Cash Deposits

No, just the free services. And shareholders usually have some kind of benefits, not a decade of recession.

Oh cool, there’s 3 paypoints within 5 mins walking distance of me. Much better than the the two banks 30 mins walk away :+1::+1:


Absolutely this. The cold stark reality is that there is no such thing as free banking. Someone is paying for it, and if it’s not you it’s more likely than not people that can’t afford to. I’d much rather my bank be honest about the true cost of its services and make it a fee paying service than make others pay for what I want to use.

Personally I’m unlikely to pay in cash to my account purely because I very rarely receive any, but if I did I’d have no hesitation doing so. And the reality is that for everything else there is or PayPal or bank transfer. I know others might need cash services more than me and I don’t want them to be charged extortionate costs when they can’t afford it either.


Thanks for the information Nick. Whilst I’m obviously happy that this feature is coming, the £1,000 deposit over six months isn’t workable for me, which is a shame!

I do have a question; what happens when you reach the limit? What error will you encounter at the store/on app?

1 Like

Denied transaction

That’s simplistic, to say the least.

I’ve actually started another thread about that very thing over here. My argument is ultimately that banking is broken, it is regressive in terms of fees hitting the poorest, but that it’s entirely rational to do exactly what you describe and use different banks for different things. Individually we can’t change the system - and it would penalise one bank or one person who tried to.

Is that discussion in a separate thread? I’ve missed it or your comment on this thread. Interested in your view :+1:

Edit: see the link is there now :grinning:

1 Like

Sorry, ninja edited the link in after posting fail!

1 Like

No it’s not.

You use bank accounts to your benefit - Which is absolutely fine.

You don’t (from what I’ve seen), use the argument that different products/services pray on the poor, and take a moral stance on various things (whilst simultaneously “playing the system”).

1 Like

OK, will the App tell you how much more you can deposit and when you can deposit more?

I think there was a screenshot further up that showed remain deposit allowed. I don’t recall if it’s been cleared if it’s a rolling 6 month period.

1 Like

Sorry, just read the thread! Should have done that first my apologises!

No worries. A lot to go through some of which I haven’t either

I see what you’re saying. :slight_smile:

I do think that banking is a bit broken though and that the poorest are subsiding the better off (that’s what I mean by it being regressive) and what I bang on about here. I don’t think that’s at odds with playing the system such as it is, though!

1 Like


I’ve seen a lot and been penalised for tying to use the system for my / their gain the laws state you can’t use it to gain money and avoid charges where you should pay them banks have blocked me for that reason and they call it cash recycling so avoid it at all cost as they say or you’ll end up no banking services at all as banks will not take you on

Cash recycling is where you put money in one account and move it to another account and you gain from the privilege of just moving money about and avoiding due fees and gaining benefits of no doing it differently

My issue is not so much with the banks themselves - It was more directed at some of the people on the forum.

Is the system broken? It’s certainly not optimal, but you could say the same for most things (I’m looking at you especially child benefit…).

I like to play the game of “replace Monzo with HSBC”, and guess what the result will be.

“HSBC to introduce fees for cash deposits” - What do you think the reaction would be like here?

I should add - Fee or no fee, it doesn’t affect me directly, and I don’t pretend to understand the impact on those it might.

Until Monzo branches out into other areas (this fabled Money Hub we’ve heard about), it’s impossible to judge them, because they are doing the same thing that every other bank does, but has to charge for some of the services that other banks provide for free.

They make money through lending (OD’s and loans - Neither of which are especially cheap), and then a bit through the BoE and other bits and pieces (in the same way that other banks make money).

Would we class Monzo as “praying on the poor”, like people seem to want to class the legacy banks?

Why are Starling going to provide it for free (if the reports are to be believed), with much higher limits? Better negotiation? More lines of revenue so they can subsidise this feature? Better planning ahead (with the new card roll out that was widely panned by this forum at the time, but was necessary to include the new chip?)

My point is, people treat it like some historic football rivalry - Monzo vs the world, and that tends to skew the general opinion.

I’m a Monzo customer because I like the app, the CS was very good, and I like to try new products out - I’ve stayed a customer because they still fulfil my very small current account banking needs.

If paying a monthly fee brought better benefits, and “levelled” the playing field - I’d have no problem. But they’d have to include a free tier for those who literally had no money (but then, we are kinda in the same position we are in now aren’t we?)

In my circumstance, I’d probably use the free tier as I put all my spend through credit cards, and then pay it off at the end of the month - I also have an Amex that I pay annually for, but feel the particular benefits are worth it to me and my family.

That’s a bit of a ramble, and possibly belongs in your other thread :joy:, but I hope(?) some of what I said made sense!


You can’t compare a bank taking physical deposits in branches they own to a bank taking physical deposits through a partnership arrangement with another organisation. That’s a whole layer which simply isn’t there for HSBC.


Perhaps - But other fintechs are somehow getting around the fees, or have bigger limits etc.

It was a point to highlight some of the double standards - But completely appreciate it’s not like for like.


You most certainly can.

They use post office too!