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: )


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


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)
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.

4. Pay in cheques
5. International Payments

Post them to us, FREEPOST MONZO :slight_smile:


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.


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


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