Monzo basics

[OneFrenchEgg]

Hi - going abroad, checked my bank card fees, remembered people mentioning Monzo so set a card up.

Have read around but I'm v confused!

1. No password/log in just an email address and pin for the card? Is that right?
2. Do I pay for the £5 monthly upgrade?
3. I'm a bit confused about it.

If you've downloaded the app then yes you can just login to your dashboard that way, set up and put money in your 'pots' etc, and use the PIN if you need to use cash machines etc.
I've had a Monzo account for several years now and never felt the need to upgrade to the paid version. I'd suggest trying the standard one for a while then seeing if you need extra functions. I'm not sure what the upgrade features are and whether there are some that might be particularly relevant for being abroad.
There are some Monzo user Facebook groups you can find and join, for good tips and the customer service is pretty good though.

I'm glad you've started this thread OP.. also looking for a card to use on holidays and I'm confused too!

Thanks @FireandBrimstone I'm a bit confused by pots, do you have any tips? Is it worth making monzo a main account?

@morelippy I did have the post office account, they then changed the app and I can't remember the log in properly. I've managed to access it but I remember it was a bit clunky and I think you couldn't transfer small amounts out. Anyway, for some reason I didn't like it hence looking for something else.

I have Monzo as my main account. I love it. You don’t need to upgrade. The pots are just place to put money eg I have pots for car expenses, insurance that sort of thing and transfer a bit of money at the start of the month into each pot.

So we are with one main stream bank and have a joint account and then I have a savings account and current account. My salary goes in my current account, I transfer some to the joint and some is needed for a couple dd s. Maybe the rest could go to monzo. Their savings account has better interest.

I have a Monzo account

• You only need you pin to log in but you can also.set up.finger print of you prefer
• I've not needed to upgrade
• The pots are useful if you want to put money aside for something specific but they pay no interest so better getting their instant access saving account
• If you set up.a direct debit and pay in at least £500 a month you get increased cash with drawap allowances and also 2.free card replacements a year
• Their customer services is fabulous and really friendly direct message them on Twitter woth any question
• I use it as a back stop account to my normal one so keep about £500 in there, run the water bill through it and use it for various card payments. Was very glad to have it recently as online scam meant my other account was "fucked" for a couple of weeks

Perhaps you are already well served with accounts to manage your money so just need to focus on what you need to be able to do easily when you're abroad, and make sure your Monzo is set up for that period.

I use my Monzo principally to help manage my expenditure during a month. My salary goes into a different account, and I withdraw an amount from it into my Monzo, which then gets sorted into a number of different pots I've set up (eg saving for a holiday, saving for car expenditure, groceries, saving for Christmas and birthday gift buying). This allows all my direct debits to continue to be paid from my non Monzo account but helps me manage separately how I spend on a daily basis. I have a non Monzo savings account but tbh don't really use it as I like being able to see how the money in my Monzo pots, attributed to different uses, is stacking up. I know I'm missing out on interest but the amounts are pretty minuscule at the moment and I need to have quick access to some of those pots throughout the year.

How do the pots work?

I only really use mine for holidays and if I’m saving for something but I should probably change all my banking through it as It’s much more user friendly than my normal bank.

Reported

Why?

We use Monzo for our main banking. We have a joint account for our bills and then each have our own account for every day spending.

We have a savings account that we put money in each week for our holiday fund. Then pots for other bits we are budgeting or saving for (DH has a watch pot, I have dinner money / bus fair one for the kids so I can top them up over the month, hairdressers pot so I have that money ready ever 8 weeks etc).

We have always found them good service and free to use abroad. I love the ‘left to spend’ feature for the bills account, pretty much always know that we are covered or if we need to add more money by the end of the month.

We haven’t upgraded as we have a paid account with another bank that’s never been changed from staff terms from when I worked there (so cheaper basically), but if that ever stops I will close that and upgrade my Monzo account, it includes travel insurance and phone insurance (off the top of my head). I wouldn’t rush to upgrade unless you need these things.

I guess my only worry is people reporting having their accounts closed quite often, but I don't do anything risky. I've worked the pots out now and have managed to lock one for Christmas!

It wasn’t your thread there was some random spam shit posted, I reported it but MN just deleted it without the usual message.

I suspect this is people using the accounts for not so genuine purposes. We’ve used them for a few years with no issues. They think as it’s not a high street bank they don’t have the same money laundering checks but they do.

My DS tried to send a payment to a dodgy Turkish man (to buy fake designer stuff!) and they blocked his account. We were worried he wouldn’t get the rest of his money back reading reports online, but he had to answer some questions and send evidence about where money had come in from and what some payments were for and they unblocked it. He learnt from this and hasn’t had any issues since.

@Mingenious oh thank you, I didn't see that