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

This is great to hear. I have been so removed from traditional banks for so long. I do have some historic memories of attending a branch of Barclays.

They had sticky swinging doors, there was a queue, I had to stand in a queue, I think I then got upgraded and was able to sit in a queue, I then spoke to one person and had to move to another queue…

They did have really cool little free blue pens and envelopes to write on…

Great day out!

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What a great problem to have!

The maximum amount of cash that is financially safe, in any UK bank, is £85k so I’d be inclined to split the lump sum into several pieces & depending on your plans, put it in a Monzo savings, Monzo ISA, Tesla ($TSLA) shares - my favourite company, and Bitcoin (this is NOT financial advice, just saying what I’ve actually done with my cash - well, except for the savings & ISA, as the returns are pitiful).

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You are covered for up to £1m for the first 12 months after a house sale or other major event, you can see the list here

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Thanks for the correction! TIL something :wink:

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especially with interest rates now, no reason to keep it all in one bank, plus if you lose that card, you are stuffed until the new one arrives, but using 2 or 3 banks, you can keep one at home for emergency, doesn’t have to have loads of money in, with internet banking you can instantly transfer more if needs be

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Not if you use Google or Apple Pay :slight_smile: and don’t forget that your app and internet banking will still work too.

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You are covered for up to £1m for the first 12 months after a house sale or other major event, you can see the info here

I’ve read the whole article but still couldn’t find anything about £1m, cover-up
Could you please scpecify

It’s the first sentence in that article …

"FSCS protects temporary high balances in your bank account, building society account or credit union account of up to £1million for up to twelve months. The protection begins from the date the temporary high balance is credited to an individual depositor’s account, or to a client’s account on an individual’s behalf. "

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The very first sentence.

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:see_no_evil: :laughing: :wink:

One thing that hasn’t been mentioned (I think) is bank fraud. Personally my “don’t put all my eggs in one basket” is partly just in case my account gets “hacked” in some way. If it’s spread across three banks, say, that reduces my risk.