I am 22 years old and a bit of a noob when it comes to banking. I’ve got a HSBC account and currently use that as my main bank for everything money related, but got the prepaid and now the Monzo current account card as I liked what I saw and heard about the company and it seems to be a great new banking enterprise for the modern day. I don’t know much or understand much about banking and all things money related (e.g. interest rates, their acronyms and how they work, mortgages, how money transfers abroad work and why there’s a fee, insurances, what credit is etc), and literally have to google all these things when I come across them to help me understand them - so now you lot know how much of a ‘noob’ I truly am.
I have been thinking about switching over from hsbc as my main bank to Monzo since it seems THAT good (with the idea to then close the hsbc one) but am nervous about doing so. What am I losing by switching to Monzo? What are the big differences between the highstreet, established banks and Monzo? What do I gain from Monzo that I don’t get from HSBC? Obviously the big banks are well established, cover pretty much everything you want a bank to cover, and due to their many years of experience are very good at doing these things with lots of security and certainty (I presume?). Whereas Monzo is much smaller, less experienced, and not so established, so should this be a legitimate concern? Do you think it would be wise to keep the HSBC account just in case I need to do things which Monzo don’t cover (e.g. Mortgage?) or do I not need to worry and could fully transfer to Monzo?
I realise this is quite a lot of big questions, so would appreciate anyone who takes the time to answer them!
P.s. Another thing, I have a HSBC credit card and use this for online payments because I was told it’s safer to do this than use a debit card. This is one example of the things which causes me to hesitate fully switching, because Monzo don’t do Credit cards and so would it not be more risky for me to start paying for everything online with my Monzo debit card? Thanks again!