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

(Nathan) #410

Here is my prioritised list:

  1. Student Overdraft
  • My current bank doesn’t charge me any interest on my current overdraft balance because it was from when I was a student and wont charge me until im over 27
  1. Apple Pay
  • Apple Pay is just so convenient once you have used it its hard to go back to continually fiddling for your wallet and paying with a contactless card
  1. Reliability issues
  • As much as I love Monzo there is still the odd blip every now and again where transfers or top ups dont work for a few hours and that just cant happen

(Tim Banting) #411

I would like to see Monzo develop other Market Store partnerships with companies that offer travel insurance, car breakdown cover and mobile phone insurance. If I could get all of that for a similar cost to the service charge I get with Nationwide I would think that would go a long way in helping people switch!

(Lee) #412

This. I’m finally switching now, but I would have done it much earlier were it not for my premium current account at Halifax.

£9.50 a month gets me breakdown cover, travel insurance, mobile phone insurance among other things. I’ve never had to call upon the travel insurance, but the mobile phone insurance was brilliant. I’ve claimed twice, once getting a new phone immediately when I lost it, and once getting a quick repair. The phone insurance alone is probably worth £6-8 per month. Add about 50p/a in for the breakdown cover.

Definitely not a priority, but it would be nice to see Monzo looking to add partnerships like this, for an account fee. Another potential revenue stream too

(Alex Sherwood) #413

2 posts were split to a new topic: Separate additional Monzo account

Separate additional Monzo account
(Jack Donovan) #414

You have not had any good offers from Halifax, trust me. You haven’t been offered anything that new customers haven’t already been offered, and most of the time… They are offered more :smiley:

(Jonathon) #415

I’m less fussed about that (though it is a factor - when I needed an emergency extension to my overdraft I spoke to the same guy I’ve been speaking to for nearly 10 years now and he authorised it right away since they knew my financial history for years) but I do think holding a credit account/bank account for that long is positive on your credit report.

I think we forget that in this Monzo bubble come lots of people who are fluid with their banks, and there is an assumption that everyone is switching left right and centre. They aren’t. Longevity of an account still has its advantages.

(Jack Donovan) #416

Yes kind of, luckily your score allowed him to do so. Which yes is based on history with the bank and your credit score. However, if your credit score said no then he wouldn’t have been able to do that regardless of your account standing.

I’m quite surprised that Monzo can’t offer you an overdraft though, I guess they may have to be really careful at the moment. - or as somebody else suggested. It may be because you have a £2500 overdraft already. (That actually counts on your credit score as money you owe, as debt) whether you use it or not.

But to put it in to perspective, try and pop in to have your overdraft reduced. You will find Halifax suck in that department.

(Jonathon) #417

Afraid that at the time my credit rating was actually awful. Like, “Very poor” on Experian (due to other factors but still that was the situation). I absolutely wouldn’t have got that extension automatically. He had to call up to get it authorised manually.

And I actually am reducing the overdraft, only slightly. Like I said I enjoy that it’s there just in case.

I know that credit counts but the balance available is more important, and my overall debt is far far below the national average. I understand that Monzo are being conservative at the moment, but the flip side of that is that I can’t yet fully, with no doubts, move to them as my overall 100% bank.


Overdrafts. As soon as Monzo give me one, I’ll jump right over. Just need that provision for extra headroom.

(Dave) #419

I’ve had my Monzo account for just under 2 weeks, and I am impressed with the things things that Monzo does better than my current main bank account.

However, the things that my main bank account does that I value/need Monzo don’t do at all, and this is stopping me moving everything over:

  1. inbound international transfers with no fee
  2. online (i.e. desktop/laptop) banking
  3. better system for payees
  4. account benefits such as travel insurance and breakdown cover

I tend to prefer to spend on a credit card and then pay it back each month. Of course purchases can then benefit from greater protection and (a little) cashback.

I am conflicted though - do I give up some or all of the benefits above and support Monzo as my main bank because I really like their attitude and mission?

I guess that maybe I am not an everyday current account user sort of person as mainly it is used for incoming payments, and direct debits.

(Craig Davison) #420

Yeah I mainly use my monzo for direct debits and paying off my Amex. Only have one other legacy account for paying in cheques.

(Harvey Long) #421
  • Being able to deposit cash into my Monzo account
  • Apple Pay, not a huge issue but something I do want

(Alex) #422

Apple Pay first and foremost

(Chris Green) #423

Well then, now that Apple Pay has finally landed, I guess I don’t have any excuses left for not making Monzo my primary account :slight_smile:

(yatin) #424

With Apple pay now complete - just three things left:

  1. 3D Secure implementation
  2. International payments & IBAN provision
  3. Interest when in credit (something decent like Santander 123)

1 & 2 are both on the roadmap within the next 6 months - perhaps there could be a savings pot that earns interest?


I think Monzo are looking to do integration with savings account providers through the marketplace that will allow you to gain interest on your savings. I’m pretty certain Monzo have said they won’t be giving us interest themselves


Give us joint accounts and I’ll be there with bells on.

(Ray Singh) #427

I am trying to make :monzo: as my primary current account. I now have more reasons to do this except the fact that :atm: withdrawal limits may not be suitable for all. For instance, I make regular monthly payments (500GBP) and beneficiary is not providing me a permanent solution such as Standing Order or Bank Transfer.

On the other hand, TransferWise recently launched a debit card (similar to pre-paid :monzo:) which seems to be allowing higher limits :frowning:


I’m sure you’ll be accused of aiding in money laundering or tax evasion soon :tired_face:, but I agree: £400 per day can be quite restrictive.

You should usually be able to request an increase in your limit by contacting Monzo a few days beforehand. But if you need to do this regularly I’m sure it’ll become tedious.


It might be worthwhile chatting with Monzo through the app. They might be able to change the limits for you on a regular basis (or they might not, but maybe worth a quick message?)