How much do you trust Monzo with large amounts of money/savings

Ok so this has been on my mind lately and want to see some thoughts on how much you trust to have i. Your Monzo bank. This is why is ask…

I have sold my house and the proceedings obviously need to go somewhere but im feeling reluctant to have a large amount of money in my monzo even though i use them as my primary bank and salary goes into it.

I still have my Natwest account but only as a back up I dont actually use it. I think i will put my saving here instead of monzo just feel hesitant with them being the new bank, iv been with monzo over a year but still feel this way. I know they a FSCS protected.

Why do you think :thinking:


You might find interesting basically if you have temporary (up to a year) balance of £1 million your covered by FSCS regardless

I can understand though that FSCS claiming would be a hassle(I know if it was a stocks and shares account the process can be drawn out) and you might trust a hundred year old bank more than a bank that’s sub 5 years old


It’s possible that a bank you hardly ever use would see a large payment as suspicious, and may delay crediting or withdrawal/transfer of the funds

Of course if transaction triggers Monzos checks you may get the same, but there likely other transactions which would suggest a property sale/move (eg you’ve not long paid a surveyor for home information pack, and a solicitor) which would lessen the chances and amount of investigation?

In any case we’ve not seen any banks go bust even in 2008 crisis, and the stories of frozen accounts are tiny relative to the number of property transactions

For what it’s worth my deposit went through my Monzo account when I purchased without issue

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I always believe that you should never keep your eggs in one basket; large eggs that is


Unfortunately (and my opinion applies to all fintech not just Monzo) the algorithms they’ve built don’t seem to cope well with anything out of the ordinary. Combine that with the complications of trying to contact customer service, I would put anything outside of day to day spending with a traditional bricks and mortar bank. Even if you haven’t used them for while.

At least you can walk into Natwest or call them and prove where the money came from


I would use a savings account, or two, depending on the amount.

Then again, I do exactly that.

No large sums in any current account.

Call customer services before you do. Base your decision on your experience.

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who will?

Quite an entrance to the community there Nicky Boy


Split your money across as many banks as you can go ensure that all much as possible of it is protected by FSCS scheme then that’s tucked away safely. Monzo is just as good as any back to hold money in but obviously your only protected so much if any bank goes bust

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autocorrect not working there? @DaveJ :rofl: :blush:


Thanks guys the amount will be below the £85,000 limit thats protected im just holding back on what i should do. I love monzo and i want to trust there will be no issues but they are new and feel ill have more issues with monzo then i would with a well established bank like NatWest. Also the saving account monzo offers via a 3rd party savings bank has so many bad reviews

Oh dear 🤦 :rofl: :rofl:

Off to edit that now, I’m watching TV and didn’t read what my phone decided to change the word to :rofl::rofl:

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Message them, provide any evidence if need be. All will be fine

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You don’t believe that is really his name, do you? :rofl:

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FWIW I would transfer it to my Monzo account without hesitation. Monzo have to abide by the same rules and regulations as an other bank so your money will be safe.


Me too. Presumably the money is coming from a solicitor’s account?

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Yes from a solicitor account

Yes, that is his name.

Not sure I’m going to trust the experiences of people who have their accounts closed and lie, if I’m being honest.

But you do you.