Introducing Monzo Flex – a better way to pay later 🚀

This can be why… I got paid into my legacy account and just moved the money manually, when I switched it to monzo and moved it the other way (or into my joint account with monzo) I had no problems getting an increase.
I think I paid in for 3 months before requesting a new limit and now I am at the max.

So basically, want a higher limit (or flex), get paid into your personal account for a few months so monzo can verify your income properly.

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That’s no guarantee Monzo will be able to actually detect it as income even if you do that though. I know more folks who are full Monzo and Monzo can’t identify a source of income for them despite it being paid directly into Monzo from their employer, than I know where Monzo have been able to identify it. So I wouldn’t bank on it personally.

It’s weird to me that this is even a feature (limitation) at all. It’s not a barrier I’ve ever encountered elsewhere for credit cards and overdrafts.

For loans, sure. You usually need to prove your income, but you also don’t need to have your salary paid into a current account owned by the loan provider to prove it.

I have heard of both loans and morgages needing to be paid into the bank before being eligible in the past.
Its actually getting worse where lots of things are starting to require open banking access before offering any form of credit which is FAR FAR more invasive.

:man_shrugging: It worked for me (declined flex initially actually as well) and it works for my partner and a friend who couldnt get it.

I know a lot of people with flex and it works for them once the pay goes in after a few months.

I mean I dont really care, if people dont want to try and follow the recommendation and pleep about not getting it because they haven’t dont that its on them. There are many other cards and banks out there.

If you are paying in and its been 6 months I would contact CS to see if they know why. I literally got told by a staffer here after they looked into it that because I didnt get paid directly and transferred they couldnt verify my income enough to meet their risk appetite.

Anyway you wont care now you are chase.

Now I need to get back to ignoring the Coutts eligibility steps just because and pleeping they wont let me in. /s

Just because I’ve moved to Chase doesn’t mean I’ve lost interest in Monzo entirely and wanting them to be better and offer feedback on areas where I think they can do just that. Otherwise I’d have stopped engaging in these threads entirely. It’s not a one and done thing, and not beyond the scope for Monzo to entice me back in the future. Fixing my pain points is exactly where they can start. This income issue is something I’ve long criticised because I’m one of those it’s affected.

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Did you get directly paid into monzo?
Could you get flex or was it a low limit?

My point is if people don’t even try to fix the issue knowing that you should get paid for it to pick it up then that’s on them. If they have tried that then I would contact CS but all credit products are a bit of a black box with limits and rates so it’s hard to ascertain anything else such as a stack of credit cards or loans on file already making available credit too high for monzo to offer for example.

The pay one is just a simple step everyone can do.

I know what you are saying about Chase and posting here.

Yes.

Yes and yes.

Wasn’t that a loan?

Also did you ask CS?

Do you have fat stacks of credit cards/loans or DFS couches with huge limits?

As someone with only 1 card outwith and no dfs couches anymore I can only attest to my pay literally being the thing that stopped me. You may have other things on file that stop you and it’s always worth investigating.

I forgot one. Have you opened a small countries worth of bank accounts recently or phone contracts.

I mean the pay is only one factor. I can’t tell you why else monzo may not want you.

It only throws the income thing up for loans. It’s only speculation on here and correlated experiences that tie the income requirement to low Flex limits as well. I can’t remember if Monzo ever confirmed that was the case one way or the other, but you suggested it here as the potential culprit in reply to @ravipatel, which is what I’m going off right now.

I did try with customer support to get my income detected, yes, but to no avail.

Nope. No one should be buying their couches from DFS. They’re utter crap.

Not when I applied for and got Flex in 2021. And not recently. The last bank account I opened was in December last year. I got two new free 12 month sim plans when I bought my iPhone from Sky. They were activated yesterday. Other than those, none since October 2020.

Indeed, but it’s the one you zeroed in on. My experience, and predicament is identical to @ravipatel’s. Perhaps you should be posing these questions to them because, as you rightly point out, I’ve moved on from this for now. So it’s a bit moot and wasted on me, and they probably care about their flex limit more than I do now.

I hope Monzo do look to improve how they determine flex limits though, and I’ll continue to leave feedback to that effect.

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:rofl: :+1: but peeps love dem interest free couches.

I guess you missed that I did actually reply to them directly. You replied to my question to them and here we are so I replied to your posts after you queried me but I did originally ask them.

I did use a short quote asking if they got their pay in as I didnt find it clear as “Entering” their salary to me might mean the sign up flow where you enter your salary rather than “Entering” as in paying in which to me didnt make as much sense as word choice. I didnt say its 100% the cause but I read it as in they didnt get their pay paid in which I know personally blocks things like even getting flex or increasing the limit until you do.

EDIT: switching out pronouns, I need to get into the habit even though I suspect Ravi’s preferred is him its always better to not assume.

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I have no current interest in moving my salary to Monzo.

This feels like a “you’re holding it wrong” scenario.

It’s stupid to have to transfer your salary to get a higher limit. Even if it may work.

The product is broken, not my financial setup.

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Well my salary does go into Monzo, but into my Joint account, not personal. The funds going into personal have always been pretty random, to be honest, but when they very first launched Flex, I applied and got a 3k limit, and when they started offering physical cards I asked for an increase to 6k, and they approved no problem.

Since then I’ve used it quite a bit, but before that, not at all.

So it’s almost certainly not linked to the “has to be your personal account” part of it.

Edit to add.

I have, before now, been offered card limits that were too small to be useful. I’ve just moved to a different card company who was “willing to take a risk on me” instead. It’s their loss.

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If someone is paid a regular salary directly into a personal current account for at least 3 months we will definitely see that as income.

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I had mine paid in for a good few years and you couldn’t detect it. :frowning:

I think it was chalked up to a frequency issue and COPs couldn’t do anything about it, so wound up just taking it back to Barclays because it hits faster (business account is with them too).

Just to put my mind at ease, do you (Monzo) recognise salaries being paid into a Joint account regularly (since 2018) as income? We both have Personal accounts obviously, but they are almost dormant. Only the JA gets the action.

I hope so!

Yes, however it’s not as clear cut as it’s harder to distinguish your specific income. If it’s paid into a personal account it is definitely detected 100% of the time if it’s paid in every month for at least 3 months. For a joint account there are more caveats.

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Hey @TomMills I know you said this feature was coming in few weeks and we wouldn’t necessarily be notified. I just went to make a payment and can see the new experience is switched on.

Bug immediately. I have a balance of £847 to pay at present.

When I enter a number to pay, the ‘left to pay’ balance is incorrect. I confirmed if I take the 847 out and add 0 the ‘left to pay’ is reporting £621. Noticed because I was paying a small amount and it didn’t seem right

Also when I continue, it’s telling me my October payment is going to be significantly less that it will be - £597 vs the actual payment for of 711

Also also, when I’ve made the payment, the feed transaction doesn’t tell me which item(s) have been paid. I tracked it to the eldest transaction, but should it show what transaction is being paid off?

Do tell. I despise caveats until they are clarified.

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I guess it’s not for you. You don’t want to do your pay to get the limit then that’s on you. Like I said I have seen mortgages and loans requiring similar in the past, if I wanted them I would have to toe the line.
When people say you need to do x to get y but you don’t want to do x because reasons it’s all on you. You don’t need flex but would like to not follow the simple step.

Moving pay to monzo isn’t a big ask and it’s trivial to move it out after it arrives but if you find that too much then I guess you will find another product that doesn’t care.

Would you like Monzo to use open banking to snarf the data to verify your income or is that nuts?

Would this be your own business per chance?

Now as you did that I don’t want to see you pleeping about people enjoying get paid early again which is from any bank :joy: you literally went to a bank yourself knowing it would be faster as it’s the same as the paying account.

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Monzo do that. When I applied for Flex my income was being paid into my HSBC account, so the Flex sign-up flow asked if I wanted Monzo to use Open Banking to verify my income. I was able to get Flex with the £3000 limit.

They don’t appear to offer it for Flex limit increases, though, so I’m always turned down.

Yes.

It’s a long since settled debate that it’s likely the employer banking with the same bank that removes an extra day from the cycle in terms of when you get paid. All anecdotal, though. Other banks do still pay you early. It’s a correct statement whether it’s a result of both employer and employee banking with the same bank or not, because all that seems to determine is how early.