So now it’s a current account what payments will it accept. Will it accept tax credits and dwp payments and how long does it take to process in monzo account
It should accept any UK payment that any other bank accepts.
You can use your Monzo 04-00-04 sort code and account number with any institution that pays via the UK payments schemes (BACS, CHAPS and Faster Payments)
These are credited as soon as we receive them, so in the case of FPS - instantly
Thankyou BACS are 3 working days is that correct
If it’s an ‘old school’ BACS payment, yes - 3 working days.
If it’s a Faster Payments transaction (which is also processed by BACS) then it’s nominally two hours… but can be just minutes.
Faster Payments will be within seconds unless the sending bank decides to flag the payment for manual review (if suspicion of fraud or account compromise). Theoretically Monzo can also do this on their end but so far I haven’t heard of a single case of this happening so it’s a safe bet that your money will arrive in seconds as long as the sending bank agrees to actually send it right away.