500 a month?

Help
1

What happens if there isn’t 500 going into my account every month? What happens to my money. I was going to use Monzo as purely a saving about but it seems I have to put 500 in every month?
Pls help :pleading_face::pleading_face:

2

You only need to be concerned about the amount you are putting in if you do a lot of cash withdrawals.

Please read the email. (I’m guessing this post is as a result of the email)

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4

I only joined today! I’m just confused about it

5

Nothing to be confused about read the help pages and the blog post about it, it’s really easy to follow and you’ll be less confused after that

6

I’ve tried to find information but I can’t find anything

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8
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10

And the actual blog post here

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12

I got mine the same day as the blog post have you checked spam just in case it’s sat waiting for you

13

So if I don’t plan on taking any cash withdrawals from my account I don’t need to put 500 in every month?

14

That is correct

15

Thank you
Is there a minimum amount you have to put into the account every month?

16

There is no minimum you must add to your account. You can leave it alone for months at a time if you like.

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17

No fee up to £250,
3% after that that’s UK cash machines there’s a table on the blog with the info on, and you can put whatever amount in you wish just be aware anything less than the limit of £500 and no direct debits will trigger fees around various actions in the specified table

18

Just warning you, it’s not a very good savings account, but you don’t need to put any specific amount in per month.

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19

Oh thank you! (Not really a savings more for ins and outgoings for a cards I make and sell :slight_smile: )

20

You might want to be careful with that if you’re technically using it as a business account, check the terms and conditions if it’s a bog standard current account you have as I can’t recall if it’s against the terms or not and I’ve not the energy to look now as I really need to go to bed

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21

Strangely coincidental, I posted the reference to the T&C’s regarding the use of a Personal Account for business use in another thread earlier today;

Monzo has been active on shutting down such instances (well, according to reports on the forum)

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22

Thank you everyone

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24

Just out of curiosity, where did you get the £500 figure from?

25

It’s one of the points which determine if you are a ‘regular’ Monzo user or not - from the blog post;

"If you rely on Monzo more, you’ll get bigger allowances
We thought about all the different types of people using and relying on Monzo regularly, and tried to be as generous as we can with our definitions. We think that if you’re doing at least one of the following, it’s likely that you’re relying on us as a main bank of yours:

  • Paying in at least £500 every 35 days to a Monzo account and have at least one active Direct Debit on that same account, or
  • Getting a Department for Work and Pensions or Department for Communities’ payment (like Universal Credit or a state pension) into a Monzo account every 35 days
  • Getting your student loan paid into a Monzo account every 8 months
  • Sharing a Monzo Joint Account with someone who does one of the above

If you’re meeting at least one of these criteria, you won’t need to do anything to get bigger allowances, we’ll do this automatically for you."

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