Monzo - how do you set it up to round up and save small amounts?

[Joyfulincolour]

We’ve got a Monzo account but would like to use it more effectively. How do we get the best out of it 😀
Thanks

I suggest you read the reviews on their facebook page. It’s not good.

I work in finance and this online bank keeps popping up in regards to freezing people’s accounts with out any explanation and it bring a nightmare to contact their customer service.

No way would I put money in this account.

I e just had a quick look on facebook and there is now a facebook account set up by people this online bank have failed - over one thousand people have joined it.

Choose one of the savings pots, then click edit, then "round up transactions" its like a little flip switch

I think it's brilliant and their customer service is excellent! Never had a problem getting hold of them, much easier than high steer banks

You have to create a savings pot in the first place. You can have several. But you can only round up savings into one, select the radio button to 'round up transactions' and every time you use the card in shops, it will put the rounded up amount into that particular pot.

You can contact their customer service very quickly by selecting the Question mark icon and having an online chat.

The reviews have now been turned off as there were hundreds of bad ones however if you go on to the community page you can still see quite a few there.

They were even on watch dog a while back.

Honestly I can’t stress enough how bad this online bank are. I don’t think they are U.K based now.

You can contact their customer service very quickly by selecting the Question mark icon and having an online chat

Which often leads to nothing.

Have you had a bad experience with them PG? I’ve had nothing but good experiences, when contacting them.
Working in finance you must know that if they suspect Money Laundering or are informed by the police that an account holder is suspected of such they have to freeze it without warning?

I have used Monzo to buy tickets off ticketmaster prior to it being public that a lot of fraudulent transactions could be linked to TM and they replaced my card straight away. I’ve had more issues with high street banks.

Have monzo and know lots of people who do (many of whom work in finance) and no one to my knowledge has ever had any issues.
In fact I regularly praise it to people for being so accessible and customer service being so prompt and helpful. It's far better than any high street bank I have / had an account with. It's great that it checks with a text that you approve large or unusual transactions. You can freeze your card in seconds if you think you've lost it and unfreeze it in seconds too. My other banks have never done any of that. I'm really surprised to hear of anyone having problems with it.

The previous set up with pots was more intuitive in my opinion but there are options to set rounding up within each pot menu.

I work in finance too; and have had a Monzo account since the beta. I've had no issues, and the accounts that have are in the minority overall.

I'd never say to put your eggs in one basket with any bank or institution, but I wouldn't write them off over some bad reviews, either.

SoVeryLost yes we’ve had a fair few clients in a mess because their account were frozen with no explanation and no access to their money. They were on watch dog not too long ago also.

The thing is the high street banks are becoming quite inaccessible to some people due to closures and banks merging so if you owe money to one bank there is a chance that if you open up with another high street bank that can enforce the debt - forcing people to turn to online banking and with this comes the risk of your money being basically just online with out the option of going in to a branch and speak to some one face to face to sort your issues out.

I’d never recommend this bank to anyone and find it quite alarming actually the amount of people blindly going it to it with out really researching it. I’m sure it’s on the FCA radar however with it not being UK based I’m not sure what they can do.

I e just had a quick look on facebook and there is now a facebook account set up by people this online bank have failed - over one thousand people have joined it.

I wonder how many people would join a group for failed customers of all the major banks 🤔

I love Monzo (also use Starling)

AnchorDownDeepBreath

They’ve taken their reviews page down as it was full of frantic and angry customers. There is even a ‘monzo stole out money’ face book page with over a thousand people on it. It was on watch dog.

It’s more than a few bad reviews

I wonder how many people would join a group for failed customers of all the major banks 🤔

Probably a fair few but the difference is you can walk in one of the high street banks and ask to see the manager and the customer services on line and over the phone are much more established and efficient.

There’s nothing wrong with Monzo’s customer service. They just seem to attract some people who have very dubious monetary transactions - perhaps due to the ease in which you can set up an account. Monzo can’t come out and say these people are Money Launderers or linked to people who there are concerns about, but that’s why these accounts were frozen.

However the idea of the account and what it can do sounds amazing and I wish the high street banks would adopt it although I think some of them are making tiny moves leaning towards money managements with your accounts.

@PGtipsplease
I'm sure it is very much UK based in London. And not on the FCA radar at all.

Of course it is a shame some people have had problems, but Monzo are following rules like all banks do. They have millions of customers who are happy with them. There will be a few who aren't, just like any banks. The Monzo response to the watchdog programme clearly explains why accounts are frozen occasionally and why they can't share the reason with the customer.

Are you the same PGtipsplease who started an admin job 2 months ago after being a SAHM. And asking for advice because you felt you didn't know what you were doing? Not a criticism of that post at all but your current post makes it sound like you are experienced in the finance business?

There’s nothing wrong with Monzo’s customer service. They just seem to attract some people who have very dubious monetary transactions - perhaps due to the ease in which you can set up an account. Monzo can’t come out and say these people are Money Launderers or linked to people who there are concerns about, but that’s why these accounts were frozen

That is just not true. The freezing of the accounts happen to normal every day people - just like me and you. It even states in the T&C that they can close your account down with out any reason why. Then basically holding the clients money until they have set a new bank account up which they will then - eventually refund - sometimes.

Interesting first post chchchanges are you sure your not not a Monzo or sock puppet if with winter?

Yes I am that poster and weird that you’ve searched my history weird that I must bother you so much.

Monzo is regularly brought up in our office as like I said we’ve had clients in a lot of distress because of their money being frozen. No access to money for food for their kids or utility bills. And no they were not fraudsters.

Apparently 3 million people now have accounts. There have been enough problems with high street banks needing to be bailed out ( and technical hitches) that I like to spread my money around. I’m trialling Monzo with smaller amounts currently and I love the “pots” - such a great idea. Too early for feedback though but so far so good.

Monzo rep or a sock puppet with winter*?

My family all have Monzo cards, no problems here.

I'm a little bit evangelical about Monzo.
It has totally changed the way I bank and budget.
I have pots for everything from holidays to Xmas to car expenses.
Never had it frozen.
Never had a glitch or a problem.
And when I needed bank statements for a mortgage application I had them in the post in 3 days which was a stark difference to the same request I made to HSBC

I have an account with Monzo. I also have a number with three other 'high street' banks. Monzo is more accessible than all of those. I've never had any problems - and certainly not of the likes of the entire networks of banking going down that some of the big banks have suffered from in the past couple of years.

@PGtipsplease
It's not my first post, I've been on Mumsnet for years (as they can testify if you think I'm trolling), I just change my name very frequently. Sock puppet? That's a very strong reaction to my post. Who am I supposed to be in cahoots with - Monzo?

To answer your question, no I'm not at all 'bothered' by you and no it's not weird to look up someone's posts. That's also a strong reaction to me asking a genuinely curious question? I was surprised in two months you've had so much exposure to unhappy Monzo customers (from a statistical point of view). I was understandably curious as you were the only person criticising them and had posted many many negative messages on the same thread. And your comments about where they are based and the FCA don't make sense if you are so clued up about the company/financial sector?