How do you deposit cash? [Feedback thread]

Hi there, my name’s James and I work in Payment Operations at Monzo.

Ever since the current account release, you’ve been telling us what you want (and need) for Monzo to be your main bank account – one of those ‘missing’ features is the ability to deposit cash.

We want to offer a service that’s actually useful to our customers but, having never offered this type of service before, there’s no historical data to work from - so, we’d like to ask for your help.

Your feedback has always been invaluable and, by answering a few questions on your preferences when it comes to cash deposits, you can help us find a solution which is best suited to your needs.

And rest assured, any data you share here is just for use within Monzo and will not be shared with any 3rd parties.

Just so you’re aware, this project is in its very early stages - as such, there’s nothing concrete to share right now but, as soon as we have more info, I’ll update this thread.

[Edit: We’ve closed the survey form now but the questions have been added below for reference]

  1. How often do you deposit cash at the moment?
  2. Where do you tend to do your cash deposits?
  3. What days do you usually deposit cash?
  4. At what times in the day do you deposit your cash?
  5. On average, how much do you deposit in each go?
  6. Why do you tend to need to make cash deposits?

I’ve just filled in the survey - and the only time I can remember in the last 30 years (I may have deposited cash when I was a kiddie that I can’t remember) was when we had left-over funds after our open wedding bar tab: I think it was over £150 so that went back into the bank. Any other times I’ve had cash (such as my stash of £190s worth of new £5 notes), I’ve just spent in the shops.

Apart from that I did go into a bank with cash - but it was a Metro bank back when I lived near London and it was just to use the (free) coin sorter machine to change a pot of change to notes. I didn’t bank with them.

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I like depositing cash I receive as gifts or paying back for bills so that I can put all my spend through Monzo.

As for what times do I usually deposit cash, the answers given are due to limited opening hours of my legacy bank - these aren’t necessarily the times I’d actually choose to deposit the cash!

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Filled survey in.

Just speculation here - if Monzo had the capability to track ‘Cash/Other accounts’ for you (i.e. you enter how much cash you have and then enter when/where you spend it) - would this replace the need for you to deposit cash?


Not entirely, I also like to spend using my Amex. I also use another app where I track income/expenditure across all accounts, cash, investments etc.

More than anything though, I just hate carrying cash/change. I never have it all in one place either, so more likely to lose it…

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I filled in the survey and my general points were that I deposit money, once or twice per month. Not often, but I generally get any small expenses back through petty cash I would want to deposit. I get gifts of money from less technologically inclined relatives etc. I generally use the Post Office, as I live right next to one to deposit money and mainly on a Saturday as I am generally more free then. What wasn’t said, which I added to the end, was I wouldn’t pay to deposit money.

Form filled out,

I tend to only get cash around my birthday or christmas. On top of that if I do get given cash or change I save it up until I have a few hundred pounds worth before making a trip to deposit. This means I probably end up doing so around 3 maybe 4 times a year max (based off the last 12 months).

I tend to visit a branch to make deposits but I was thinking of ordering a paying in book for the post office as it’s a slightly shorter walk from my workplace. Although the exercise is good so that put me off getting one.

If it’s any interest to Monzo:

  • I wouldn’t be fussed if my deposit was not instantly available. I’d be happy to wait 24 hrs or so.

  • Ideally I wouldn’t want to pay for cash deposits as that would mean I just end up using my legacy bank for this feature only, but if there is a fee I trust that Monzo would make it transparent and wouldn’t use it as a revenue stream.

  • I’d be open to some sort of allowance, maybe a minimum deposit amount or so many deposits a year etc.

  • I imagine my deposits of cash although few are far between will likely reduce further as time goes on.

I started to go through the form, then realised I actually couldn’t remember the last time I deposited cash, so I closed the tab!
If I ever get cash, I guess it’s as a gift, so I just gradually spend it.
I do think Monzo should offer depositing cash as a service though, I guess via whoever takes the least commission (PayPoint/Post Office/Highstreet Bank/etc) and transparently pass the costs on to the user, surely that would be best, although that wasn’t popular with foreign ATM charges, oh god don’t bring that up again…

I couldnt tell you the last time I deposited cash, I would estimate over 6 years ago. If i’ve ever get money as gifts etc I just spend the cash…

Filled the survey out :blush: the last time I deposited cash was to get rid of old pound coins and £5/10 notes, but other than that it was probably four years ago? I came to the UK with a whole bunch of £50 notes from the money changer and found it a massive hassle to get it accepted anywhere. After that ridiculous five weeks wait to open a bank account I deposited it all :joy:


Hopefully you’re soliciting feedback from non-Monzo-users as well.

Us highly engaged Monzo users presumably have very limited cash usage and so you’re going to get a very biased response if we’re the entire sample.


Ha ha. I had a similar problem when I was paid once with a wad of Scottish £100 notes.


I think the last time I deposited cash was before Faster Payments were invented. If you wanted to transfer money between accounts, the quickest way was to withdraw cash from one bank, and walk down the road to the other bank to deposit it. I don’t do that any more.

Cheques, the last one I received was about 4 years ago, from an insurance payout, and I deposited that in Nationwide. Now I can deposit them in B by taking a photo of the cheque, which I will bear in mind should it ever happen again. I use them as a deposit account for my repairs / big items replacement fund as they have 0.75% interest.

Thinking about it - once or twice a year used to be me (Birthday / Christmas). But since I started using Monzo, and more recently YNAB I have just spent the cash but known where the money was going / not frittering it away like I once may have done.

I can definitely see that it needs to exist though as otherwise I would always keep a legacy account open just in case I got a lump of cash…

I usually end up with a tonne of coins over the month from various trips to restaurants or friends giving me cash etc (the ones not on Monzo).

I actually take all my coins to Metro Bank and dump them in their coin machine for the notes. I hate doing it because the machine is super cheesy and the staff are forced to make small talk (although I think it’s me being a bit of a grumpy old man…).

What are the associated costs with using the post office?

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Filled in the survey but I probably only end up depositing money 2 or 3 times a year e.g. Birthdays, Christmas etc…

Having said that - it’s still that important to me that it’s one of the things that is stopping from from going #FullMonzo

It was my birthday last month so I got some cash as a gift, and having it sitting around the house isn’t just bad from a security perspective, but also for the fact that I keep dipping into it every now and again - if I had the opportunity to deposit it right away, I’m sure I wouldn’t have felt the need to use it all the time!

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Please could someone tell me how we pay in cash or how we get money onto the card?

Easiest way is to pay it into another bank account and then transfer it.

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Only way is to pay it into another bank account and then transfer it.

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