How current account will work

Hi, can someone help me. I loved using my Monzo pre-paid overseas this summer. Just wondering, will I be able to use my Monzo current account in the same way, ie. transfer small amounts to the account using the app as and when I need it? So essentially treat my current account just like my prepaid card.


Correct Gary. You’ll be able to use it in exactly the same way as you currently use your Pre-Paid. There will be some additional benefits (Faster Payments, Sort Code/Account Number, Direct Debits etc.)


Just remember they are adding charges to foreign ATM withdrawals so be careful if you’re only using your card as a cash card/travel card.


The only thing to note at the moment is that the facility to top-up with a debit card from within the app doesn’t exist yet.


And just to add one more info - Monzo is not planning to force users to ‘use’ account, like setting up a number of Direct Debits or sending salary to your Monzo current account. You’ll get benefits like your name on the card* and a lot better support for offline payments (like at unmanned petrol stations).

*But you can request card without name too


All the chat seems to be about using the Current Account in the same way as the pre-paid card. A Current Account has to be much more than that and I would be reluctant to sign up for a current account without knowing exactly what was on offer.

Can someone point me to (at least) a summary of the facilities that will be available with a Monzo Current Account, please. And how, and to what extent, customers funds will be protected?

Monzo is a British regulated and licensed bank it has full financial protection for customers funds up to £85K per customer - is that what you mean by - “And how, and to what extent, customers funds will be protected?”

just like every other high street bank offering financial protection to their customers funds

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there is a few bits of info on the Monzo website blog posts about current accounts - what specific information are you looking for ?

the Monzo website -

from the blog posts link at the bottom of the web page

going back to how is my money protected link here that Monzo Bank standards of financial protection are regulated by


Terms and conditions for the new current account I feel do need a dose of looking at from @Tristan or who ever deals with them :slight_smile: as far as I can work out their aren’t any readily available T and Cs that you can read prior to sign up for the current account - the T and Cs at the bottom of Monzos web page seem to suggest they are for pre paid card ( only ??? ) - there aren’t any except for what seems like quite basic T and Cs in the app for the current account that is being rolled out as we speak - maybe Monzo just want to keep them simple ??? the T and Cs for the current account do state that this agreement will always be available in the app and on our website

maybe the web T and Cs should have on Pre paid cards T and Cs - "and these T and Cs will apply to all new current account sign ups along with the following two new conditions from 18 Dec "

  • confused potential customer - I cant find them - they may be there ???

and also :slight_smile: :slight_smile: sorry - from the PP card T and Cs

“We may change any of these terms and conditions, including fees and charges, or introduce new terms. If we make any changes, we will give 2 month’s prior written notice to you by email.”

I cant remember receiving any email specifically about you changing a T and C re the increased fees , maybe it was sent out in an email about the community has spoken ???

it all just seems quite confused - maybe Ive missed all these being an old codger :slight_smile:

Thanks for that Ian,

Yes, there is a lot of scattergun bits of info about the current account.
Is there one place that we can look and check out exactly what the features
of Monzo’s account will be?

Surely that should be a document (or blog post) that explains in clear
terms what is and isn’t available in the Current Account. Limits,
Overdraught facilities and rules, interest rates, joint accounts, etc, The
list could go on.


Read some blog posts at a lot has been explained there and all in one place.

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the features of the current account will hopefully be an ever expanding thing of beauty, that as Ali has said do have insights of what Monzo want to achieve in the blog :slight_smile:

I agree there should be a clear set of T and Cs readily available for new / existing / potential customers for the current account


Ah! Found it. Current Account Preview - simple.

I had thought that was about the pre-launch trial process. Silly me!

I am very impressed with Monzo and most of the management of processes and
the organisation of the blog and other communications. I thought there
would be something like this. I expect detailed T&Cs will follow in due

Thanks for your help.

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For reference, it sort of was but what was previewed is now being launched so the same rules apply. I think the only addition (if it’s not already mentioned) is that monzo to monzo payments are now supported.

T&C can be found here @DCF1 might need an update but they are there. From the main page (or any) on website just scoll to the bottom

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Thanks Ali.

Note to self: Go to the bottom of every page for information!

@tristan - I think as we are all migrating to current account the current account T and Cs should be at the top of the Terms and Conditions page not easily missed - as I did - at the bottom of the page , Ali , thanks for pointing out where they were as both David and I missed them

I highlighted something else on the website @tristan give this response;

There are quite a few things on the website which need an update and I think they Monzo will do a big clean-up / update after CA transfer is done

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