How to increase overdraft with Monzo?

Help
1

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.

2

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

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

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4

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

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5

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.

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6

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

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7

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.

8

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

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