Monzo founder Blomfield exits as pandemic takes toll

jbrassy

I think Monzo is hugely over-rated and doesn't really offer any benefits compared to other current accounts available. I once upon a time had a card as it was good for travel spending. However, their Android app was rubbish compared to their iPhone offering and they've introduced some pretty confusing rules for overseas spending.

I now use Starling for overseas spending (especially ATM withdrawals), however the app is so slick to use that I have been tempted to use it as my main bank account. I think the main reason people stick with Monzo is because of the orange card which looks cool. Also, if you look at the forum/message board on the Monzo website, it seems to have a weird almost cult-like following (a bit like Apple). It's sad because all these sheeple probably don't understand the potential benefits they could gain by switching to other providers. 

wiseonesomeofthetime

My Monzo card never leaves my wallet as I use Google Pay, so the coral colour card is irrelevant for me.

I also have a Starling account and several legacy accounts, and their cards do not see light of day, irrespective of colour or design.

I agree with the comment about the Monzo Community board though. There are some really dedicated Monzo customers on there. There are also some "eyes open" account holders too though.

For me, each of my current accounts perform a function. Once they do not, they become available for any decent switches in the future. My Metro, for example, was taken out for access to their 1.80% fixed saver, long since matured. Now sits with a £0 balance.

Lightning360

jbrassy said:

I think Monzo is hugely over-rated and doesn't really offer any benefits compared to other current accounts available. I once upon a time had a card as it was good for travel spending. However, their Android app was rubbish compared to their iPhone offering and they've introduced some pretty confusing rules for overseas spending.

I now use Starling for overseas spending (especially ATM withdrawals), however the app is so slick to use that I have been tempted to use it as my main bank account. I think the main reason people stick with Monzo is because of the orange card which looks cool. Also, if you look at the forum/message board on the Monzo website, it seems to have a weird almost cult-like following (a bit like Apple). It's sad because all these sheeple probably don't understand the potential benefits they could gain by switching to other providers. 

The Monzo community is so strange. It's like they forget Monzo is just a bank. I posted on it with some criticisms and I got called a troll. Why on Earth would someone troll a bank? They are oblivious to any negativity towards Monzo.

London7766551

Lightning360 said:

jbrassy said:

I think Monzo is hugely over-rated and doesn't really offer any benefits compared to other current accounts available. I once upon a time had a card as it was good for travel spending. However, their Android app was rubbish compared to their iPhone offering and they've introduced some pretty confusing rules for overseas spending.

I now use Starling for overseas spending (especially ATM withdrawals), however the app is so slick to use that I have been tempted to use it as my main bank account. I think the main reason people stick with Monzo is because of the orange card which looks cool. Also, if you look at the forum/message board on the Monzo website, it seems to have a weird almost cult-like following (a bit like Apple). It's sad because all these sheeple probably don't understand the potential benefits they could gain by switching to other providers. 

The Monzo community is so strange. It's like they forget Monzo is just a bank. I posted on it with some criticisms and I got called a troll. Why on Earth would someone troll a bank? They are oblivious to any negativity towards Monzo.

It is always the same with these technology companies, they seem to develop a cult like following, where people seem to obtain the product, knowing perhaps subconsciously they have been duped as the product is just a "pay for the name" type of thing etc or doesn't really serve any useful purpose. And then they feel insecure about this and need to defend the product to try and fill this insecurity. Somebody telling them something negative about the product makes their insecurity worse so of course they are going to try and destroy it.  

huw01

I've closed my monzo account via a switch to RBS to qualify for the £100 RBS reward offer. I agree with everything said previously about the monzo community forum. I neve rdid switch my main current acc to Monzo, it was a secondary account with a couple of DD's banged on there for future switching. I still have a Santander Select 123 as my main account and will keep it that way. I like their app, it's not monzo but the overall offer from Santander beats anybody for me, cashback, interest and also mainstream banking features like post office banking which monzo thought was not required.

drb411

I liked Monzo and even invested.

However over the last few months I’ve abandoned it.  Partly down to the app design and partly the way I feel about the company now.  The Plus stuff etc...

The main things for Monzo is transactions showing straight away and pots.  Once other banks do that they don’t have much.

WillPS

drb411 said:

I liked Monzo and even invested.

However over the last few months I’ve abandoned it.  Partly down to the app design and partly the way I feel about the company now.  The Plus stuff etc...

The main things for Monzo is transactions showing straight away and pots.  Once other banks do that they don’t have much.

TSB, for one, have copied the Savings pots thing with their Spend & Save account.
I really don't understand the advantage over having a savings account though, I guess I'm getting old.

Tragen

When monzo brought in the "plus" account, I had a feeling they must be in trouble. I think this Tom guy is using covid as an excuse to jump from a sinking ship.

sneddon1

I know there have been posts about Pockit bank accounts, my son has one and we still cannot access  online banking to transfer his money out - this has been going on since September 2020, phone calls go unanswered, emails have the response we will get back to you,  He has asked for another card as he was broken into and his card stolen -  an email was sent to them and acknowledged - any more updates as Martin said in June that this would be sorted in 2 weeks