Monzo: Fairer banking. New fees (for the minority)

wiseonesomeofthetime

https://monzo.com/blog/withdrawal-and-card-delivery-fees

Sounds perfectly reasonable to me.

SnowTiger

wiseonesomeofthetime said:

https://monzo.com/blog/withdrawal-and-card-delivery-fees

Sounds perfectly reasonable to me.

Perhaps.

But what advantages does Monzo have over, say, a Virgin Bank account paying 2% interest on balances up to £1,000?

Things must be getting very tough for Monzo.

Stenwold

SnowTiger said:

wiseonesomeofthetime said:

https://monzo.com/blog/withdrawal-and-card-delivery-fees

Sounds perfectly reasonable to me.

Perhaps.

But what advantages does Monzo have over, say, a Virgin Bank account paying 2% interest on balances up to £1,000?

Things must be getting very tough for Monzo.

Ease is king. 
I can't imagine many people choose Monzo for the interest rate (I don't even know what mine is). Most people go for Monzo because of it's usability, they have a fantastic app which is so easy to use.

My guess is the change is to try and encourage those customers that use this account as a 'secondary account' to start using it as a full current account.

Ballard

The cash withdrawal fee seems reasonable to me. Monzo will be charged for this services so customers can quickly become unprofitable. I could be wrong but I think that Starling have taken a similar approach.

Similarly the charge for a new card seems okay to me. Being as I’ve just paid £5 for a paper statement for one of my accounts, £5 for a new card looks to be fair.

wiseonesomeofthetime

@MSE_Naomi has created an official thread here

Zanderman

wiseonesomeofthetime said:

@MSE_Naomi has created an official thread here

But this one was here first.

[Deleted User]

Ballard said:

The cash withdrawal fee seems reasonable to me. Monzo will be charged for this services so customers can quickly become unprofitable. I could be wrong but I think that Starling have taken a similar approach.

Similarly the charge for a new card seems okay to me. Being as I’ve just paid £5 for a paper statement for one of my accounts, £5 for a new card looks to be fair.

They could have tackled the ATM issue by joining LINK with free LINK ATM access in the UK/EEA  but capping free access to Mastercard/Cirrus ATMs in UK/EEA. They could potentially offer the Post Office Counter service ontop. 

The card issue would probably be better if they stopped embossing their cards like Starling and NatWest. 

adamp87

Aside from the App, I don’t see why I’d choose Monzo over a regular current account. Especially if I needed access to cash during the month, being charged for it seems absurd.

I understand the reasons why, and those reasons would be why I wouldn’t utilise them.

There are no fees for withdrawal with Starling or overseas fees. I do find them a stronger option than Monzo

EarthBoy

wiseonesomeofthetime said:

@MSE_Naomi has created an official thread here

Most of us here on the forum don't care too hoots about "official" threads.  We're only interested in the ones which came first and/or have most replies.

wiseonesomeofthetime

@Zanderman @EarthBoy - I only added the link of MSE one as my OP did not appear to have any traction, in comparison to the debate within the Monzo Community Forum (currently closed - again)

The MSE thread has even less participation though 😂

Herbalus

Maybe it’s because Monzo doesn’t affect too many people.