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.

I’ve had a Barclays account for yonks but before I went to NYC last year I got a Starling account because of the no fee withdrawal/spending thing.

Their branding is sleek and cool. I weirdly loved the paper and envelope the card was sent on (stationery geek) and their app is awesome. I like being able to view my PIN if I have a senior moment and forget it.

BUT- I had some fraudulent transactions on my Starling and found their modern hands-off customer service a bit annoying. I just wanted to speak to a real human.

Compared with Barclays who I spoke to immediately, who handled the issue I had with another dispute quickly and efficiently and gave me £25 for a small delay- you can’t compare the two.

I say keep the big banks for your main accounts and spending but think Starling/Monzo are good for overseas spends or for budgeting better and using as a “spends” account.

@heroku wouldn't there be protection up to 85k as with other major banks?

Re monzo customer service, i lost my card abroad and contacted them on online chat. They cancelled it immediately and sent a new one out free of charge to my destination which took 2 days. Very impressed. In the mean time I was able to transfer money via the app to a friend of mine with a local bank account and has withdrew cash for me. If I'd used my TSB to send money to a non Uk account it would have been expensive and unlikely instant but Monzo sent it immediately at a tiny cost.

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

[quote stanski]@heroku wouldn't there be protection up to 85k as with other major banks?[/quote]
I thought the "new banks" had to have cash deposits of all customer funds? So they can't go bust in the way a traditional bank can.

@Bookworming

Nah you're all right. I'm OK with my major high street bank.

[quote stanski]@heroku wouldn't there be protection up to 85k as with other major banks?[/quote]
Yes, there's full £85k protection for Monzo

[quote littlepattilou]@Bookworming

Nah you're all right. I'm OK with my major high street bank.[/quote]

Got one of those as well, nowhere near as much fun as the monzo app.

I absolutely love monzo too.

I got one recently. How do I add cash to it that’s not already in the bank? I got some money in a card for Christmas and realised this doesn’t seem possible.

We have all our money in Monzo. Main account and all our savings. To be fair it was because savings were minimal until a couple of months ago.. I will get round to moving some out.

I don't understand the going bust worry. Its FCA regulated and £85k is protected. If they can't turn a profit bigger bank likely to buy them out for tech, cool app and customer book. This has happened to me three times before. TSB bank account (went to Lloyds), Britannia mortgage (went to co-op), lloyds amex credit card became master card.

Opps pressed send too soon...

The pots function is fantastic. I split my salary as soon as it’s received into 15 or so pots, eg - bills, fuel, groceries, Christmas, holidays, etc.

The app is an absolute dream to use. So modern and easy.

The get paid a day early is amazing. At first I thought I wouldn’t use it, what difference does a day make, etc but I changed employers and discovered that when there’s a bank holiday my salary wouldn’t be received until the next day. Taking the most recent bank holiday as an example - New Year’s Day was on Friday this year. My wages were due on that day (1st every month). With any other bank I would have to wait until Monday 4th to access my money, but with monzo I had it on Thursday 31st Dec! Fabulous

@Bookworming

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

Nope, just telling people about the "modern" accounts!

But it's hardly news is it? These types of online accounts have been around for years!

I find your OP a bit odd too tbh

@Chanandlerbong01 you can pay cash in at a pay point

@userxx

Got a major high street bank as well, nowhere near as much fun as the monzo app.

I'm very pleased for you. I hope you and the Monzo app will be very happy.

Call me picky, but I get my fun and creativity from things other than online bank apps

I still don't understand...I have an account with my bank into which a set amount is transferred every month that covers the DDs, insurances etc and allows for a bit of saving, so CTax, water bills, electricity bills, money for oil, broadband and phone, car insurances, life insurance, car tax, TV licence, etc all budgeted for, plus a tad extra.

Anything left in the current account is for petrol, food and spends (no mortgage now).

@littlepattilou C'mon take that rod out of your tightly clenched arse and give it a go.

I’m not liking the big push from Monzo at the moment to upgrade accounts and do wonder how much long they’ll offer a free one.

@Chanandlerbong01

I got one recently. How do I add cash to it that’s not already in the bank? I got some money in a card for Christmas and realised this doesn’t seem possible.

You mean depositing cash into your monzo account?

[quote userxx]@littlepattilou C'mon take that rod out of your tightly clenched arse and give it a go. [/quote]
Not a shred of interest.

How much are Monzo paying you for this by the way?

I certainly don't like the way all these new banks charge you for your account.

Moving to Monzo has put me in control of my money as everything is real time. I’m hopeless at budgeting so this has been a godsend for me. I love it.

@theblackparade

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

That was my first thought. Someone from their marketing team, definitely

@NowellSingWe

I certainly don't like the way all these new banks charge you for your account.

I don't know if Monzo is classed as a new bank but you don't have to pay for your account. If a charge was introduced then surely you'd move to a bank that didn't have one

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