Maximum allowed balance

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1

Hi, is there any restriction to how much money I can have in my Monzo account? Or to how much I can move in an out my account?
Thank you

2

I donā€™t think so; though if you need to move more than Ā£10k a day out you need to apply for a limit increase.

Iā€™m always happy to test it for you? :smirk:

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3

No upper limit, though monzo may ask questions.

The daily limit I believe is 10k, any higher youā€™d submit a limit increase request. Youā€™ll need supporting documents/evidence of the purchase.

4

Isnā€™t FSCS covered up to Ā£85k. So more than that would be a risk?

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5

This :point_up:

Anything over Ā£85K in a single bank which is a FSCS member (such as :monzo:) could be lost if things go badly wrong.

Splitting the wealth into Ā£85K chunks and depositing them into different FSCS bank accounts would be the way to go, although investment / pension plans for the larger wealth amount would likely outperform this way of using money to your advantage*

*Not financial advice

6

Wasnā€™t there once a topic where (maybe @simonb) said that there isnā€™t a limit but try not to have like Ā£9,999,999 or something :joy:

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7

While yes, the FSCS limit is ordinarily Ā£85k, it does cover temporary high balances up to Ā£1m for 6 months from the date of the credit in certain circumstances. Temporary high balances | Check your money is protected | FSCS

And the question isnā€™t really about FSCS; itā€™s how much money Monzo can hold. If someone wants to be silly and throw caution to the wind, I donā€™t see why there would be a cap.

8

I vaguely remember one or two discussions along those lines, but itā€™s @bee that comes to mind for me, not Simon. :laughing:

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9

There were mockups of the (old) app with large sums of money.

From a banking perspective, thereā€™s an increased risk to them if you suddenly drop in 10 million from a regulatory perspective I think or something like that.

But ultimately, yea, thereā€™s no max - you just may not be a customer Monzo want to service at that level :stuck_out_tongue:

Thread here:

Specifically this part:

And then this amazing @Rika post!

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