With monzo soon going legit with a full banking licence, I’m considering putting higher values of money into the bank. I wanted to check exactly how safe this is, as obviously startups can, just like other business, fail.
I found this quite helpful.
It made me at least feel confident to push to the £85k mark.
Ps. This is not me advising simply sharing a resource for you to make your mind up.
Honestly, I’d apply this to any bank. I wouldn’t feel comfortable holding more than the FSCS maximum amount in any account, nor would I feel safe with 100% of my money in any single banking group. It doesn’t matter how much I trust a bank, I’d still like that protection from any issues, downtime with card networks and an easy exit if they decide to stop serving me as a customer for any reason.
On a similar topic, @hugo shared a concept for Monzo advising users of this very limit.
https://community.monzo.com/t/fscs-protection-ethics/7564/4?u=richardr
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