I can find anything I want on Google to fit my narrative. Just because something’s there doesn’t mean it’s the whole truth. You’ve to take stuff like this with a pinch of salt and weigh up both sides.
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[quote=“Collisj, post:12, topic:110708”] 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.
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At the end of the day, no matter how many people answer your question, it’s clear (from the fact that you felt it necessary to ask) that you have concerns. And it is a large sum of money.
I’d have no concerns with putting it in Monzo, but it’s you who needs to sleep at night, so I suggest that you take the path of least resistance.
Reminds me of a Reddit post I saw recently
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Me personally, I have the bulk of my savings with Natwest.
I started keeping it there last year when I heard of accounts getting closed etc. Even though I know I don’t do anything wrong with my account, there was always a seed of doubt, plus the fact it’s still a relatively new bank.
Give it a couple of years, I guess for a bit more maturity and I would probably be more confident to move it over.
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This is very true i just want to see if anyone shared my concern or doubt. I do trust monzo its my main bank but iv never put this much money in an bank thats so new. But thanks for your input its very much true.
My experience is as follows:
- there are clear transfer/payment limits, which are designed to protect you, though really annoying they’re very assuring
- having to provide a photo of yourself with a form of ID if you need higher limits
- Monzo support are very polite and do always respond, occasionally limits aren’t raised in a single day
In terms of holding money, FSCS protection is a great safety net. I agree with the others, spread your cash across multiple banks if you go above the protection, or simply if you want protection against a delay in getting to your funds if a single bank does get shut down.
There is an option to open savings accounts within Monzo where other banks hold your funds, so this increases the FSCS protection eg if you have a Monzo current account and an oak north savings account you’ll get £85k in one and £85k in the other.
Be aware though protection is by bank, so if you have an account with another supplier elsewhere that’s the same as the second account within Monzo your £85k limit will be for the sum of both.
Interestingly in some cases a bank may have a different name to another, but still sit under the same FSCS bucket as one bank owns the other.
In other news, Monzo’s business health is pretty well documented, not perfectly as it’s not a public company, but I would hope there are clear signs prior to the bank having to close.
Basically DYOR and there’s always risk, higher risk with less established businesses, but I feel pretty safe with Monzo in this regard.
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Again i trust them enough to be my primary bank my salary and everything else goes through monzo. And as you said they are all regulated to follow the same rules. Just nice to see some supporting opinions also
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with large amounts or payments to important things, I use my HSBC account, if anything goes wrong, I can pop into a branch and kick off 
I way prefer being able to contact support from the comfort of my war arm chair ! 
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War arm chair, what is it good for?
Getting comfy
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High Street banks also close accounts or have them investigated. We just don’t hear of them as often. Why? (I have my view on that.)
Their checks and balances are more robust or do we think they are? I keep it on the latter.
New fintech is far more risk-conscious. They have to. Their buffers are less substantial.
They also attract clientele that is looking to search for the limits of what is allowed. Amongst more normal clientele like us, who basically mover our banking from BAM to online.
Even in case of request proof of funds, that is something which is produced so easy that I wouldn’t hesitate a moment to put sums like OP is concerned about, in Monzo’s hands.
I had to move my deposit from Lloyds to the solicitor Nov '19. If we talk about easy then not that. They couldn’t handle 25K or above. Had to visit branch twice. So I am not having a lot of faith in BAM banks.
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I have emailed monzo to get some insight of if it will cause me any issues
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You should have messaged using in app chat. It’s much more efficient
That’s relative. I started one yesterday afternoon, and it’s just been escalated 20 hours later.
For clarity, I’m not complaining, it’s not urgent, I’m just highlighting that it’s not quick, and, in my view, not efficient from a customer perspective.
Compared to email it is.
They’ll know exactly which account he is referring to, verification will not be necessary and so on. Monzo always ask customers to message in app as that’s where they can help best.
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If it helps build any confidence. In April I had a substantial amount come into my monzo account from solicitors account. Wasn’t a house sale but was still a rather large amount. When I knew that the amount was coming I just went onto the chat and told them roughly what I was expecting to come into the account and can back up with proof if needed. Money came in fine no issues from monzo what so ever.
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It’s easy to forget how abysmal the high street banks are while you are using Monzo all the time and worrying if it is safe or not.
My partner was called into RBS ie. Natwest urgently to discuss the account with “the manager” without any information about what for. After the best part of an hour of different staff searching through the system, speculating that this could be some kind of fraud block or account freeze due to gambling transactions, they phoned their internal customer services and found out that they had lost her proof of address so needed to have it again. How unprofessional and what a waste of time and unnecessary stress!
Would i trust them with the proceeds of a house sale? I would not trust them with my monthly salary!
Monzo has my trust!
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Hi. I do that akl the time 
Wow that is terrible ! Well done Monzo for handling this much better!