Monzo 'Plus' account is back...

wiseonesomeofthetime

I am a Monzo user and have never taken the income early, nor see the point of it personally.

If my finances ever get in to a state where I need an early payday, I have gone seriously wrong on my budgeting somewhere.

I see no value in Monzo Plus.

I have a Starling account, however, prefer Monzo day-to-day. Starling account just helps separate an aspect of my finances. (Time with my kids)

dazzaofdagenham

Sorry....I have monzo has my main account for about a year now.
how do I get wages early ?

ozaz

dazzaofdagenham said:

Sorry....I have monzo has my main account for about a year now.
how do I get wages early ?

Requires that you get paid via Bacs.
https://monzo.com/features/get-paid-early/

jonnygee2

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

Personally I use Monzo after a shocking customer service experience with Starling put me off it. Having used both I think it's really just a matter of preference which you prefer, they both seem pretty similar to me.

WillPS

colsten said:

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. 

Ah, so you see my money doesn't tend to stay with one bank... straight out of there the moment they give it to me and off to somewhere more profitable

But yeah it is pennies worth of benefit. The question was if there is a unique feature Monzo offer and the answer is yes...

dazzaofdagenham

ozaz said:

dazzaofdagenham said:

Sorry....I have monzo has my main account for about a year now.
how do I get wages early ?

Requires that you get paid via Bacs.
https://monzo.com/features/get-paid-early/

Lol...never knew that...

thanks