Hoping someone can help me on this, I learned today that Monzo have various daily and monthly limits. For example there is a debit card transaction limit of £10k and daily bank transfer limit of £10k.
Santander my main current account also has limits but they are just higher so it never causes me any issues. £10k seems a bit low in comparison. A few days ago i decided to go full monzo, and switch my main account to monzo, so concerned that this low daily limit will cause me problems.
Can we increase these permanently?
On a chat with a Monzo rep atm but he said he needs to escalate to a a specialist.
If these can’t be increased i think i need cancel switching my main bank account over to monzo asap which i initiated a few days ago.
2 Likes
phildawson
(Sorry, I will have to escalate this.)
2
They can be only raised temporarily on the day you need the increased limit.
If you are frequently making £10k+ transactions then Monzo isn’t the bank to use solely.
Most people on these forums have multiple banks, no reason to force yourself to pick only one.
Have Santander for your income and bills and transfer normal monthly spend over to Monzo to make use of instant transactions and budgeting etc and make the big spends from your Santander without fuss.
I personally go with a Lloyds+Monzo+Starling+Amex+Marcus to cover all bases and get all the things I want.
Thanks Phil that is really helpful, I will cancel my switch.
Out of interest what does starling offer that monzo doesn’t?
phildawson
(Sorry, I will have to escalate this.)
5
A few things stand out for me:
Cash abroad
For a long long time Monzo charged 3% on ATMs withdrawals abroad over £200 on a rolling 30 day period. So if you took out a grand over your holiday you would be charged on the £800.
Very recently they dropped this for inside EEA but still charge outside these places.
However Starling remains fee free regardless of where you are in the World.
Despositing cash
The other key thing is depositing cash.
Monzo restricts you to a max cash deposit of £1000 every 180 days and pass on a charge of £1 for using PayPoint. So if you had a few grand to deposit it would literally take years and cost you.
Starling works with the post office and is free to deposit. With minor posties they’ll take a few grand, if you’re in a town they can take £20,000 in one day.
Earn interest
Not a deal breaker but they pay 0.5% AER up to £2,000 and 0.25% up to £85,000. Whilst Monzo pays nout.
Chat support
If you need Starling you’ll generally get through to someone to live chat in minutes. With Monzo its more a case of and no longer live chat, conversations could be minutes or it could be weeks.
With all that said I still use Monzo for non-Amex and ATM.
They will become useful again when they integrated Credit Cards into the budgeting and I can stop using Yolt.
At the moment Monzo is annoying me on many a topic, with its wishy-washy approach to Plus accounts its lucky dip Overdrafts/Loans and how its handled SCA. I also think the app redesign is a mess.
I believe Starling has a 10k Debit card limit but a 25k bank transfer limit, if that’s high enough.
Although probably fairly low risk I personally wouldn’t keep more than the FSCS limit of £85k with a smaller bank, which seems that you might do if you frequently make payments above £10k.
Monzo does have saving accounts that are a higher interest rate than Starling
1 Like
phildawson
(Sorry, I will have to escalate this.)
8
This is on account balances not in savings with third-parties so not comparable.
Account balances
Monzo 0
Starling 0.5% AER up to £2,000 and 0.25% up to £85,000
Lloyds Club 1.00% AER up to and including £3,999.99, 2.00% AER between £4000-5000
Easy access Savings
Monzo 1.10% via Paragon
Paragon 1.15%
Marcus 1.35% (previously 1.5% and 1.45%)
Shawbrook Bank 1.41%
Thanks Phil, i hadn’t realised that starling and monzo where so different. I will take a look at starling. I had been using revolute for holidays but maybe i should be using starling.
I use hargreaves lansdown for all my savings and investments. For savings they have this great savings service called active savings, its quite similar to what monzo are doing with the savings pots with partner banks except the interest rates are slightly better and they offer many more savings products with their partner banks. This is the main reason why i end up moving large sums about, as the only issue with hargreaves is if a fixed rate savings product matures they only give you 3 days to place it in a new product, i often don’t get time to do it in the time required which means the money is sent back to your bank account.
Thanks Kristian, seems based on Phils and your comments i should really be looking at starling. I had thought of them as similar but less well regarding challenger bank.
phildawson
(Sorry, I will have to escalate this.)
11
Starling and Monzo are almost the same really and Monzo was born out of Tom thinking he could do a better job than Anne, so lots of history. Starling is following closer to a modem take on a legacy bank, most due to Annes history and ties with RBS/NatWest.
Anyway I would keep the legacy account and open both to have a play. I wouldn’t recommend either as a main account at all. But for monthly spend both do well.
If you close a Monzo account you need to wait a month before reopening, I assume if you cancel the switch it stays open.
I agree with this thread - Monzo want to be a sole bank but their daily limits prevent this for me. There’s no decent reason for the limits that I can think of - Starling and the high street banks all have a more generous approach. Starling have more affluent customers…but could they bank with Monzo even if they wanted to switch?
Can someone from Monzo respond to explain whether this even being considered? Thanks
Well, you probably won’t. That’s not the way this place seems to work at the minute. It’s arguable that it ever did but there was the occasional surprise. Those are a lot less likely now.
and no longer live chat, conversations could be minutes or it could be weeks.