Cash Deposits @ Post Office

Hi,
This is my first post, so please be nice!

I’m looking at going full monzo from Lloyds… I’ve had a snoop and you dont seem to be able to deposit at a post office. Is this something that is in the works, as I use it every once in a while. I’ve seen people in shops paying in using PayPoint but we shouldn’t be penalized for paying in cash?

I know I can use Starling or someone like that to pay in for free, but its not always convenient is it?

Any light on this would be great :slight_smile:
Thanks

Hi. Welcome.

If you have a search this has been covered quite a few times. In short, no it’s not coming.

You can pay in cash via PayPoint which are in more places, but it will cost you £1 and you might have to teach the employee how to do it! This isn’t being penalised, it’s just a cost of the service.

1 Like

This thread below is the ongoing one for the last 4 years.

I wish it would happen, but I highly doubt it will unless Monzo pulls a rabbit out of a hat. The former CEO/President mentioned they were in talks with the Post Office at one point but that was way back in February 2019 and nothing has progressed since then.

Q192 Charlie Elphicke: Mr Blomfield, would you bother doing a deal with the Post Office, or do you just think, frankly, “We’re on the internet. We’re on the telephone. We do not need any kind of branch or physical presence”?

Tom Blomfield: We do not currently have a deal with the Post Office. We are in discussions and there is a possibility that we will, in particular for cash provision. The withdrawal or paying in of cash is declining, but it is not going anywhere in the near term. For the vast majority of other services, our customers prefer to use a mobile app, which is open 24 hours a day.

and

Q246 Chair: Does Monzo charge people who want to put cash in their account? Is there a charge for that?

Tom Blomfield: I apologise; yes, there is. We have two fees that I should mention, both related to cash. Cash is expensive. Depositing cash is a £1 fee using PayPoint. We are in talks with the Post Office and there will also be a small fee for using the Post Office. For withdrawing cash in another country above £200 a month, again because it is expensive, we charge a percentage fee.

Treasury Committee Oral evidence: Consumers’ access to financial services, HC 1642
http://data.parliament.uk/writtenevidence/committeeevidence.svc/evidencedocument/treasury-committee/consumers-access-to-financial-services/oral/96277.html

Why not keep your Lloyds account as a backup for the odd occasion where you want to pay in cash or scan a cheque? It’s always a good idea to have more than one card anyway.

1 Like

Good idea, CASS your Llouds account to make it easy and open a Natwest account or something to pay in cash at the posy office (added benefit of Natwest is “Emergency cash”

I don’t understand it’s as convenient paying in at the post office with Starling as it would have been if Monzo supported that :sweat_smile:

Basically if you are going to be frequently paying in cash or large amounts then grab a Starling.