things I like most with Monzo are instant balance updates, rich transaction information (e.g.unambiguous merchant names, location maps, merchant icons, notes field), and spending analytics. How does Revolut compare on these features?

Revolut isn't a bank, it offers cash cards. It stores your money in Barclays and processes faster payments through a third party. It's not really an option to be your main account (I don't think it wants to be either).

Revolut is good for travel, especially for frequent travelers, and can also store crypto.

d123

jonnygee2 wrote: »

Revolut isn't a bank, it offers cash cards. It stores your money in Barclays and processes faster payments through a third party. It's not really an option to be your main account (I don't think it wants to be either).

Revolut is good for travel, especially for frequent travelers, and can also store crypto.

You’re a little behind the times , Revolut has now got a banking licence and will be launching a full current account soon.

We got a banking licence 🎉

Today, we're incredibly excited to announce that our application for a European banking licence has been approved by the European Central Bank. As you can imagine, this is a pretty huge milestone for us.

This licence will help us towards our goal to build an account where you can manage every aspect of your financial life, with the best value and using the best available technologies.

If you choose to open a full current account with Revolut Bank in the future, any funds you deposit will be protected up to €100,000 under the European Deposit Insurance Scheme (EDIS).

It's worth pointing out that this scheme is not currently in place, so your current funds with Revolut remain safeguarded in accounts with a tier one UK bank, as per our obligations under the e-money regulations.

Overdrafts and personal loans 💸

Once operational our banking licence will allow Revolut users access to overdraft facilities and personal loans. This means you’ll no longer have to deal with negative balances, automatic top-ups and the all-annoying ‘insufficient funds’ notification.

What's more, the competitive personal loans we plan to offer will help out when your budget can’t cover a bigger purchase, when you want to book that long-overdue holiday, or for anything else that requires a small cash injection before your next payday.

Direct debits ⚡

While Direct Debits are already in place for our European customers, once we have our full current accounts in place, Revolut Bank will support UK Direct Debit, for paying anything from your gym membership to your electricity bill.

In-house payment processing 🔧

As announced earlier in the year, we're making solid progress in building our in-house payment processor, and will look to have this in place as we begin to launch Revolut Bank. This should drastically eliminate any service disruption as we scale to tens of millions of customers.

https://blog.revolut.com/we-got-a-banking-licence/

narrowromero

I went to Disney in Paris with a friend, went cashless. I had a problem than contactless payment wasn't working. It also wasn't working with my Amex card. Went onto the Monzo app, contacted CS and had a reply within moments. Half an hour later had a reply that they had phoned Disney and their payment provider and that contactless payment should now work, and for me to try again with contactless. Contactless worked for both my Monzo and Amex.


Also, two-factor authentication payments when paying online or when doing card not present payments just works. Notification to your device that opens the Monzo app, use your fingerprint or use PIN to verify.



Contacted Amex also, they took over a day to respond.


I have been with Santander and Halifax. Call CS, be on hold for an hour, issues take days or weeks to sort. Go to a branch (which rarely open weekends now), to be told you can only resolve issues with CS over the phone.