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I wonder if you can send Premium Bond warrants (cheques) to Monzo in the post? 
I believe you can, with anything that is processed like a cheque. So that would include cheques, warrants and payable orders.
The same set of all of those can be processed via cheque imaging, as they all clear through ICS.
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I seriously doubt it.
The last figures I saw stated around 22 million people had Premium Bonds of which only seven million customers were aged over 50 years old.
There are roughly 5.6 million under-50s who hold bonds. The ages of 11 million other savers is not known.
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And it depends how interest rates do too.
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Yup.
With the plummeting savings interest rates last year, the return from PBs was (whilst not guaranteed) better than you could get from most savings accounts for a time.
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But how many of them had their bonds gifted by over-50s?
I hold some bonds and I’m in the under-50s group, but they were a gift from my grandparents. I keep meaning to cash them in and put the money elsewhere because I’ve won the sweet sum of naff all.
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Indeed, esp for higher rate taxpayers the returns combined with instant access were really pretty reasonable for a low risk investment.
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Good point!
I put a small fixed amount each month in to premium bonds. It is then “out of sight out of mind” and away from casual spending impulses. If I win something great but that isn’t my main objective.
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Exactly. I keep my emergency fund there
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But what’s the difference between naff all and the interest you’d have from a savings account 
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Since it’s Christmas, and people may be receiving cheques as gifts at this time of year, I thought it may be helpful to bump the following information:
Monzo don’t currently support Cheque Imaging, so if you want to pay a cheque in to Monzo please make sure you follow the instructions in the app before posting it. It will also likely take some time to be processed.
Alternatively, you may also have an account with another bank which may allow you to pay in the cheque using your phone. For more on this, see the list below.
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Great post. As a branchless bank I think Monzo really need to revisit in app cheque imaging or alternatively offer a Post Office cheque deposit service. I don’t get cheques often but I want Monzo to offer a secure deposit method other than posting a cheque.
Might as well remove Tesco Bank from your list since they don’t have current accounts anymore.
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Sorry @Peter_G
Thought a poll would be interesting at the end of this year, then potentially another at the end of next year.
Did you receive a cheque this year
- Yes
- No
0 voters
If yes, how many?
- 1
- 2-5
- 6-10
- 11+
0 voters
Also, if yes, did you use Monzo to pay it/them in?
- Yes
- No
0 voters
Did you write any cheques this year?
- Yes
- No
0 voters
If yes, how many?
- 1
- 2-5
- 6-10
- 11+
0 voters
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Usurper!
Seriously, though, I’m very happy to pass over my polling hat. A superb set of polls. 
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One extra question (sorry I can’t help myself).
If you received a cheque or cheques what values were they?
- Under £10
- £10 to £19.99
- £20 to £49.99
- £50 to £99.99
- £100 to £499.99
- £500 to £999.99
- £1000 or over
0 voters
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I answered no to this. I used Starling and then transferred the money over to my monzo account.
Now initially that might seem like a great thing for monzo, as they still get my money and a cut of the transaction fees when I spend it without them having to process the initial cheque(s).
However, the lack of cheque imaging in the monzo app directly led me to opening an account with one of their competitors, which in turn gives that competitor stronger chance of winning me over to using them for my “main” account. Previously there was little chance of this as I didn’t have an account with them.
Cheque imaging may not be very lucrative feature in of itself, and even if volumes are declining it still has value for a lot of people.
If you imagine customer volumes and retention as a leaky bucket, how monzo processes cheques is definitely one of those leaks. All that being said I’m sure monzo are well aware of what “leaks” exist and which if any deserve their attention and prioritisation.
For me this would just be a nice to have feature and would probably lead me to close down my Starling account.
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Yep it works well in Starling - I’ve still got my Monzo a/c but use Starling more as a result as I get a couple of cheques a month.
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