Correct. I’ll reconsider this, but can Monzo help my credit score go up like other banks do?
Only taking credit can improve your credit record. An overdraft would count
Edit: I know there’s debate about length of time at a bank but as lending rules are not published nobody really knows
Couldn’t you use a wireless travel router?
I actually think that once Monzo is profitable, deposits have the potential to be safer here, given that Monzo only lends about 10% of held deposits, while the rest is held at the Bank of England.
Besides that BIG != SAFE, just look at RBS and Lloyds during the last crisis, which both had to be bailed out.
And lastly, Monzo, like any other bank, is covered by the Financial Services Compensation Scheme (FSCS), so no need to worry - well, as long as your deposits at Monzo don’t exceed £85K.
Actually there is a way: https://jacobsalmela.com/2016/04/09/use-wired-ethernet-on-your-ipad-or-iphone/
The issue with security checks is that no matter how “good” they are, someone snooping on the call will get all the information needed to pass the check themselves later on, which is my main concern.
Multiple accounts - I separate my money out into different accounts for paying direct debits etc. Pots don’t quite fit the bill at the moment unfortunately, but if they did then I’d probably switch at least my Halifax accounts over.
Oh, and also Halifax pay me £3 a month…it doesn’t sound like a lot but it means I don’t have to pay my council tax share in December which helps a bit in what is usually an expensive month!
We’ll have a basic web interface soon, hopefully that will help you out!
If you are concerned about your credit score I’d recommend you read through this thread:
If this is a concern I feel it’d be wise to leave another account open.
In all fairness, if someone is listening into your telephone calls, you’ve probably got bigger problems to worry about!
I wouldn’t be so sure about that given how easy it is to carry out this attack.
2 minor reasons
- Employed by current provider and get paid earlier
- Can’t connect Chip to Monzo and I like a number of things about Chip - saving more beyond my DD and it’s out of sight out of mind as I’ve turned all notifications off.
Employed by current provider and get paid earlier
If you set up the current account guarantee thing it would set an automatic redirect for you.
So you’d most likely still get paid earlier, just into your Monzo instead.
The chip thing is a shame though. I was interested in them too and downloaded their app only to see the legacy banks listed during the setup process. Hear that Plum (something similar) are working on Monzo support next as a priority so that’s exciting.
With regards to Chip i found it a bit ‘Meh’ - So I ended up scrapping it and creating pot, then using the IFTTT trigger to round transactions to the nearest pound - so far so good. - something is £3.23 then 77p goes into my Pot… there is also one for the nearest 50p if you are worried about it cutting you short.
I really want to. And I’m debating doing it this week.
The only thing stopping me is the 3% interest with Tesco.
It’s nice, but it’s not everything, so I’m just going to bite the bullet!
When my benefit comes in next month from my financial advocate Monzo will be my main bank, and if Mastercard ever goes down i will have a Visa from barclays to use.
Why not keep the Tesco account and just use it as a savings account, with everything else done through your Monzo account ?
@o99: To get 3% interest on Tesco current account you need to: “pay in at least £750 and pay at least three Direct Debits each statement month”.
But as I think about it more, it would likely be more useful to me to go #fullmonzo right now.
You could set up standing others for the £750 each way and set up 3 direct debits for £1 (or more) to three chosen charities?