I guess I’m just here for the possibility of a whole new take to things! The current banking paradigms don’t really work too well for me. Monzo are getting darn close (though I’d rather pots stayed out of it), but there’s just something still missing from my ideal banking experience.
I suppose a lot of my wishes stem from Simple Bank’s initial offering in the US. That was innovative, revolutionary, and pretty much exactly what I want from a bank. We still don’t have anything quite like what they offered.
I think Chase are in a particularly unique position though. Largely because they’re a subsidiary built from the ground up a la Monzo, but with money a la Barclays. I think they could bridge the gap between traditional and modern approaches to banking, and present a masterclass at both. Wishful thinking, I know. But it’s a possibility with Chase, unliked Monzo or Starling.
My banking needs are fairly simple – allow me to have my salary paid in, pay with a card/Apple Pay and set up some direct debits. I don’t need any of the fancy pot-space-whatever magic that the neobanks are pushing, it just confuses me as pots mean my money is coming and going all over the place unnecessarily.
I want a bank I can rely on, with excellent customer service and to be paid by said bank in some form of rewards
Well said that man! I just don’t get this whole pots thing and why there’s so much swooning over them. Maybe it’s because I know how to manage my finances that I too just want to keep it simple.
I have no doubts that others know how to manage their finances too. It’s just different stuff works for different people. I don’t like my everyday funds ringfenced too much. Money in at the end of the month, money out at the beginning of the next month. Anything left over I can play with. But others might not be so fortunate or maybe they prefer ringfencing things even more
I know I’d just forget which pot to pay my groceries from
Before I actually started using Monzo for everyday banking I couldn’t see the point of pots, but now I like being able to pay DDs from a pot and transferring that amount to the pot on pay day.
It’s like HSBC’s ‘balance after bills’ but with a lot more flexibility.
I suppose in some ways it’s no different to the way we utilise our Nationwide joint account because that is in effect, our pot. We each have a S/O from our Starling personal accounts go into Nationwide and 1st of the month, all the D/D’s get paid and then that’s it, what’s left over is for groceries and household purchase items only. Personal expenditure just comes out of our own Starling accounts. I think it works really well.
Don’t you mean X, Y and Zed (or are you secretly American, and thus not excited by Chase at all)!
Fait enough and I feel the same about Pots.
I do feel that so far it’s either been a case of stick with a traditional bank, and accept all the compromises that entails, versus go with a neobank and all the compromises that entails! Either way, it feels like a trade-off.
Starling come closest to providing a “full package” experience, but even they don’t fully support cheques (for example). Monzo just don’t deal with cash or cheques well at all. I think that’s quite radical for a lot of people. Chase will be a big success if they can provide an app as good as Starling and Monzo but as complete a banking package as traditional banks (minus branches, obviously).
