I was about to open a Monzo account but based in the recent news concerning Monzo, is this still a good idea?
Yes, it’s still a good idea. There is no news out there that would suggest otherwise.
(And no, baseless rumours do not count as ‘news’.)
Gotcha was just wondering whether anyone else was thinking the same thing.
But are they actually roumours? In any case I’m sure other new customers will be having similar concerns.
Customers have no reason to be concerned.
Rumours circulating through Whatsapp that Monzo/Revolut/Starling are on the brink of collapse are all nonsense.
Check the actual news sites. The only story there is the valuation drop. Which isn’t a big concern. It’s more a reflection of the market, and the fact that VC investors are much more risk averse at the moment, than it is of anything specifically Monzo.
I have every confidence my money is safe, and I would still encourage people to open a Monzo account if they’re interested. There’s no downside.
Thank you I feel more at ease now.
Monzo is great, give it a go!
If you feel any concern about their solvency, just keep your balance below £85,000 (protected up to this amount by the Financial Services Compensation Scheme).
Let us know how you get on!
Couldn’t have put it better !
Who goes to WhatsApp for their source of news?
You can’t even trust some actual news sites, never mind a messaging app.
It’s not the messaging app delivering it, it’s their friends. By and large people listen to their friends.
It doesn’t usually pay to do this
(Unless of course, you’re friends with Sophie Raworth or, for old news, Trevor McDonald ).
‘Fake News’ isn’t just a phrase Trump likes to shout at reporters - it’s a genuine issue that’s increasing in scope.
You’ve got the usual problem of people spreading rumours for their own nefarious reasons coupled with millions of people around the world being bored at home and spending more time aimlessly browsing the net sharing anything that gets a reaction.
Never mentioned WhasApp, I was referring to the valuation drop only.
Given that it’s an actual fully regulated bank then no there’s never a bad time to be opening an account. It’s got the usual protections of money held up to £85,000
Don’t think there is any issue with any bank as banks have to hold enough reserves to see them through a crisis with no need to a government bailout like the last financial crisis when banks had to merge building societies merged and banks collapsed it’s not an issue now cause banks want be allowed to not have enough reserves to survive a crises with plenty to keep them going biggest note was the failure of northern rock it’s not what we want again