Is it ideal to have 2 current accounts or would look suspicious to Monzo?

Help
1

Hi!

I’m on PIP and want to have an account for everyday spending, I won’t be leaving Monzo as their a loyal brand to me and its not let me down once.

However, I’m planning to open another current account for everyday banking, like Starling or from a high street bank like Natwest.

Trouble is, such high payments being taken out a month (Over £400) would this look suspicious to Monzo. £100 standing order for family rent, £250 standing order for the other bank and some Direct Debits from West Midlands Combined Authority.

Would Monzo ask me questions or will this be fine?

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2

This will be fine.

Many people have multiple accounts.

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3

Thank you. Thought I’d ask so the anti fraud checks don’t kick in and my account gets locked.

I get £627 a month and it wouldn’t be ideal for my Monzo account to be frozen.

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5

It’s just if suddenly I pay over £300 to another account Monzo would think something is suspicious, that’s all.

Just anti fraud checks that’s all.

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6

If you were doing £10k back and forth then you might raise some flags.

Many many many people will get a salary/payment and then move money elsewhere. You’ll be fine.

7

While we can’t guarantee anything, direct debits and regular payments coming in and out should look like normal account usage, so normally wouldn’t cause an issue

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8

I’m unemployed and I’m a student on PIP. No chance I’d deposit £10k a year :joy:

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9

Yeah, it’s just the anti fraud checks to be sure the account being used correctly by the rightful owner.

If I was to deposit, idk £500 for example in one shot to another account, this could raise flags.

I normally have spending usage almost every day, so hopefully as the account will only really be used for direct debits and linked to a Curve card, in case Starling or something is declined it can take money out Monzo.

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11

What I might do as a precaution and Jsut because I’m terrible with money, is ill do a standing order every week for £50, then it should look fine rather than a straight up large sum.

12

Normally speaking, what fraud checks look for is abnormal usage. If someone is using their account fairly normally, they generally have nothing to worry about. Depositing £500 in another account wouldn’t usually be an issue for example.

If it was an account you never used for anything, and it got £501.42p into it and then £501.42 was transferred out straight away, though, that might raise flags because that’s just not a normal way to use a bank account.

The amounts are less important really, than just using the account like a normal person which you are

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14

Oh yeah, sounds correct. No way will someone deposit that much in shot just after opening the account.

This would mainly be in effect if it was a business who did this but there’s a business account for a reason.

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15

Rexx, I actually like Monzo bank because of the functionality it offers.

I only 2 accounts for everyday spending, and larger payments like Direct debits, standing orders or the occasional new technology purchase.

I’m not good with money and want my essential bills locked away elsewhere so I have enough funds for them to be sent out.

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16

You could set the payments to come from a pot, then you could ring-fence that money and keep it all with Monzo.

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19

Could do, but I have a habit of taking money out, or removing the locked pot to have it reach my current balance.

Plus its a peace of mind to have 2 accounts, one for everyday banking and one for standing orders, direct debits and the occasional new tech purchase.

20

I’m thinking of a £50 per week standing order, through something like Starling bank for example.

Natwest for just an example.

21

It’ll not be classed suspicious, unless you sent it in and out of your account 3-4 times in a row they might wanna take a look.

You’ll be fine with receiving X amount on payday, and then sending it to another account same day.

Don’t stress, go for Starling as they’re not too different, or even check out Revolut (not a bank, so no FSCS protection).

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22

Yeah, was just a question because I have been a loyal customer of Monzo since September 2021, and I won’t leave completely. This was my first bank and will stay in my heart.

I just want an account for everyday spending and an account for direct debits, and as a backup for Curve if the Starling card declined.

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23

Take a look how others are managing their spendings :bar_chart:, clearly most people have more than 3+ accounts :wink:

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24

This has made me think about my own banking behaviour! I’m my partners carer, I get Carer allowance and PIP into my account then I put some of that into a pot (so cheeky bills can’t get it) then some over to starling, Then to think money to my partners account. I’ve done this for years without MI5 knockin.

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25

Why have yiu gone from moving £400 a month between accounts to £50?

You’re unnecessarily worrying.

Many people have accounts with banks and move £2k or more between accounts at different banks by standing order on the same day. Usually for perks and different banks.

I used to do that on the first of the month.

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