Hello,
Just wanted some reassurance on this matter - I have some Monzo shares which I will be keeping, but want to switch to another bank and close my Monzo current account.
I am assuming the shares are independent of having a monzo account, but wanted to check before I proceed.
Thanks for any advice you have.
Absolutely independent. The shares are yours, no one has the power to take them away from you.
Thanks. Thatās what I thought, but appreciate a second opinion.
The bigger question, where are you moving banks to?
Most likely Santander for two reasons:
If you are ok sharing, may I ask why? Iāve often considered it in the past but nearly everything is moving towards needing a smartphone.
Iām not even certain in a few years whether youāll still be able to authenticate without one.
I do sorta get it and would like Monzo to actually have a fully working online banking experience at some point rather than an emergency web link with just basic stuff you can do.
However, you say your moving away from smartphones but you still require your phone for a code being Texted to you for verification from your new banking provider to access your account online. 
I donāt think Iām that old, but even my OG 3310 could receive text messages 
My first GSM phone was a Nokia 2110 on BT Cellnet (now O2) and that could send and receive SMS. Also the first Nokia to have that infamous ringtone!
Iām interested in why the preference for a text message vs app authentication?
The HSBC/First Direct solution for instance does not require your app to have internet access for a security authorisation and I believe they still offer a physical security key if you donāt want to use an app at all
While Santander (with their old app) seemed to be moving to require the app rather than text to access online banking.
Banks will all be moving away from text for one time passwords as thereās been so much fraud using them and the apps are much more secure.
SMS are less secure, and can be intercepted.
App authentication is more secure.
Santander is moving away from password authentication to app assisted authentication.
You likely will continue to need at the very least āandroid goā smartphone to maintain secure access to online banks in general.
Note many banks used to support debit card + card reader. But those too are being phased out in favour of app assisted authentication.
I donāt think they are helpful to my well being, so just minimising usage as much as possible. There is a growing trend of people buying ādumbphonesā as adults and youngsters are coming to similar conclusions.
On the authentication issue, banks may well be going that route, but I think regulators will need to keep an eye on this as it raises concerns about accessibility of service.
Yep, will be using old school phones or ādumbphonesā
Yes its weaker on security. But I wonder if now Apple will begin to support RCS messaging like Google/Android does (the industry agreed replacement for SMS which does have end-to-end encryption) that that would be sufficient for their security needs.
My ancient Nokia 3610 could receive text messages back in 2001. You donāt need a smartphone for that.
Sadly it doesnāt. Not by default anyway which is the version Apple are implementing.
And the SMS notification sound that used morse code: dot dot dot (S) dash dash (M) dot dot dot (S).
Many banks still have card readers or physical security devices, thatās a way forward with it. I donāt think itās fair to expect everyone to have a smartphone.