They’re “ethical,” which presumably means they’re forgoing some profit opportunities that they would consider unethical. It’s free to use. yet, despite all that, they still have enough money to give you a market leading 1% cash back on all your spending.
What’s the catch? It sounds too good to be true.
Oh, and have they forgotten to advertise the - frankly pretty amazing - cash back offer on their website?
Yeah that’s the bit I was referring to by very basic general explanation!
I’d love to see sources, assumptions made for calculating it, and the math that follows tailored to, at the very least, type of transaction or merchant/receiving bank.
It’s an early access beta gearing up for hypergrowrth by all accounts. The good stuff will eventually either cost us (Triodos charge £3 a month for their account, Chase are floating a similar fee in return for keeping the cashback around permanently) or disappear to be replaced with less good stuff or both.
Whilst there’s no fees right now, it’s not the promise they’ve made. They’ve promised fairness, transparency and fixed. Credit facilities are on the cards, so we’ll need to find out what they mean by non interest. Perhaps that’s the cost for this stuff, no interest for our money which they’ll be investing (traditional bank business model but tailored to ESG investing). The increased base rate will recoup losses from a 1% cashback assuming folks keep enough money in the account.
If Chase would promise to have a Barclays Blue Rewards type fee in exchange for better credit product access, cash back and market leading / nearly that, interest rates
I’d honestly stick with them as they expand. Would be a very interesting take on banking here
I think something like this was one of the options from the survey. There were so many various combos. I’ll try to find my post on the Monzo communities that picked the various components out and share it here, because the options were essentially just various different mixes of a few different things.
I suspect most folks will like whichever they go with, especially if they pick one of the ones that keeps the cashback, because none of the requirements and restrictions were so bad that it isn’t still great value.
Edit: here’s my posts on Monzo:
Scroll up a few posts above mine and you’ll see a screen grab that documents some of them, which show different options I didn’t get in my survey.
Apparently I didn’t document what the options were, I remember typing it out, so must have decided not share the deets for whatever reason. Not supposed to be sharing them all that.
Essentially, you had various rewards after 12 months ranging from nothing to the same cashback offer we have now but capped at £15 per month max earnings from cashback, some options swapped cashback out for nectar or avios, some were less amounts of cashback, or just for direct debits, or just for a limited type of transaction like groceries.
Then you had account interest ranging from nothing to as high as 3% with limits for regular accounts. I believe the savings accounts always had interest on the options, and varied between 1.5 and 2.5% (I think going from memory), so these weren’t that relevant to the options.
And then you had account requirements. Varied from no requirements, to a monthly fee (highest I saw was £3), or minimum monthly pay in (highest I saw was £1k), or to have a certain amount of direct debits (highest I saw was 2), and these would vary by how good the rewards are. Most options just had 1 of these, but some would have two, like a minimum monthly pay and direct debits, or a fee if you don’t meet a min monthly pay in. The requirements were usually only reference to being eligible for the cashback offer, but there were some that restricted eligibility for having an account at all post launch (these were usually the pay in a certain amount, or if you don’t you pay £3).
It’ll be interesting to see how they make money. Presumably they won’t offer overdrafts then.
The fintech is clear that it won’t be relying on interchange fees. “We’re likely going to come with a subscription-based model,” says Idris, who can’t reveal specific pricing at this time.
in this article - “We’re likely going to come with a subscription-based model,” says Idris, who can’t reveal specific pricing at this time.
and that’s when I stop using it 
Not really a surprise, unless you have existing deep pockets it’s the only way you can really afford to keep going.
I love the journey so far, I’m getting slowly tempted into downloading and trying out but glacially as I’ve just changed banks (yes, I know they are not a bank, yet).
Hoping they stick around and don’t get swamped out or go bust, looks like a really promising prospect!
I’m getting early Mondo day vibes with Algbra and actually think they might become a real success. Like imagine this as a Triodos but better
Lovely card! Is that a perfectly aligned chip I see too?! 
It is indeed perfectly aligned and the card is matt and shiny so it doesn’t show finger prints. Only the A is glossy
My black card arrived today. The apostrophe after their logo is intentionally coloured pink but a cursory glance tends to have it (annoyingly) look like a production imperfection. And the chip is definitely not properly aligned.
The chip on my pink one is okay. Is the writing on yours on the back pink or white. The card number is black on my pink card
Mine looks so different on the back. There’s no sig strip and less writing on it. My picture above I’ve only blocked out numbers
Yeah this looks like older and cheaper Card stock to me.
Same manufacture but the pink and blue cards are newer.
If you zoom in on @JonasP ’s card rear it shows the date code 03/22 vertically on the right hand side, whereas the black card shows 06/22 along the bottom right edge. I can only suspect they’re toying with designs to see which fits their brand best…?
