I’m assuming you mean Flex rather than loans (since they do go past 12 months).
You can overpay already. It’s not the most ideal way of doing it, but you can overpay at any time you like.
Received physical Flex card today. Presumably this doesn’t replace my virtual Flex card which will continue to work?
Yes, activating the card will update numbers everywhere automatically.
Yep, I meant flex. It’s more to do with if I spent the whole limit, I’d rather not be committed to pay out over £500 a month. I’d much prefer in some cases to split it over 24 months and overpay it. Credit cards give you that flexibility.
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I suppose for now only spend to the amount you can afford monthly, like anything.
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A long period 0% purchase offer credit card is what you describe. Those usually do not offer fixed monthly repayment plans, which is what Flex is oriented towards regular fixed monthly repayments.
There are lots of long 0% purchase cards on the market. Get one of those if that’s what you want.
How did you get this to come up? I have my Santander connected but never saw a notification about this. I also get my income paid into it there so it would be useful if monzo could count it! Is it automatic?
It came up automatically once it noticed that my Monzo account is pretty much dormant at the moment.
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Open banking only grants access to 90 days of data. Thus that’s at most that Monzo could see. And since there is no indicator as to what is salary, I guess they are hoping to spot 2 or 3 payments of similar amount, at a similar date in a month. But if one is not paid the same each month on the same date… Then the automation check is likely to fail.
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Ah, OK. Well there’s 90 days of data available but the first month my pensions were still being paid to my Starling account. The following month they were old tax year and then finally new tax year with a decent increase. I also have dividends being paid in from various sources so it’s probably quite messy for AI to deal with.
Perhaps @TheoGibson could expand on this (if they have time!)
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I don’t think that’s quite right is it? I believed it was you had to renew consent every 90 days. If you have more it’ll sync more.
In the case of premier it should be picking this up fine. HSBCs saving accounts don’t work well with OB but the current, credit and global money should come through fine.
Unfortunately, this is not the case… Monzo confirmed today via Twitter that
When you activate your physical card it will replace your virtual card details. If you’re using Apple Pay or Google Pay we’ll automatically update those details for you.
That’s what I said / meant. That activating physical card… Updates the virtual card number (becomes the same as physical). And they try to update merchants that support it.
I see. Wires crossed - I was hoping that my virtual card would remain active and be in addition to the physical card. But, alas, that’s not the case.
Minimum data access is 90 days and that’s what most banks implement. Once connected to Monzo, Monzo connected account feature slurps up as much as available and keeps a copy of it - such that with renewals more data can be kept in the history. But it’s not required. I think starling is an outlier that actually publishes a lot of data (like 2 or 3 years) by default. I guess as a way to differentiate.
For reference HSBC, Barclays publish more, or at least the tool (Lumio) does as Monzo and captures this.
Good to find out more about how this works
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Our set up for “open banking income verification” through a borrowing application is a bit different to the “open banking connected accounts” feature since it requires a separate privacy policy agreement.
For open banking income verification we get 1 time access to your other account transaction history (vs 90 days of access through connected accounts). We then receive 4 months of transaction history currently (vs 3 years for connected accounts). This is all in the T&Cs that you’d agree to if you chose to (which i’m sure everyone reads 
).
We’ll only request the open banking income verification flow if we can’t verify your income through other means (Monzo transactions, TransUnion or Experian). So most people won’t see it. We’ll be improving our open banking income verification approach soon though to support more providers and better identify customers income transactions.
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Thank you, that’s useful to know. I’ll leave it another couple of months before applying again.
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Just went through the process of requesting a higher limit. Previously I had the ‘new customer maximum’ of £3000.
Now up to £5000 which is nice and definitely a lot more useful than before. I’ll never find out why, but curious as to why I wasn’t offered more when other providers will happily throw significantly higher credit limits at me, but it is what it is.
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6k is the max Flex limit… but why you didn’t get that; it’s between you and Monzo.