Monzo is clearly pioneering the way with the ability to sign up for an account without an address, however the fact you need a passport or driving license (or ID card, which I think have been discontinued in the UK now?) is still a huge barrier for many people. I recently read about the digital identity start-up Yoti, and their product Yoti keys (designed to create a digital identity for people without documents) is due for release this year. I wonder if Monzo are aware of this and have considered if they would allow people to open an account with this form of ID. I’d be interested to hear people’s thoughts on this. A lack of bank account can be a huge barrier to enployment for many people trying to get off the streets.
I just checked the competition - even those that claim to offer a reduced sign up procedure and din’t find anything regarding this. Would be interesting to see how it develops.
Small side junction, found this nugget on Arro Money’s website: “We guarantee to accept you if we can”.
I also just had a chat with Shelter about whether you can get a UK bank account without an address and they said I’d have to contact each bank individually to find out. It’s great Monzo have developed this capability but if the biggest homeless charity in the UK isn’t aware of it then it’s almost useless.
There was a story shared on here a few months back about a homeless person using a Monzo.me link to take donations.