8 reasons not to open a Monzo account

We talk a lot about why you should make Monzo your main bank account. So, for a change, here’s some thoughts on why you shouldn’t :yum:


The thing is there are genuine reasons why some people shouldn’t open a Monzo account(but that would be completely against marketing) wouldn’t it.


Reason #9.

You become super petty and ask for £1.55 back because it’s that easy to bill split :rofl:


Of blimey Monzo are risking it with this post even with jokey nature. Anyone pass the popcorn?

  1. You’ll find that your bank won’t appear on two of three Credit Reports which could make life tougher getting things like loans and mortgages.

  2. If you’re a heavy cash user then Monzo isn’t for you, low limits on cash withdrawals, and you’ll be charged to put the money back and if you have a few k to deposit it could take years due the crazy limits.

  3. If you like being able to get in contact with your bank in an emergency then it’s not currently the bank for you. They advertise 24/7 support but that just means they have an app and telephone number, doesn’t mean you might get through or get a response that day/week.

  4. If you need a loan from your bank then might be in luck, might not, complete lucky dip in who gets what limit and what APR. Even when your credit history is decent and you know you can get 10s of thousands elsewhere at decent rates like Zopa.

  1. Good luck making or receiving international payment reliably.

  2. Still use cheques? Not the bank for you. No cheque imaging and long wait times in getting cheques deposited, that include posting your cheque to the Monzo office. Can’t write any cheques.



Is it too soon to mention you want a bank account with additional features for a monthly cost? :roll_eyes:


I can see Monzo regretting this thread… :grimacing:


Like the idea of budgeting in the app but spend money at both Supermarkets and their fuel stations?

Get ready to waste time endlessly correcting the category of the last transaction between groceries and transport, or instead use a Teal based bank (that fixed this issue well over a year ago)

Don’t like playing Russian roulette with the acceptance of the debit card? then probably not for you. However if you like a thrill then try running low on fuel near an Asda fuel station.



But at least those transactions will have rich, correct merchant data.

Oh, wait…


I could easily list 8 real world “problems” that people should be aware of when choosing Monzo. If anything I would have written an article to say 8 things why not to choose Monzo and what we’re doing to change it


I fully agree @NeilM

Taking just the eight listed above, heres a Monzo starter template @cookywook :wink:

  1. We know this is important in those going #fullmonzo and we plan to also submit to Equifax and Experian by …
  1. We have no plans for increasing limits at this time. Suck it up or use another bank if you use cash a lot.
  1. We admit that taking on an extra 55,000+ new customers each week is demanding and we want to do x, y, and z to make sure we keep the original standards of chat and response times. We hope to improve our chat experience by allowing multiple chat instances, and letting the customer end the chat to mark it as resolved. We are employing and training x number for chat OPs each week to deal with the increase in demand.
  1. We are being cautious at the moment lending to only very low risk customers, but we admit our Monzo loan scoring system needs work in refinement. You’ll find every month you’ll have a new offer made as we collect new information once a month that goes towards determining the score. If you have a change of circumstance in salary income/employment status or have bought a house since then please contact us to allow this in our future calculations. We hope to be as transparent as possible in the factors used and allow you to see what info we have on you in making these assessments to make sure its accurate and fair.
  1. We know international payments that you can rely on is what everyone wants and we are working by doing x, y to achieve this by z.
  1. Cheque imagining has a long and complex onboarding process and we’ve missed the boat on the few occasions that you can join during the year. We’ve decided to put this on hold / are working now towards x of 2020 to implement this.
  1. We are aware of this and plan to fix the categorising of transactions in the next update. :pray:
  1. We are continuously striving to keep merchants up to date with acceptance rules, if you find a particular merchant doesn’t play ball then let us know at acceptance@monzo.com for card or sort code acceptance issues.

If anything if they combined it with internal roadmaps you could theoretically have a plan for the next couple of months

1 Like

Thanks for the feedback, everyone!

@phildawson I like your idea of a general update on the areas you’ve mentioned. I agree we’ve gone a bit quieter on the smaller things as we’ve focussed on the big stuff. I’ll see what I can do.

I’d add that we have some very exciting things coming up this month. Not related to things in your list, but some of the things we’re currently testing in Labs will be launching to everyone soon.



Would be great to see some of the existing smaller, MVP type things get picked up again.


It’ll serve Monzo right for writing lazy copy just for the SEO click bait lolz then, won’t it?


:eyes: Looks in Labs

Secretly kinda hoping for a Monzo Credit Card Vs Starling Credit Card showdown this Christmas.
:christmas_tree: :monzocard: :fist_right: :fist_left: :credit_card: :snowboarder:

Realistically new app design ready for everyone?

Just turned on the bill pots in testing labs… no good though as it’s only on the sole account not the joint account where all our bills come out :roll_eyes:


Bill Pots works for JA too.


This should also work on your join account :slight_smile: