Making Overdrafts Available

By the end of the week, everyone will be able to see the option to find out more about overdrafts! It’s already available across iOS, and is rolling out to Android this week.

All the details here:


Will we eventually get the option to increase the overdraft amount?

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Great to see this is being rolled out to more people.

It’ll be interesting to see how clearly Monzo defines the reasons as to why an overdraft isn’t available.

To be honest, I don’t think I’ll be eligible with my current credit score (although I am working to improve this).

But I hope that maybe (in the future?) the £20 buffer could still be taken into account for all users (if requested of course), even if this were the maximum I’d be allowed, I would feel very comfortable with this safety net against the account.


Feedback on Overdrafts:

  1. no way to indicate if you looking for £100 or £1000 so they may be basing their decision on a higher amount than you seek or offer you more than you want.

  2. no indication is given to declined users if the decline was down to something they can not resolve such as defaults on accounts or something they can rectify such as existing credit amounts (e.g. they could close an existing overdraft elsewhere to reduce credit currently used and hence enable them to now qualify for a new one at Monzo)

This level of feedback is not the usual Monzo transparancy but very opaque with fuzzy standard responses that do not help the customer.


“no way to indicate if you looking for £100 or £1000 so they may be basing their decision on a higher amount than you seek or offer you more than you want.”

  • use the plus / minus buttons to indicate how much you want :slight_smile:



Those are just the screens to select the amount you want AFTER she or he was accepted. No way of stipulating in the application process.


As far as I’m aware, @anon44204028. Everyone who is eligible for the Overdraft is awarded the £1000 overdraft, you just amend yourself how much you want.

[EDIT] - The above details are incorrect, and value is awarded individually. So I look forward to seeing how this will work and if I will actually be eligible :slight_smile:

My legacy bank will only award me with £50 (as a buffer amount) due to my credit history, with this in mind, Monzo will not award me a £50 overdraft but a £1000 one - thus why I am unhopeful at this stage haha.

Transparency wise, even if they can just advise the credit score they are looking for with CallCredit, at least we can know if we are working in the right direction - no direct feedback on the items, but knowing what they are looking for would be helpful :slight_smile:


Or £500 or in between or lower, not everyone got £1000

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This is not true I don’t think, I got £100 overdraft (don’t need more). But they don’t just blanket give everyone £1000.

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I tried it over the weekend and it came up with a “not eligible” notice.

Given the blog post I had another look today. Today, it came up with a question asking for my annual income and then a guide on how I put my salary in. This seemed a little strange as my salary has been going into Monzo for the last 6 months or so (and presumably this would substantiate the income figure given)?


Not necessarily. You could have 2 jobs and only use Monzo for 1 of them, retaining a legacy bank for the other. Form is just generic

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A few answers — please keep the questions coming!

We give you a ‘shadow limit’ in the background which is the maximum amount you can pick. This is based on factors like your credit score and our internal data about you. You can’t select an overdraft larger than this amount — but we’ll continually review it too.

This isn’t quite true. If you’re not eligible, we now tell you why you’re not eligible (things like credit score, bankruptcy, CCJs etc). There are some “ineligibility reasons” for which we don’t specifically tell you yet — in these cases you’ll get a generic ineligible message. We’ll add more over time — it’s a case of going down the most frequent reasons first.

We’re very keen to be extremely transparent around this, as far as we possibly can. I hope my answers clear up any misunderstandings!

Yep, totally agreed this is a little strange! As with everything at Monzo, it’s an ongoing project and so over time we’ll get much smarter about knowing your salary — for now, we ask some people to manually input it to help us substantiate our data.

Hope that helps :slight_smile: Shout with more questions! I’m really excited to get this in the hands of more people and demystify the world of overdrafts somewhat.


From what I can tell, the maximum you can get will depend on the information Monzo gets from you (I had to put in my annual salary). You can then choose an overdraft amount lower than the maximum Monzo thinks is appropriate.

As for explaining why you’ve been declined, this isn’t something businesses usually do. Revealing acceptance criteria is seen as a “poor business decision” as other lenders would start undercutting, etc. I got refused the iPhone Upgrade Programme, and the only information I got from Barclays (who are the lender in the scheme in the UK) was “look at your credit report”. I then got accepted for a zero interest credit card to pay for it instead. I’m hoping Monzo will be a little better than that, but wouldn’t be surprised if there’s limited info.

EDIT: tristan got in there just as I was posting :laughing:


Me too. Although now after a few hours I get the generic ineligible notice again.

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Have just battled through the annoying automatic overdraft facility first direct give, and due to the less visual and useable app have been hit by charges.

The optional Overdraft monzo provide is great and very useful.

I’ve turned it on initially and during a period of fraud on my card turned it off.

New card arrived and it’s back on!

Not sure if this affects my credit score but it’s great functionality

One of the things I saw which was cool during setup was that there won’t be additional entries on your credit report if you turn it off and on within a 3 month window (maybe different wording, but something like that).

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The ‘shadow limit’ is interesting

Is the user aware of this? I.e given a max amount they can apply for? Or simply trial and errror by gradually increasing overdraft until reached ‘shadow limit’

The latter, your shadow limit will be available during your sign up, and it will be the max you can apply for.

So Monzo says ‘eligible for an overdraft up to x amount’?

X being the shadow limit