How to increase overdraft with Monzo?

I love Monzo but I do miss the comfort of having my old TSB overdraft, which I still have I just don’t use that account anymore.

I currently have £1k as an overdraft, and tried to increase it based on £18k income, living with parents with no rent to pay and having £15k of savings in various Monzo savings pots which has been building up now for many months.

Any tips on actually increasing it, absolutely not in a rush to do this but it would help seal the deal in terms of nearly all the good things from my old bank now being with Monzo.

What answer are you expecting that isn’t “ask Monzo”?

And if you have £1k, no mortgage, and savings, why does it matter?


Some folks like the security of having a large credit safety net.

I think at that point though, you’re probably better off getting a credit card.

Monzo are notoriously stingy with their overdrafts and all banks became a lot stricter in overdrafts lending a few years back. It’s a danger debt. And a very expensive one at that.

Ideally you only want it large enough to cover and prevent a month’s worth of direct debits from bouncing. Maybe two. For everything else, I’d suggest a credit card for a larger credit safety net.


Why you need more than 1k? Check other borrowing options… credit cards for example? Overdrafts are too expensive

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OP has no bills, £1k overdraft and £15k savings. The last thing they need is a bigger overdraft.

I fully understand wanting to cover yourself just in case with bills/job etc, but doesn’t really apply here.


Better money management is appropriate, though having £15k saved it looks like their management is pretty on point.

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yeah it’s all good if they cannot offer me it, I have bene waiting for a while to extend it and decided to wait until my financial situation became better, which over the last 7 years it definitely has, ridiculously better. So I just thought it would be a good time to extend it and was surprised at Monzo’s logic to decline it when I have a solid income every month going in and £15k saved with them. Up to them I guess to decide who they want to lend to and why.

Just use some of your savings as an overdraft. There’s no cost and you’re more self sufficient :ok_hand: