Just curious to find out what stage Monzo is at with the FSCS to cover the money we have with the bank. Does the bank also have any insurance? How does the bank work because of the bail-in law that the government has in place? @tom
Money is not covered until Monzo issues their own Debit cards later this year. After that it would have to meet the terms of a UK banking license and insure the funds like any other bank.
From a recent blog post on Launching The Bank:
It’s important to note that the “Alpha” and “Beta” cards are still prepaid MasterCards issued by Wirecard Card Solutions. Your deposits are not yet covered by the Financial Services Compensation Scheme - this will change when we launch the current account.
As already said, we don’t have any money with the bank at the moment. It’s the card issuer that has our money.
And it is protected from creditors, but not from potential incompetence etc
Thought I’d highlight fact that the FSCS deposit protection limit has increased to £85,000 today.
As pointed out earlier in the thread, Monzo users will only benefit from this protection once Monzo has the full banking license.
Yeah I just got an email from one of my providers, happy days
Don’t think the FSCS limits will be a problem for me for some time, would be a nice problem to have
The limit for passported banks remains at €100,000.00 EUR