3 Likes
How can I go full Monzo while avoiding the monthly fee my bank charges for me if I don’t meet the deposit rules?
I think I’m going to have to keep my legacy bank to receive my salary, minus any direct debits and put in a standing order to Monzo? Is this the best way? I want to keep my legacy bank for a number of reasons.
If it’s just a legacy bank you need (for counter services, for example) rather than the specific one you’re with, you might want to look at free to use accounts. Nationwide tend to have a good rep. You could use the current account switch service to move everything over.
I’d also look at the terms of your existing account. First Direct, for example, has a minimum pay in, but you can easily get around that by opening a savings account and sticking a penny in it, for example.
4 Likes
I would avoid any sort of requirements which warrant free banking. After all they are designed for the same reason, to get you pay the fee, because some life stuff just happens and you might lose control over you finances, even for a short period.
Go for no no frills account, no minimum deposits and all that silly stuff 
2 Likes
Agreed. But @anon38349708 may well want to stay with their existing provider… I have no idea if that is FD or a similar one though 
1 Like
RBS/Lloyds wasn’t bailed out because of mispractice in the management of current account balances, and in any case with ring fencing now reduces the need for bailout. They are also members of FSCS. If in a scenario of another credit crunch type event saying a Bank is ‘safer’ than the other is very subjective and down to the trust put in the institution.
If for example many Monzo account holders took fright and moved their balances elsewhere, and was on a sufficient scale even the most prudent lending strategy could make the viability of a Bank vulnerable. Although l suspect that is very unlikely.
1 Like
By meeting the deposit rules. I do this by setting up a standing order to the bank, and a standing order from the bank in question. Hope that helps.
Until the overdraft s debacle is sorted out, I won’t move over.
Overdraft debacle?
1 Like
Still confused. But hey, overdraft all working okay for me!
1 Like
4 Likes
Where do you go for your gifs? 
3 Likes
1 Like
Tomorrow?
2 Likes
I heard it wasn’t going to make the deadline of the big list which is in a week or so.
But you’ve now sparked my curiosity!
I reckon he’s just referring to the fact the user will switch to Monzo when it arrives, the feature is obviously happening so it’s a deal 
I do hope it’s tomorrow now though 
3 Likes
Slightly off topic, but they’ve tightened up on this FYI. Requirement is for at least £1000 to remain (sourced from a non-FD account) to avoid charges in the absence of regular payments exceeding £2k.
2 Likes
Oh dear. Bad the First Direct. 
2 Likes
Tell me about it! Bitter first-hand experience here… I’m currently transitioning to Monzo but was keen to retain my FD account for cheques / cash deposits. Leaving £1,000 in savings seems to be the only way of doing this whilst avoiding fees.
2 Likes