Larger overdraft

I have a large overdraft on my current bank, Monzo stops at £1k. Having a slightly larger one would be helpful on a joint account

Monzo doesn’t offer j/a overdrafts - which is preventing us going “full Monzo”. Not that we usually use it, but I won’t risk a bounced mortgage payment.

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Yeah I can’t switch for the same reason

Why would you need over £1,000 overdraft?

I very rarely use mine, it’s just there are a safety net should I come a bit short one month and forget about a bill or something. (even less so now I have Monzo for budgeting and such)

If you need more than £1k would a loan not make more financial sense?


Nope. Don’t need a loan. Need a larger overdraft .

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That’s not a helpful response.

You need to get people to support your suggestion so Monzo will take you seriously. To get people to do this you will need to explain the benefits of a large overdraft VS a loan, what situations you’d need such a large overdraft and so on…

You’ve not actually said an amount you’d like either!


Let me understand.

You frequently need more than £1k of an overdraft? Curious as to why? Do you currently have a larger overdraft that you are permanently in?

I’ve always viewed any overdraft facility as a last ditch kinda thing. Sure it can be handy to cover if you are a little short on a payment (as per other response, a mortgage payment) but even then I would expect £1k to cover pretty much anything. If your mortgage payment is over £1k then I think you have bigger money issues than getting a larger overdraft?!

In short. WHY do you need a larger overdraft? Happy to vote if I can see the benefit it would bring to other Monzo customers.


I had £1,500 or £2,000 overdraft whilst I was a student but that was almost a necessity as the cost of accommodation and living (compared to when you got the student finance payments) was laughable - but generally it is a very slippery slope.

Overdrafts are able to be immediately demanded back so you could be caught short if you borrow more than you can pay back. I think overdrafts should be used very conservatively and I think the way Monzo go about it is a good one.

Definitely repeating this to the OP - Why would a larger overdraft be helpful!?


Yeah I had an overdraft like that too. But was very away it was costing me money and needed paid back ASAP and not something to ‘live in’. Boggles my mind if £1k isn’t enough to cover a shortfall. If your 'short’fall needs are more than £1k then… well maybe it’s me that’s living the wrong life! :wink:

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My student one is and was free so it isn’t too bad (although a lot more dangerous!).

I can’t comment on OPs situation (may have a portion of overdraft used up due to older debt) but I would in general agree that for what the intended use of an overdraft is, £1,000 would in my mind be about right

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We would be looking at £1.5k rather than £1k to cover mortgages and other stuff for the odd occasion that we need it, same as current bank on a joint account…

OK. Not having a go but trying to understand.

You are occasionally £1.5k short on mortage and ‘other stuff’?

yes, life isn’t always on schedule and things happen.
Everyone has a different situation .

I’m not asking for financial advice, im asking fo the ability to have a larger overdraft on a joint account. I have my reasons for it. My current bank allows it, but i would like to move to monzo, this is what is stopping me.

Thanks for your concerns though.


Yeah wasn’t prying. Life indeed.

At present I know Monzo are very cautious on this stuff as they are still new.

As @gmclean said, they’re new to this part so are being really cautious.

In the mean time I’d recommend creating an ‘emergency pot’ and sticking bits of money in there to build up your own overdraft safety net. Plus it’s free :tada:

You can even utilise the round up feature (to name a few) so you won’t really notice the money being taken :slight_smile:


I too am not going full Monzo because of their overdraft. I am lucky to not need an overdraft but i’ve always had a £5k overdraft as long as I can remember.

Based on when I look at my own credit score it is seen favourably to have access to credit - closing an account, losing £4K of credit, increases your % of credit used to credit available and i’ve seen this take a hit on the credit score. For example, I’ve closed unwanted credit cards and my score dropped (also because you’re closing an account which potential decreases the average age of your collective credit account also). Eg. closing my current bank, reducing overdraft reduces available credit and average age of accounts.

Appreciate all of the comments above, and my situation might not apply to all, but thought I would try and provide a different perspective :slight_smile:

I wishI could be offered one in the first place. I have an emergency pot which acts as my overdraft - I can make it as big as I want.

This is a much better solution to wanting a mahoooosive overdraft, plus you make money on it from interest too. Win win! :slight_smile:


Yep :smile: woohoo!