Basic v Full Current Account


(Simmy) #1

Hi guys !
Just want to find out wether my Monzo account is " Basic " or " Full " ? I read on the Barclays website that you can only have a basic account with them if you don’t hold another one anywhere else

Also, what are the differences between basic and full

Thanks :grin:


(Andre Borie) #2

Monzo has only one tier of accounts now so you’d have that, and in this case it would be considered as a full account I believe (although if you really want an awful legacy Barclays account you could argue with them that Monzo is not a full account because they’re an online bank, have no branches, no cash nor cheque deposits, etc and see how they react. Use their ignorance to your advantage.)

(If you see references to different tiers of verification this was only for the prepaid beta where the more “trustworthy” you looked the higher your spending limits would be, but that is all obsolete now with the introduction of the current account)


(Andrew Ross) #3

The other confusion may be around the #fullMonzo - this is when you have transferred your account completely to Monzo and closed your previous account.

It is no different to your current Monzo account though.


(Will flag Danny for cake) #4

Basic account means does not provide credit eg overdraft, just basic banking services (so no credit check is needed to open it) whereas full means you do have access to an overdraft. Monzo just have 1 kind of account so you could argue if you haven’t applied for the overdraft it’s basic.


(Simmy) #5

Ah ok i had a feeling it was about the overdraft.

Good article here i just read… https://monzo.com/blog/2018/04/26/more-than-one-bank-account/