Monzo good enough to have as sole account?

Do you think the Monzo account is full enough to dispense with another account?

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It’s a full, licenced bank account. What else do you need?

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Yes, but does he ignore the other accounts

I have not missed anything from my HSBC account since switching a bit over a year ago. So for my needs, yes Monzo is fully featured enough to dispense of the other current account I used to have.

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Monzo are my only account that I use. I do have a nationwide account as a backup but it’s empty and I haven’t touched it in months.

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Depends on what you need in an account.

For instance, it may not be for you if:

a) you often need to pay in cash to your account;
b) you often need to pay in cheques;
c) spend lots of time with a small overdraft;
d) want a mortgage or credit card with your bank; or
e) you need/want branch access or ‘non standard’ services

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me too

To be primary account yes but to be sole for me personally no.

If it were my sole account id miss out on alot of nice aspects from other accounts which monzo lack in and just dont seem to be worried about unfortunately.

I think ive just recently come to accept that monzo will never be my sole account because im just not willing to sacrifice or settle on these aspects when i can save money r in fact earn money from using other accounts

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Primary account definitely. Sole definitely not.

Many features, I use on a occasional (but still significant - every 2 months) basis are not provided by :mondo:.

First things that come to mind would be:

  • Single Transaction statement (when you need to send proof of a transfer)
  • Free overdraft
  • Free way to pay in cash - I’m sorry I don’t care how small the fee is I am not paying it

Simple method: keep your current ‘legacy’ bank account and if you haven’t used it for a continuous 12 months then do close it.

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Yep. It’s my only account now

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For me, no. There’s a few things I’d like to see improved like advanced payee management. I’ve got my HSBC account for cheques and because the Monzo card does have a habit of declining in some places. It’s not Monzo’s fault as it’s the retailers but as the end user me being unable to pay is frustrating.

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I think if the TSB IT debacle proved anything, it was that relying solely on one bank account is perhaps not the best of choices. I was a TSB current account holder during the IT blunder, but thankfully I didn’t have the problems that so many seemed to have suffered at the time. Still, my trust in TSB was so damaged, I switched to Starling Bank. I did look at Monzo at the time, but I looked at what both Monzo and Starling offered and for me Starling was a better choice and I don’t regret the decision I made.

I also have a Nationwide Flexplus joint account which is my primary account as all of my direct debits are set up there and my main salary is paid in. The bonus of that account is, the £6 odd a month in interest I get, the insurance package and the fact that it is generally, overall, a very good bank account from a long standing name. I couldn’t really care less about Nationwide’s mobile App. It isn’t as good as Starling’s App but it does its job. As for Starling, my pension is paid into that account and I use it for my own personal spending. It’s a great account and I absolutely love being able to use my debit card abroad fee free.

I do play the field quite a bit when it comes to banking. I will open an account just for the incentives. £100 here, £175 there, just for opening an account and chucking in the required amount every month. Do Monzo or Starling offer decent cash incentives to open accounts? No is the answer to that one, but then both of those accounts offer slightly different services to other mainstream legacy accounts. At the end of the day, it all depends on your personal circumstances, but to go back to the question in hand, even if I were a Monzo customer, would I go the whole hog and just have them as a sole account? absolutely not because you never know when a problem is going to arise and having a back up is quite often a sensible compromise.

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Yes. It’s my only bank account! :hot_coral_heart:

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I would say yes it is, but make sure you have bank accounts for the right reasons. I have a few lying around and these are the main ones.

Monzo - my main account;
RBS - a Visa account if MasterCard fails and to deposit money for free at the Post Office;
KBC Ireland - My Irish Euro basic account.

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Monzo is “good enough”, but if ‘sole’ is the criteria then almost every other bank is better.

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I would say so. My partner and I went full Monzo 6 months ago and it’s been fine so far. Customer service is really good and I’m a big fan of the app and budgeting.

The only thing I really miss is being able to pay in cheques easily. I got a fairly large rebate from HMRC by cheque and was really worried about it not making it to Monzo!

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Absolutely! I switched from first Direct and so glad I did. Monzo is the best bank ever, I even got the wife and my brothers to switch too lol.

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I totally disagree. You have to wait 6+ hours to get any response.

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Just joined, let’s hope its at good…:smiley:

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I’d say have another card with a different backend provider. Mastercard, and a Visa card. If one system happens to completely fail you’ll still have a backup.

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