" FSCS will aim to pay compensation in the majority of cases within seven days of a bank, building society or credit union failing. Any remaining claims, which are likely to be more complex, will be paid within 20 working days."
https://www.fscs.org.uk/what-we-cover/
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I think that depends on how much money you have sitting in your Monzo compare to your Bank of Scotland Account.
If you move the majority over on pay-day I don’t see it hurting them all that much.
That’s the ambiguous term in the sentence.
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About 2/3rds stays in BoS, the rest is over to Monzo.
That could be likely to be where Monzo feels any “hurt” from the way you set-up is. But tbh you use your set-up how you want. Having somewhere as your “main account” I think is always a bit of a misnomer especially with fintechs and challengers.
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Im kinda the same, just dont like having to make sure I have left enough for a big bill and stuff. Plus if you separate spending between accounts, the budgeting doesnt really work as well.
With the FSCS it doesnt matter how long it takes, its still a process that interupts your day to day. I dont want to have to worry about work, claming, paying etc…
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I find the opposite is true for me. Splitting discretionary spending from commited spending works best for me, but I guess it’s all down to personal preference 
I think I’ve got this right with committed spending is that the total amount for all direct debits come straight out and go into a committed spending pot which then the money comes out of that…
I think that will make me go full monzo and also the ability for a savings account with interest so I can close my natwest ones
Whilst we’re discussing FSCS, if a bank does collapse overnight, how do you prove what money you had?
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I just want to check, is it specifically crowdfunding that worries? Monzo don’t have to do this, they could easily raise all the money they need from venture capital financing, but they choose to do crowfunding so that customers can get involved also.
If VC funding also concerns you then that’s fair enough, but makes the usage of the word ‘crowdfunding’ slightly misleading.
We’d all like to see Monzo cover their own costs - and make a profit - but they’re very much in startup/growth mode at the moment. But everyone funding is doing so because they believe their are gains to be made in the long term, to be sure. Granted, if in another five years Monzo still isn’t making money then there will be big questions to be asked, but we’re not quite at the ‘element of concern’ stage yet.
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I don’t think you have to prove anything, as the FSCS protection should be automatic. Presumably this means if a bank collapses they have to turn their books over to the FSCS and they work from there (speaking in the broadest possible sense).
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You can find the technical details about that here if you’re interested. 
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No not the word crowdfunding thats worrying, it is more the fact they are not turning a profit. If it is VC/Business Loan/Crowdfunding I am slightly wary.
The day that they get to the covering their own costs I will be doing a full switch. As someone said, I would see monzo as a constant beta if your not liable to stand on your own two feet as such. I get the growth stage, but many of these startups have folded a year or so after and when it comes to personal finance, I find that a bit too risky to use as my main account etc…
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Do you realise that if Monzo were to go under, the government’s FSCS would compensate you for up to £85,000? Unless you have more than that amount in your Monzo account (plus pots), there’s no risk.
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Please refer to my previous message. I understand the FSCS but its hassle, paperwork to be filled in, there will be a time without access to money, etc… Its not something you should ever want to happen - have to use the FSCS - and I get its a guarentee, just more admin should you ever have to.
And I get that this could be any bank, however I feel that the newer startups relying on VC/Crowdfunding are more susceptible.
Thats my opinion on stuff like that - thats all. Im not saying anything negative but it is stopping me from using Monzo over any other bank.
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Sorta mis-typed. Meant for the analytics and predictions rather than budgets.
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I love the money management and budgeting of Monzo but haven’t switched over fully yet, instead I transfer from my main account. Tbh I’ve got both Monzo and Starling but neither fully meet my needs, I’d like stricter/more detailed budgeting (like dozens) and Monzo needs a few more categories (gifts, charity & savings in particular)- I’m waiting to see whether there’s any changes to either, if not I may just ditch both and go full dozens once they get their banking licence
I just checked, and Dozens now has current accounts. Do they have a separate of dedicated and discretionary spending? I’d love custom categories, but even just more categories would be useful.
The only thing from holding me back right now is monthly fee for extras
I pay £13 a month with nationwide (get cash back with over £2k in the account so can work out as cheap as about £7 a month)
That includes, mobile insurance (covers my iPhone XS Max damage £50 access, lost £100) travel insurance, break down etc. Free £250 over draft and commission free cash withdrawals abroad.
Anyone else have the same that they are not willing to give up? Or does anyone have advise on what to do it I decide to leave that account. Things like Apple care cost ridiculous !
My contents insurance covers my iPhone (and ‘lost £100’ isn’t really much use is it considering they cost upwards 8/9 times that?). And Apple Care isn’t that bad when you consider that iPhone is £1000 of technology.
I’ve never ever paid fees for that stuff, usually get better specific deals elsewhere from what I’ve seen when I’ve checked, these monthly extra add-ons are usually very generic to allow them to be appealing to the masses as, for the majority of the customers, they’ll never claim on them anyway.