Monzo / Mondo / Revolut banking

Can you order me some stuff? :)

Sure. My transaction fee is €70 per £1 spent

Agile development innit ;-)

This comes up in financial advice columns, and the answer always seems to be that you will be disappointed if you think it's free money... they'll grab it back at some point, and arguing that you were unaware that it was a mistake is asking for trouble.

So if I pay you in USD there's transaction fee, right?

Who are you moving to? Any idea what ID Monzo requires?

Not moving anywhere at the moment. I bank w/ First Direct; Revolut was only for travelling / transferring abroad which isn't really necessary right now.

Can't help re: Monzo

Just signed up for the new Monzo PLUS.
At the very least it will give me enough interest a month to pay for itself.

It will also be great to get some visual difference between my personal card and joint account in wallet.

Custome categories might negate the need for my IFTT googlesheet hack, but I'm not that confident.
Can't see myself using the £400 overseas cash allowance anytime soon!

Isnt the interest only on the first 2k? So therefore the account is costing you £40 a year?

It's 1% on the first £2000, so £20 a month in interest into my account - £5 a month account fees out of my account.

Account makes me £180 a year.

That's annual interest isn't it?

LOL

Yep 1% AER which means annual equivalent rate. There's no way you'd get anywhere near that much interest anywhere at the moment, rates are very low.

1% of £2000 for june is £1.64 return its 2000*1%/365*30 days

£20 interest a year I'm afraid. Making 12 months of use £40 total

Can I interest you in these magic beans?

Eurgh.
Fucksake.

Ooops.

they've lost their way a bit on this one. they've added functionality to the plus account (like custom categories), thereby making the regular account sub-optimal. I reckon they'd be better making the regular account as good as it can be to get users onboard rather than focus on converting current users.

the plus account should just offer added perks (like the interest and the higher limit on free withdrawals abroad), but i don't think they should add extra app functions to the plus account. The majority of people aren't inclined to pay for a bank account as it's not something we're used to.

tbf this is what they tried previously and it didnt work, so maybe that's why they've done it. But I just don't think the previous offerings were good enough; and I'm still not sure they are.

They make money by getting people to use the account as their main bank having their salary paid into it; I'm not sure they will become profitable via people signing up to the plus account.

csb..

Probably not the place to ask this, but happened/why hasn't the apple credit card come over to the UK yet?

The issue all of these new style banks have is how to actually make money. They get exploited for the overseas transactions which cost them money but struggle to get enough standard customers to make them money on things like overdrafts and loans because a lot of people choosing them are a bit more money savvy than average (hence using these type of accounts).

Personally I use Money Dashboard for tracking spending as collating various cards, accounts, etc is much better for me so I don't bother with the features of Monzo, etc.

I suspect it's mainly because, for the UK, it's just not very good. The only thing it really has going for it is the branding and the UK doesn't have the same culture of novelty credit cards as the US.

I reckon they'd be better making the regular account as good as it can be to get users onboard rather than focus on converting current users.

They don't have a problem getting users. They have a problem making money from those users.

[Edit: as per @aggi above]

Probably not the place to ask this, but happened/why hasn't the apple credit card come over to the UK yet?

I assume because the margins on credit cards are fairly small for Mastercard and Visa.
Amex fees I think are pretty big for retailers (hence why a lot of people don't accept it) which allow Amex to then offer cashback etc.
Apple will want to be able to offer rewards, and also want everyone+dog to accept it, and I'd guess that doesn't work in Europe with the lower margins.

I could be talking crap

Yeah they have trouble getting people to use it as their main account and having their salary paid into it - that’s how they make money.

But I think making the basic offering as good as it can be would go further to helping that. Focus on being better than any other banking app.

I could be wrong. I just don’t see success in trying to get users onboard in the hope they then switch to a paid account.

I suspect it's mainly because, for the UK, it's just not very good. The only thing it really has going for it is the branding and the UK doesn't have the same culture of novelty credit cards as the US.

It'd be superb if it was free
They do 2% cashback in the US

But I don't think it'd be profitable for them to do that here