I am toying with the idea of using Monzo as my only bank. I like the interactivity and ease of it. Is it a good idea to leave a high street bank?
I did it. Didn’t do the bank switch, moved all my direct debits over manually and now monzo is my main bank. Old TSB card is away in a drawer. I mainly use the monzo joint account with my wife
If you need to deposit cash or cheques often then it might be better to keep one open
I don’t so my Monzo is my only bank account
I used the partial switch service when it was still an option and kept my HSBC account open but I haven’t used it once since I switched.
I had a few issues with direct debits when I first switched but the problems were related to companies not updating their systems so it didn’t recognise Monzo as a bank, this was quite a while ago and haven’t had any issues with anything since.
I personally have over 12 back ups all in daily use, i would suggest testing the waters with Monzo first to see if you would find it up to your requirements:point_left:
So you don’t see a down side but think it is best to do it manually rather than let Monzo do the switch?
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Did you use the switch facility?
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Yes I did
By the way, I’ve edited your previous 2 messages as your mobile phone number is in your email signature which is being included with your replies
Dont do it… you will regret it… at least keep other accounts open
Thanks, that is v helpful
Have been using it for a year and love it but just feel it is a big step to use it as my only current account. Feedback here is good though so may do it
It’s not a bad idea. But it’s a good idea to have more than one bank account.
You might need to deposit a cheque, or cash. You might want to receive deposits from abroad. You might want to use a Visa card if MasterCard doesn’t work, or isn’t accepted.
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Nah don’t do it, at least for now. Keep a backup
What do you need your bank account for?
I switched from a high street bank to Monzo and Monzo is now my main bank, best thing I could’ve done! Other people here mentioned other banks for cheques and cash deposits, I also opened a Starling account for cash deposits (Starling doesn’t do cheques though, I believe) and to have a little back up money in case there is ever a problem with my Monzo card, but I use Monzo for everything
They do via the same method as Monzo. Other banks do it better than both Monzo and Starling.
I use Monzo as my every day current account and for pots for savings - but i do have a back up First Direct account and a Starling. (Plus a credit card)
I don’t carry them day to day but useful to bring an extra if I’m going away and something happens
Personally, I think it’s a good idea to have a back up account, whether it’s two high street banks, one high-street and one digital bank or two digital banks. Even high street banks have glitches and outages. Was is NatWest that went down a few years ago? I can’t remember the details. Maybe someone on here could remind me.
But I use Monzo as my main account and have done for over a year now. I have my first direct account as a back up, there’s nothing in it and no payments come out of it, but I still have an overdraft facility in an emergency.
I use Monzo as my main account and have done since the start of 2018. I’d highly recommend it. I switched before the CASS was in place so I just manually moved everything over. I still have my old account with NatWest for several reasons:
- In case someone still somehow has my old details and sends money there.
- CBA to go into a branch to close it, especially since my branch is never open when I am not in work.
- There’s no real negative to having it sitting there. If there was ever an issue like MasterCard went down, I could transfer money there and use my NatWest visa card. Same if I lost my Monzo card, I could use that one for purchases if I can’t use Android pay phone for some reason, while I wait for a replacement. I haven’t had to ever do either of these, but could if I needed to!
Cheques and cash paying in could also be helpful but I’ve never used it for this tbh… I just post my occasional cheques to Monzo and soon I can just send a pic. And I’ve never paid cash in, so if I did I’d just pay the fee and use paypoint, since it’s such a rare occurrence.
I never look at or use my NatWest account in any way since switching except for the couple of times a friend has accidentally sent money there. My NatWestcard sits in a drawer somewhere. Monzo isn’t perfect of course, that would be impossible, but it’s been very good for me so far and much better than NatWest.