Would love to be able to deposit by post office. I will never use a pay point shop as I just don’t trust handing large amounts of cash to them
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I tried the paying in cash thing this month - my local McColls has PayPoint.
There was a brief blank stare at the card, but I suggested that as far as I knew, once he’d selected PayPoint on the till, “just swiping it should work”. He then did so, and it was very straightforward after that.
He took my money put the transaction through, and I got an instant notification from the Monzo app that it was successful, and that my amount (minus £1 fee) would be available in 10 mins.
Easy enough. I’d say though that any transaction larger than Monzo’s limits I prob wouldn’t want to do via PayPoint anyway. I’d use my “bricks-and-mortar” HSBC account for that.
Research by Which? shows that over three-quarters (78 per cent) of consumers in the two lowest household groups rely on cash the most – using it at least two or three times a week - and are less likely than average to use a card.
Just over a quarter (26 per cent) of the poorest off never use card payments. Among older generations, considered one of the most at risk of social exclusion when bank branches and cash points disappear, four in five retirees (80 per cent) rely on cash.
Yup, been saying this for a while, Monzo not the best bank for low earners, which is a shame given it’s saving power!
One day…!
I think that’s a bit of a generalisation. Statistics don’t show causality. It could be that if you’re a pensioner you’re more likely to be a ‘low earner’ and also more likely to use cash and not be comfortable with mobile banks. In which case, it’s not income level that is driving cash use.
I’m not saying that Monzo should ignore pensioners, just that I’ve not seen anything in the above discussion that indicates to me that offering cash deposits at the Post Office will make Monzo more (or less) feasible for lower income households. It might, but I’d want more than the above quoted research to go on, and certainly more evidence before saying it’s “not the best bank for low earners.”
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One thing i will add on this is I hope if Monzo are going to allow this in the future now would be the perfect time considering there are going to be alot of new cards made fro Monzo Plus and the New Business Banking tiers.
Be a shame if they were to do this later in the year and make all those new cards outdated and an unnecessary waste
Earlier in the topic I said that this should be a Plus or Business feature 
Makes perfect sense to have this as an optional extra in my opinion 
I wouldn’t mind so much, but then it does feel like a tax on low income family’s who rely on cash.
As I said, wouldn’t affect me, just feel bad if people need to pay for such a feature.
Monzo probably have a large stockpile of the old Plus cards somewhere - unless they had to pulp them given the quality issues that were previously reported
I’d agree if there was no other way to get cash into your account. If you want a quicker and easier way, like most things, that comes at a premium.
Low income families can use Paypoint which they may already use for their gas and electric anyway.
I think it’s also something to do with the chip technology on certain bank cards.
I have had Lloyds and HSBC and the chips are every so slightly different. And if remember from one of my friends correctly when starling first introduced cash deposits you had to order a new card to be able to deposit cash.
Low income people should not be charged deposit fees just because they use rip off electric or gas prepay meters at Paypoint in my eyes.
I will stand by that putting money into a bank account should be free because low income families are more disproportionately affected by this fee than more affluent people.
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10000% this!
But even if you still had to pay a pound, what do they do when they reach the £1k limit?
Have you asked your employer why they are paying you in cash or if they would consider paying directly into a bank account?
Are low income families going to have lots of cash to deposit? Surely that wouldn’t make them low income if they did?
I guess if they have smaller amounts of cash they may want to put this in the bank more often, which means a charge each time?
Especially if they’re not on a monthly wage and get paid in cash.
This is worth a read…
Low paid work still pays more than £1k every six months by the way!!!
Many of us are quite privileged and don’t realise that many of the low paid jobs in society are cash in hand.
Monzo is a great bank for the low paid due to the transparency and making it very easy to save.
It would be a shame if Monzo become a bank only for people who have money.
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I don’t see any reason their employers are paying them cash other than tax evasion.
Giving it out to staff probably avoids the cost of paying it into the bank (for businesses working in cash, obviously).
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^^what Mike says.
And if it is the employers trying to avoid some tax, hardly the employees fault is it,