Monzo 📱 🏦

Agree with your points.

Revolut isn’t at all a good comparison at all - it’s not a full bank and Revolut runs the risk in many ways overwhelming users with features in my opinion. I’ve got accounts with a couple of legacy banks and I’ve had Revolut and Starling accounts - for me Monzo is by the far the best interface, and best in terms of ease of use.

I think some parts of Monzo Plus are quite cleverly done - Virtual cards are not something which the mass of users are aware of, or use at the moment. In my opinion this may nudge users to bring more spend over to Monzo, as especially for subscriptions it can be frustrating if a card expires and then there’s bounce back from various subscriptions, therefore users may bring transactions into Monzo from Credit Cards to help manage this, thus brining in more interchange revenue (Note: I’ve not yet used Revolut’s VC feature).

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Without me googling, can you explain the benefits of a virtual card?

In the time it takes for someone to reply, you could have googled it :slight_smile:

Virtual cards are great for when you want to separate card details between vendors; let’s say you want to put all of your purchases via Amazon on one card to better track spending.

If your physical card gets stolen, since your virtual cards are separate, you won’t have to update your payment details across all of the places you were using your existing card.

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And they’re great to sign up to those subscription trials that ask for a card in advance and forget to cancel. Generate card, sign up to trial, delete card. :grinning:

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I’m an investor in Monzo so have an interest in its success. The Monzo Plus product doesn’t seem attractive to me or value for money. It bundles a lot of features that competitors already offer for free.

However, from a pure business perspective it’s probably a good play. They’ll likely get a decent sign-up rate and can add another source of income in the journey to profitability.

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I’m an elderly millennial that ditched the legacy banks and moved my current account over to Monzo - I don’t see them as a gimmick at all, simply a bank without any branches and with a great app… as opposed to the legacy banks with fewer and fewer branches and generally appalling apps and the occasional total loss of service for customers including their debit cards etc

I’m quite tempted by this new product. I currently use Money Dashboard to view all my accounts in one place. It’s free (they mine your data) and I know other people use Emma - also free but with a Premium tier of about £4.99 a month. Monzo’s new service seems to replace both of these.

:mega: :mega: If Freetrade would show up as a Savings/Investment account within Monzo and there was a function to send your Roundups (ie. Spent £0.88p with Monzo, the 22p gets pushed somewhere) to Freetrade instead of a pot then that would be incredible.

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Or I could just wait for someone as helpful as you to explain, then it’s written down in case anyone else was wondering about them too! :smiley:

Sounds interesting - not sure it’s worth the £5 a month for me, but can see the attraction of the extra features for some people

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Monzo would have a new plus member if they had freetrade showing in the app and roundups that could go tk my freetrade account! I’d pay 10 quid for that let alone 5. The extra fiver would be covered by a change in my shopping habits that would incenticise me to spend less on crap things and roundups would keep me saving.

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Saying yeah but I can get all of this for free elsewhere may be correct but you can’t get it within Monzo elsewhere :wink: … And even then is it really the same selection of features in the same way? Just ticking off feature by feature is really a good indicator of the value of the product - some legacies banks do most of what Monzo does for free yet their UI are not as good and they spend a lot of screen space trying to up sell you loans and mortgages which often then take you to a webpage (not a good user experience)

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I also use Money Dashboard. Monzo allows you to split transactions by categories which MoneyDB doesn’t do; for example, in Monzo+ you can tag a Sainsbury’s spend with £40 on groceries and £20 on Entertainment (alcohol). Unfortunately, there is not yet any Amex integration (although coming soon) and I prefer to budget on my PC so it’s not ideal.

I purchased Monzo+ knowing that there isn’t enough value for the current price but I am a big fan. rarther’s post above rings true, I know Monzo are having monetary problems and I will happily support them because I am brainwashed :joy:

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I like the product and have signed up. I’ve already set up custom categories (Investments, pets etc), set up a virtual card, can see my Santander and RBS accounts, and my new card will be arriving in the next couple of days. My wife and I can take out £800 between us on holiday later this month and I leave enough money in the account that I’ll accrue £20 in interest in the next year. Absolutely happy to pay £5 a month for all this.

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So, in spite of my earlier comments. I’ve ended up signing up now myself. Why? No idea really. I guess I was intrigued and for £5 a month its cheap enough to try it out and see if it does benefit me. I like the idea of the Google sheets interaction having seen some examples of what can be done with it so I’ll be looking at doing that.

I wouldn’t pay any more than £5 though and may still cancel after the 3 months.

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It’s amazing what a competent CEO can do in such a short amount of time! I feel like the termination of Tom from the board and him “stepping down” after the down round couldn’t have come sooner.

TS Anil seems to be really whipping Monzo back into shape and leading the company properly. I don’t think Monzo Plus is great this time around either, but at least there’s some buzz about it. Great job by TS! I hope he brings Monzo back from what looked like an imminent collapse.

On a related point. Does anyone know if there’s an IFTTT that can move money from a monzo pot each month and send to Freetrade?

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Unless you have insider knowledge, I think it’s perhaps a bit too soon to be giving all the credit for the new Plus to TS Anil and none to Tom, or any of the other senior staff members involved.

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Next people will be congratulating the marketing team on their card design… :rofl:


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When you put them next to each other… wow…

I believe you could, off the top of my head.

We don’t have a Freetrade IFTTT integration but I think you could triggera bank transfer through the Monzo integration which would then be deposited as normal on our end. I’m assuming the Monzo integration supports sending a bank transfer here.

The Monzo integration doesn’t not support sending bank transfers, presumably for security reasons.

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Shame. You’ll need to partner with them instead then :joy: thanks for looking @simonpoole

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I had high hopes for a second :frowning:

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