Customers turn their backs on Monzo and Revolut as fears mount over profitability

Emmia

I had a Monzo account for less than 2 weeks after opening, having paid a small amount of money in. I decided that I wasn't happy with the security of the app which seemed too reliant on the security of your phone (when compared with HSBC / Barclays) and closed the account as a result. 

wiseonesomeofthetime

Emmia said:

I had a Monzo account for less than 2 weeks after opening, having paid a small amount of money in. I decided that I wasn't happy with the security of the app which seemed too reliant on the security of your phone (when compared with HSBC / Barclays) and closed the account as a result. 

Didn't enable fingerprint access then, I take it?

Emmia

wiseonesomeofthetime said:

Emmia said:

I had a Monzo account for less than 2 weeks after opening, having paid a small amount of money in. I decided that I wasn't happy with the security of the app which seemed too reliant on the security of your phone (when compared with HSBC / Barclays) and closed the account as a result. 

Didn't enable fingerprint access then, I take it?

I prefer codes that I can change, rather than fingerprints which can be faked and can't be altered. Monzo don't offer it as an option...  That's their choice, but it means I'm not using them.

SlovakianGuy

Emmia, why did you close it? You could have switched it to Lloyds or RBS for 100 quids switch incentive.

Alternatively, using Monzo for daily transactions (just topping up what you're going to spend in the next week or two) while keeping most money elsewhere. I keep repeating this, but Monzo app is far superior in terms of functionality, than anything you can get from HSBC or Barclays. Maybe they will eventually catch up one day, but until then... I can't imagine not having my Monzo and Starling. All other banks look/feel pretty boring and clumsy compared to those two.

Emmia

SlovakianGuy said:

Emmia, why did you close it? You could have switched it to Lloyds or RBS for 100 quids switch incentive.

Alternatively, using Monzo for daily transactions (just topping up what you're going to spend in the next week or two) while keeping most money elsewhere. I keep repeating this, but Monzo app is far superior in terms of functionality, than anything you can get from HSBC or Barclays. Maybe they will eventually catch up one day, but until then... I can't imagine not having my Monzo and Starling. All other banks look/feel pretty boring and clumsy compared to those two.

I have no great desire to do the switching money-go-round. Yes I could earn a few hundred quid, but I cannot be bothered with the admin and keeping track of the accounts - 2 personal accounts (different banks) 1 joint account and 1 credit card (plus savings, premium bonds & ISAs)  are enough for me. I had a Natwest account, a second Barclays account and a second credit card, but shut all of those about 7 years ago as they were unecessary.

I use one of my personal accounts in the way you use Monzo, so that element / need is satisfied already.

HSBC and Barclays apps are fine, although I prefer the Barclays one. As stated I don't like the reliance of the Monzo app on fingerprints - so for me it's not got some key functionality that I'm looking for. But if you like it, then that's good for you.

whirlyhead

Monzo uses face recognition on my phone as does starling.  Is it easy to get around that security??

SlovakianGuy

I don't use fingerprint for anything in my Monzo. When I'm paying someone, I need to type in my PIN anyway.