Larger deposits

Wanted to see if anyone else is in the same boat. I want to change bank to Monzo from my current provider but without the ability to pay in larger amounts of cash I can’t make the switch.

From time to time I sell a car, bike or other large value item and £1000 of cash deposits isn’t enough.

Hey,

When you switch bank there’s no need to close your old account. Just keep it open so that you can make the odd cash deposit and transfer the funds to Monzo.

Cash deposits are a drawback of having a Monzo account, you need to weigh up how much they matter to you and whether keeping your old account would be enough to allow you to open a Monzo account alongside it.

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I just take these larger payments as a bank transfer I don’t need large sums of cash I have paid for cars and received money for cars as a faster payment no problems

I just do bank transfers these days, no real benefit of cash

Fair enough. It would appear that you have a couple of alternatives. Either don’t change to Monzo, or change to Monzo but keep an account elsewhere for your cash deposits.

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And cheque deposits.

If you don’t want to put them in the post. :stuck_out_tongue:

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Maybe it’s me, but this feels like a business, if you’re selling a car/bike/large item more frequently than once a year!

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I take it you don’t ride motorbikes then. I have a track bike, road bike and dirt bike. So no not a business I just like bikes and spend a lot of my expendable cash on them.

I ride a motorbike too and don’t swap them out that frequent. If that’s your thing though it’s cool :sunglasses:

For me I always keep my cars and motorbikes for 2 or 3 years before swapping as that’s usually the length of the loan on them. I’ve found this is a good length of time to really enjoy and get some good use out of them before moving on, upgrading and trying something different.

What is your reasoning for wanting to change from a bank that caters to your needs to one that does not?

On the basis that you want to move to Monzo, I think you’ll need to accept that it doesn’t meet all of your requirements so the advice from others to keep your old bank is sound.

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