Overdraft works a treat.
Only took £100 but it was instant. Moved money into pots so I could see what happens when I dropped into it. Lovely little notification to move money from pots so I don’t get charged.
Very nicely done.
7 Likes
Both 
I’m using it on Android
3 Likes
Amazing update 
Thank you!
Sounds great @tristan I have filled it in again to be sure. And yeah completely get this is a credit facility with no guarantee of acceptance.
One question, the £50 fee free buffer, is this available now and to all current account users or only available on successful acceptance of an overdraft facility?
So do you have to apply for a £50 fee free buffer?
It’s a £20 free buffer and only applies if you have an overdraft - without it we wouldn’t authorise your account into a negative balance (but it is possible in certain situations for you to end up in negative balance, without an overdraft)
3 Likes
Thank you for clarifying. 
When the option becomes available where will it appear? Any screenshots?
When will we get them - been on the waiting list since August! For something that will make Monzo money (the only thing?) it is taking ages to get rolled out to the masses!
2 Likes
Sorry! It’s something we really want to get right — messing this up is not good. Having said that, we’re aiming to roll them out widely this quarter and we’ll be getting people off the waiting list in the next week or so I believe.
3 Likes
Good to hear. I’m actually surprised that this was not prioritised over the other things like Pots and even rolling out the full current account.
On its way I guess…
1 Like
We probably didn’t prioritise it enough. The team has doubled in size in the last few weeks though 
1 Like
Maybe a possibility would be to ask account holders for an upfront amount that would forever go towards a personal overdraft limit, that could be redeemed through some non-trivial route (non-trivial so the initial ‘payment’ isn’t viewed as being available funds) if really needed.
For example, I apply for a £200 payment-free Monzo overdraft on my current account and I fork over £200 to Monzo to hold onto. My statements would then show a payment of £200/my current balance would decrease by £200. Then the app functions as normal: if I go past £0, it will show that I’m into the overdraft. However, seeing as I’ve already fronted an overdraft amount of £200, it would be an interest- and fee-free overdraft up to a £200 limit. After that, the account would incur the normal fees set by Monzo.
I guess this doesn’t really contribute to the discussion about how Monzo should set those ‘normal’ fees, but might provide a comforting baseline to people who often go over their limits accidentally.
1 Like
Just use a rainy day pot; that’s what I do. It’s effectively like a overdraft buffer you’ve funded yourself so no fees.
3 Likes
Overdraft applied for and received. Love the flow of screens to explain it all. Great to see new features appearing so soon in the new year!
1 Like
Looks like they have started to roll these out then…
Checking app
Where does the option appear? Near the top up button or somewhere else?
Got my notification just now too. Very smooth and easy to follow process. Nice work Monzo 
Got my overdraft 
Not sure where they get the offer amount from, that would be good to know. It doesn’t let me increase it so I am assuming there is some calculation or we get £100 to start and can then increase it in the future?!
Just £100 here too. Must be the standard start point
At 50p a day I wouldn’t use it for any kind of serious borrowing anyway, so £100 is fine. It’s just in case my sums don’t add up properly at the end of a month.
2 Likes