I’m 24 & I really don’t know anything about banking at all - honestly! I heard about Monzo from my boyfriends sister and then researched (for too long/late last night) about the pros and cons. I created my account this morning - which was fabulously quick by the way - and have created four savings ‘pots’ (one for an upcoming holiday, one for money for a car (once I finally pass my test!), one for general savings and one for spending money for FriendsFest on Friday (this will be my general events savings pots and will be edited for each event)). Basically, I am fascinated by, hopefully, how easy this online bank will help me save and achieve my savings goals and if I need to dip in to them (for emergencies), I can.
The only severe con I can see is the risk of having your account frozen/closed, why is this? This is the main reason I am worried about fully switching my account from Lloyds to Monzo. I am concerned that something will happen, my account will get frozen/closed and I will lose all my savings/spending money in one go and be left with nothing for an unlimited amount of time. I have seen reviews stating this on trustpilot, Twitter and comments on other social media channels.
Please help, I’m very paranoid about switching completely and realistically, just need some reassurance.