If you haven't moved over, what's stopping you from making Monzo your main bank?

I currently earn about £10/month from interest on my current account. It’s not a huge amount, but I don’t think Monzo is worth £10/month. If Monzo had a £10 monthly fee, I don’t think many people would go for it…

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About £10/month.
If monzo had interest (maybe via integration with other banks’ services) or cashback on purchases then that’d make it more appealing.
Although £10/month may not seem huge: it is free money which will add up over time (and free money is the best kind of money :smile: )

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Totally agree!
Interested in where you’re getting that interest rate from!?

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More importantly, what is the interest rate? That could be the interest on a very large deposit…

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Nationwide FlexDirect give 5% on the first £2500 in their current account, and also have a 5% regular saver than you can put £250 a month in.

Tesco has 3% on up to £3000, though they have DD requirements.

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A big reason for me for it not to be my main bank is this:

which means for some payments I still use my primary account when it is something that would incorrectly skew the ‘spending’ numbers so much it is better to under report than over.

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It’s a Nationwide FlexDirect: 5% on the first £2500 :smile:

Perhaps a little unfair?

I maintain 3 current accounts:

Santander (Interest bearing, approx £30 per month)(£1200 in 3 years)
Santander
TSB (Interest bearing, approx £14 per month)
Firstdirect. (No interest but very easy online banking)

The reasons I haven’t moved main account to Monzo:

1: No interest bearing or Savings accounts
2. No Joint accounts

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  • Apple Pay
  • 3D Secure
  • CASS
  • Interest
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FD do also offer a 5% regular saver, if you didn’t know.

Thanks, I’ll look into that

What’s preventing me from making it my ‘true’ main bank account:

  • The ability to receive and make international payments
  • Ability to pay in cash
  • Ability to pay in cheques (I don’t get many)
  • A small overdraft facility would be useful

In practice, however it’s almost my main account for day to day activities. My salary goes into my HSBC, then I transfer a large chunk into my Monzo which I spend from on a daily basis. I can’t remember when I last used my HSBC debit card.

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  1. Apple Pay
  2. 3D Secure implementation
  3. International payments & IBAN provision
  4. Interest when in credit (something decent like Santander 123)
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1.No sticky references ++. Need these all the time for paying to savings accounts and various organisations.

Otherwise would like…
2. Joint Account
3. Manage CA and Credit Card(s) in 1 place.

Also…
4. Pay in cheques
5. International Payments

Post them to us, FREEPOST MONZO :slight_smile:

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My main issues are realistic and super important (only because i work in around the sector):

  • CRA reporting - im not aware of Monzo reporting into any of the large credit reference agencies? (Experian, CallCredit or Equifax)

  • How do i get petty cash into the bank account?! Have they signed an agreement with the Post Office yet? So i can stroll down to my nearest branch and pay in cash or bank a cheque?

  • My current provider is also providing me a reward to continue banking with them on a monthly basis, i know why Monzo aren’t currently doing this, but nonetheless, i like free money :smile:

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Do he not just say the very same thing that you are asking him about?

CRA reporting - im not aware of Monzo reporting into any of the large credit reference agencies? (Experian, CallCredit or Equifax)

Is that a bad thing? I enjoy having a bank that doesn’t leak all my financial data all over the place for scammers and hackers to see.

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CRA reporting does help show stability and verify identity. Monzo definitely does report, at least to CallCredit.

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I haven’t swapped main accounts because my Santander 123 account pays 1.5% interest.

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