I have also got this pop up
I was asked for my NI number but I briefly had an ISA with one of the providers so maybe thats the difference? (Can’t remember if I had to provide it when I signed up for the ISA which normally seems to be the case with ISAs)
I was wondering if there was a connection to ISAs which was prompting the NI question for some and not others. I do have an ISA through Monzo. I would have had to provide my NI number when I opened it, but that presumably would have been provided to the ISA provider, not Monzo.
I’d be interested to know why Monzo need my NI number, considering the data minimisation principle of GDPR.
Presumably Monzo need this as ISA manager
Quite possibly - I haven’t taken the time to search for any rules around this. Just curious.
I too got this prompt, was not asked for NI number
Got this too. Asked for NI number, but I’ve never had an ISA with Monzo.
Very simple process, though, which was nice.
I’m Matt, a Product Manager at Monzo!
Great spot! We started to send these out to users towards the end of last week, and will continue to send more of these this week too. As a regulated UK bank, by law we need you to confirm your tax residency, so we’ve sent a prompt to make sure the information we have is up to date.
Hey Matt, thanks for the info!
Does this have to happen regularly, is this a new rule or is this the first time you’re centrally confirming?
Haven’t seen it from anyone else yet so just curious re process.
Must be coming up to tax residency reporting season.
Hi @MattJones1, thanks for this. Can you shed any light on why some are asked for NI Number and some not?
I got it too, but didn’t need my NI number. I’ve also had letters the same from Lloyd’s (who I also have an account with) who told me to completely ignore the letters
Hi Chris, good question!
It depends on a few things, namely your individual circumstances, what existing products you have with us, and whether or not we have captured the information previously.
For example, if you have an ISA, or if you have multiple tax residencies (including the UK), then we require your National Insurance Number.
Hope that helps!
Thanks Matt, really appreciate you coming on to the thread and explaining to us all.
No ISas with Monzo. Asked for NI why?
A few posts up answers your question.
Are you specifically requiring NI number and not the arguably more correct UTR?
I always provide my UTR when non-UK financial institutions ask for my UK taxpayer identification number.
It’s just as well they do as I, and likely many others, do not have a UTR as I do not do self-assessment
We are able to accept your National Insurance number if you are a tax resident in the UK.
Hope that helps!
Thanks for the answer but that wasn’t my question.
Are you allowing those with UK tax residency to provide both UTRs and National Insurance numbers?