So the bank where literally everything costs extra, but IBAN numbers are still nowhere to be found, are pushing people towards high-interest debt.
Pretty disgusting, even by their standards.
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For some reason, I have never had interest joining Monzo. Even when it was a bit hard for me get a first current account in the UK, I said No to Monzo.
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“literally” ?
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I think they’re probably referring to the whole pay for plus thing (where quite a few of those “extra features” are non-features or free with other banks). Possibly a little dig like but I do somewhat agree with it.
Monzo seem to have gone super quite about it, in that no “clarification” posts have appeared and that thread hasn’t been re-opened. So I guess they’re just hoping it goes away.
I still agree with the title too - while I think there is a significant difference between Wonga & the one’s in here, they’re still high APR, high pressure loan companies - Monzo really ought to do better here.
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Pretty much. It’s a very basic bank account when you strip away the “premium” features, but you still have to pay to pay your own cash into your account. You still can’t have an IBAN number either. With their move into BNPL and pushing towards predatory lenders it’s an objectively bad deal all round. It’s a shame, because they started off well, but then got desperate for revenue at any cost.
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It’s my main current account and I don’t find it lacking at all. Mind you, I do pay for Plus, but only for the open banking aggregation and virtual cards. I could get those from Revolut but, well, Revolut…
My point was your use of “literally”, i.e. you really do have to pay for everything.
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How is it basic? You have Faster Payments, Direct Debits (indulging of early warning of BACS and DDs which many banks still don’t offer), you can pay and be paid. You also have Monzo.me, shared tabs, nearby payments and basic budgeting.
I have no idea what this is even meant to be. No bank gives you money to spend, you have to put your own money into all of them
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I think that he’s getting at the way you pay cash in. I never receive cash so it isn’t an issue. If I did I’d use my Starling account and pay in at the P.O. Same if I receive a cheque (2 in the last few years).
No offence intended but paying for virtual cards & open banking aggregation is ludicrous when you can access them with another account for free elsewhere. I still can’t believe Monzo paywall features and UI like this.
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If they don’t make a profit didn’t the Bank of England say that Monzo would have to end trading
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No, not that I’m aware. Perhaps you are misunderstanding this from 2020:
“The Bank of England hiked Monzo’s capital requirements while it was attempting to raise money this year, in a sign of the regulator’s willingness to put the brakes on expansion at fast-growing lenders.”
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You must do what you think is right for you and I’ll do the same 
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Lucky Monzo! 
You pay £10 cash into a Monzo account, it suddenly becomes £9. You pay £10 into pretty much any other account and you still have £10.
I still need to handle cash and cheques from time to time, which is probably why my Monzo account hasn’t been used for ages. I need to get around to closing it.
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I’d like to point out,I’m not a Monzo customer nor will I ever be and I certainly couldn’t care less about them as a bank. However, I thought the whole purpose of banks was to make money? If their customers want to pay for extra services that they may be able to get elsewhere for free, then that’s clearly their choice as a customer?
As for you not having gotten round to closing your Monzo account yet, stop procrastinating and do that CASS and earn some free easy cash in the process.
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I don’t know how well they do virtual cards (or which ones offer it), but my experience of account aggregation at high street banks is that they don’t do it very well.
I don’t pay for Monzo Plus, but I do pay for an aggregator elsewhere because I want better quality and a richer feature set than the almost pointless implementation I have experienced at high street banks.
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Isn’t that literally the definition of a “Basic Bank Account”?
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It’s a real shame dozens never got out of the starting blocks with their much more robust rejection of this kind of “we love you customers, now let us destroy your lives” approach to banking
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No? Basic accounts are restricted, with no lending facilities whatsoever, for those with a history of bad credit or fraud
But I’ll get out of the discussion now, the anti-Monzo bias is once again apparent in this thread and whatever I say won’t change that
Monzo is my main account. Not happy to see them refering people who can’t get loans to higher rate loan company’s but I guess they are a business. I am not going to change my main account at present.
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