Monzo Accounts

[Bookworming]

Just to say they are bloody brilliant!

Sorts your salary to how ever many "pots" you need..

So for example

Direct debits
Christmas
Holidays
Spends
Grandchildren

And let's you set "budgets" for shopping, entertainment etc.

You can lock accounts to make sure you don't spend from theM

So much easier than having to move between accounts, it's all done for you, with one click.

Love it!

But it doesn't have a cheque book, just in case you need one.

....last year, I’m not that bad.

@theblackparade

What an odd thread. Is this an ad for Monzo?

Yeah same here. This thread does seem like an ad for Monzo.

And there is more than one poster singing its praises, (not to mention getting a bit pissy, and posting sarcastic jibes, because people are not interested.)

@Chillypenguin mine will make you feel better, it's 4 digits 🤦🏼‍♀️

@finkking I’m using the excuse of lockdown!

@littlepattilou Uptight and suspicious, winning combo.

Hopefully if they read through this thread they'll deposit a couple of grand.

@Chillypenguin

My favourite / least favourite feature is you can click on a transaction and it will tell you how much you’ve spent with that retailer / service provider.

Over £500 on Deliveroo this year

Jesus, in 3 days!!!

Totes!!

[quote userxx]@littlepattilou Uptight and suspicious, winning combo.

Hopefully if they read through this thread they'll deposit a couple of grand. [/quote]
Bingo.

I love having pots. I use a traditional bank for my bills then transfer my remaining money into my Monzo. I have pots for birthdays, events, Christmas, car maintenance, holidays etc. that I have monthly payments set for, so I can budget for the annoying extra bits I always used to forget.

Instead of realising I need to put money in card for a wedding and taking it from my main spending for example, I've been depositing £20-30 a month into an events pot so I'm not significantly affected by random events.

@NowellSingWe

That's really interesting@BeamerTown! Does anyone use revolut or monese? There's another called something like N24 also??

N24 is no longer offering accounts to UK residents.

Monese is fine, they were a life saver when my Monzo card didn't work abroad on one holiday, Monese worked everywhere. But they are not a full bank, don't think Revolut are either. Had loads of problems with Revolut and their customer service was terrible.

Oddly, neither Monese or Monzo cards work in my nearest Post Office (card machine) or in the Atm at my nearest petrol station, which is the only atm near me. Strange that they worked fine in Romania, Spain and loads of other places but not here at home in the UK!

That's why I still keep Nationwide as my main current account, have always had good customer service and you can at least go into a branch if you need to....

[quote userxx]@littlepattilou Uptight and suspicious, winning combo.

Hopefully if they read through this thread they'll deposit a couple of grand. [/quote]
Uptight because I am not interested in your little monzo app plugging.

Err okay then.

Keep plugging it my love. And keep insulting and berating me.

Says a lot about you.

@userxx

Just so as you know. Your constant goading of me has made me determined to never use Monzo.

So... epic fail for you.

And Monzo need different people to promote them.

@littlepattilou Damn you've rumbled me, I am in fact the CEO of monzo living my best life 🤷‍♂️

God, I just couldn't be arsed bring that suspicious, do you always feel like people are trying to get one over on you? Life's far too short.

[quote littlepattilou]@userxx

Just so as you know. Your constant goading of me has made me determined to never use Monzo.

So... epic fail for you.

And Monzo need different people to promote them.[/quote]
Come on, have a day off!

@dugupdeadcat I have a Monzo account which I use just for nights out and general day to day spending etc, but if you frequently lose your card Monzo may not be right for you. With a basic account they will only replace it free of charge twice in a year. After that there is a £5 charge. I guess it depends how often you lose your card 😊

Oh I love love love my Monzo account!

I am not exaggerating when I say it’s changed my life (my financial life anyway).

The pots function is fantastic and I’m sure other banks offer it but I discovered it with Monzo and am very happy with it. Until 2019 we had to pay for big things like car insurance and Christmas by using credit cards or using up a whole salary and being skint till the following month - now there is money there for all of these things and the other big expenses that occur throughout the year. Every payday I transfer over X amount and divide it up into my pots.

I’ve never had any problems with it being closed or fraud or anything and when I wanted to change my name it was flawless.

We still have our salaries paid into a Halifax account and bills are paid from there - Monzo is just for the pots and spends like grocery shopping and fuel. It’s a step up from drawing out cash at the start of the month really.

What is your aibu?? Just reads like an advert!

All the ‘do you work for Monzo?’ replies are making me laugh because my family have a running joke that I must secretly be working for Monzo since I go on about how great it is all the time One of my siblings finally got it the other day after holding out just to annoy me (not really but also sort of!) and they have conceded it is genuinely v v useful. Ha!

Wannabewriter It’s changed my life too, I was shit at budgeting and found myself living on a very very tight budget so I got one of the prepaid cards to pop my spending money on. Then it just kind of snowballed from there and it’s now been my main bank for years. The pots and budgeting features helped me get out of my overdraft after living in it for years. I also had a small loan from them a couple of years ago and was really impressed with the way they did that too.

I get the impression the older banks have been catching up in terms of their app features etc in the few years since I got it but I haven’t really looked into any of them enough to know whether they offer all the same functionality yet. I still have a dormant nationwide account and their app still seems very basic but I’m sure there are others that are getting a lot better.

A lot of people get very angry when you start singing the praises of Monzo or some of the other ‘new’ banks and I’m not really sure why but at the same time, some people (who probably learned to budget properly much sooner than I did!) really don’t want or need the features that Monzo offers and that’s cool, we don’t all have to use the same bank!

Thanks @CoffeeandCroissant!

@ShalomToYouJackie

Also having the option to get paid a daily early at 4pm is brill

Why? That just turns payday into the 19th instead of the 20th, what’s the point?

I'd like to think monzo's marketing team were a bit slicker (no offence, OP).

I'm also a massive fan, and the pots have made managing money a great deal easier for me. I do wish they paid interest though (even the teeny amount that other banks do), so use them for regular expenses/sinking funds like haircuts or kids clothes rather than for long term savings.

I don't understand the going bust worry. Its FCA regulated and £85k is protected.

You're right that your money is protected but I don't know what the process is for claiming money back in this situation. I'm not sure I'd like to experience months on the phone and filling out forms trying to get my life savings back.

Maybe they'll get bought out but from what I hear their technology is actually pretty ropey (i.e. built on a weak codebase). I'm not sure what anyone would be getting by buying them tbh.

All the ‘do you work for Monzo?’ replies are making me laugh because my family have a running joke that I must secretly be working for Monzo since I go on about how great it is all the time One of my siblings finally got it the other day after holding out just to annoy me (not really but also sort of!) and they have conceded it is genuinely v v useful. Ha!

Totally agree, not realised the level of suspiciousness on MN!

@littlepattilou damn I'm sure Monzo will now close my account, after your decision to never use them!

@kitschplease yes I'm sure I won't be head of marketing this month for Monzo! Damn, I'll have to try another Avenue!

You've got to laugh at the level of suspicion on MN!

🙄