Monzo 'Plus' account is back...

jonnygee2

So you mean the entire  "Great Monzo Con" is that a few months ago they wrote a blog post about this one feature and since then they've changed their minds? In that case do you think the label "The Great Con'' might be a touch OTT?

[Deleted User]

jonnygee2 said:

So you mean the entire  "Great Monzo Con" is that a few months ago they wrote a blog post about this one feature and since then they've changed their minds? In that case do you think the label "The Great Con'' might be a touch OTT?

Nope

Malkytheheed

Why does anyone use Monzo? Genuine Question. I used to , but Starling is just simply a better product. and it's free to switch. 

WillPS

Malkytheheed said:

Why does anyone use Monzo? Genuine Question. I used to , but Starling is just simply a better product. and it's free to switch. 

Salary available the day before payday is handy.

Malkytheheed

WillPS said:

Malkytheheed said:

Why does anyone use Monzo? Genuine Question. I used to , but Starling is just simply a better product. and it's free to switch. 

Salary available the day before payday is handy.

I don't understand how that is handy at all. Doesnt that just create a demand loop for having access to money earlier and earlier, a bit like an overdraft. or creating a "can you tap me some money till payday" culture? 
In the long run grand scheme of things that offers no finnancial benefit what so ever, infact it's damaging as people really should learn to live within their means. But each to their own. 

WillPS

Malkytheheed said:

WillPS said:

Malkytheheed said:

Why does anyone use Monzo? Genuine Question. I used to , but Starling is just simply a better product. and it's free to switch. 

Salary available the day before payday is handy.

I don't understand how that is handy at all. Doesnt that just create a demand loop for having access to money earlier and earlier, a bit like an overdraft. or creating a "can you tap me some money till payday" culture? 
In the long run grand scheme of things that offers no finnancial benefit what so ever, infact it's damaging as people really should learn to live within their means. But each to their own. 

Maybe for some, I do almost none of my day to day spending with cash or debit card though, and my spend is lower than my income, so it makes no difference to me.

It's an extra day's interest though.

ozaz

Whether it’s worth £5/month is up for debate but I think it’s interesting that Monzo have realised the one thing they’re better at than other banks (the big banks anyway) is software. So they’ve decided to sell software enhancements. Will be interesting to see how it goes.

ozaz

Malkytheheed said:

Why does anyone use Monzo? Genuine Question. I used to , but Starling is just simply a better product. and it's free to switch. 

I use Monzo because it offered a transformative shift in my banking experience compared to my high street bank when I switched a few years ago. At the time Starling hadn’t launched.

I don’t know if I agree or disagree with your view that Starling is a better product because I’ve never tried Starling. The reason I haven’t tried it is because there’s no compelling reason to try. It’s clear there won’t be the same transformative improvement in experience moving from Monzo to Starling as there was moving from high street bank to Monzo, and there’s a possibility I will find it worse so no real motivation to spend any time trying it.

adamp87

ozaz said:

Whether it’s worth £5/month is up for debate but I think it’s interesting that Monzo have realised the one thing they’re better at than other banks (the big banks anyway) is software. So they’ve decided to sell software enhancements. Will be interesting to see how it goes.

I don’t think it’s enough and will go the same way as the last push they did.

Problem I understand Monzo has it it needs to generate money from its products and isn’t.

Admittedly I prefer Starling, but even then most Banking apps to me are the same & catching up aside from the UI/Design. I’d say a lot of my friends/colleagues of 20’s/30’s have a Starling/Monzo account but it’s mostly used as a everyday card that they load money on not a main account - which probably now isn’t the audience that makes them money.

colsten

WillPS said:

Malkytheheed said:

WillPS said:

Malkytheheed said:

Why does anyone use Monzo? Genuine Question. I used to , but Starling is just simply a better product. and it's free to switch. 

Salary available the day before payday is handy.

I don't understand how that is handy at all. Doesnt that just create a demand loop for having access to money earlier and earlier, a bit like an overdraft. or creating a "can you tap me some money till payday" culture? 
In the long run grand scheme of things that offers no finnancial benefit what so ever, infact it's damaging as people really should learn to live within their means. But each to their own. 

Maybe for some, I do almost none of my day to day spending with cash or debit card though, and my spend is lower than my income, so it makes no difference to me.

It's an extra day's interest though.

Monzo dosen‘t pay interest on your current account balance. But even if they did, a day‘s worth of interest on even a healthy salary is peanuts these days. Or are you talking about overdraft interest? 

People are kidding themselves if they get excited about this gimmick. After an initial gain of 1 day, time difference between their payments stays exactly the same as before. It does absolutely nothing to better anyone’s financial situation. But I suppose the monthly bragging value (“I’ve already been paid and you haven’t, nah nah nah na nah”) is worth it for some.