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

[Deleted User]

ZeroSum said:

Stenwold said:

ZeroSum said:

Stenwold said:

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.

How do these fees encourage people to change from secondary to primary account? 

Because you get a bigger allowance if Monzo can see you're using this as your main current account (or hitting their criteria,anyway). 

But if only using a secondary then don't need bigger allowances & criteria wouldn't affect anything. 

They are penalising customers (by default) for core services (cards/withdrawals) rather than than making it more attractive to use as a main account - an amateurish more of the stick and less of the carrot approach. 

One irony is that debit cards always remain the property of the bank...

BrownTrout

I assume that this doesn't affect monzo business accounts.....