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


(Andy) #552

Great comprehensive review!

give the film a watch. Not the best but not the worse!


(James Waddington) #553

Interest on savings
Locked accounts,
I’ve an account that holds money, simply as i don’t have mobile access so if it ain’t in my monzo account i can’t spend it


(Andy) #554

You’ll be pleased to know both of these are being worked on!


(James Waddington) #555

Great to hear! Again though it’ll depend on rates of interest as I’ve currently got atom for my savings


(Nathan) #556

Just the Pots with interest and I’ll be going #FullMonzo too!


(Jack) #557

:soon:


(Sam) #558

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.


#559

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.


#560

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 :smile:


#561

Agreed. But @FTerrier17 may well want to stay with their existing provider… I have no idea if that is FD or a similar one though :man_shrugging:


#562

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.


(If there's the wrong end of a stick, you'll find me holding it.) #563

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.


(Andy) #564

Until the overdraft s debacle is sorted out, I won’t move over.


#565

Overdraft debacle?


(Andy) #566

#567

Still confused. But hey, overdraft all working okay for me!


(🤦‍♂️ abofm.club 🤦‍♂️) #568


#569

Where do you go for your gifs? :joy::joy::joy::joy:


(🤦‍♂️ abofm.club 🤦‍♂️) #570


#571