Monzo customers to receive the salaries a "day early"

Nicosy

https://www.independent.co.uk/news/business/news/monzo-pay-salary-early-payday-app-banking-a9071526.html

tldr:
Salary payments will enter customers’ accounts at 4pm on the day before they would normally be received.
The same applies for student loan instalments.
Their hoping this feature will get more customers paying their salary into Monzo, rather than using it just as a bugeting tool.
The feature will appeal to a not insignificant chunk of people living paycheque to paycheque, or who at least sometimes find themselves eking out their funds to the end of the month.

JuicyJesus

Basically risk-free to Monzo and something quite appealing, assuming you get your salary paid by BACS. Wouldn't compel me to switch but there are many worse things than this as an idea.

colsten

It's just a gizmo to appeal to gullible people, isn't it?

Once you have had the first payment 1 day earlier than your non-Monzo colleagues, you are back to where you started from: the number of days between getting your payments remains the same as before.

Nicosy

You're right, in the grand scheme of things it doesn't make any difference after the first month, as you still have the exact same times between paychecks. I don't see it making a practical difference to those living paycheck-to-paycheck - especially if they are basing their spending on their current balance and time to paycheck.

jonnygee2

Once you have had the first payment 1 day earlier than your non-Monzo colleagues, you are back to where you started from: the number of days between getting your payments remains the same as before

.

Unless you switch away from Monzo after enabling this of course, then there'll be an extra day between them.

Clever, isn't it?

[Deleted User]

A sad state of affairs really when getting paid a few hours earlier is seen as a perk.

I know it isn't the banks job to give financial advice but this type of thing encourages poor financial management. I am amazed at the number of colleagues I have that are always skint on the last days before monthly wages are due. I often make a big purchase or have an extravagant lunch on the day before payday to show off my budgeting prowess :-)

RandomUser923759

This happens with Starling too.

Ergates

Total gimmick that won't help customer one little bit. It did, however, serve it's real purpose of getting Monzo in't the papers and news sites.

surfsister

the small incentive for being referred is good though.

glider3560

mrchrisbrogan wrote: »

This happens with Starling too.

That's not the case. The transaction shows on the previous day as 'Pending' with the following date's date. You can spend the money from 00:01.