Monzo stores 75% of its money in savings accounts with Investec Bank. See https://monzo.com/ethics/
Investec are non transparent about their investment practices, do not have an ethical investment policy, and claims on their website to offer finance to “conventional power” and states that 12% of its investments are not in clean energy and therefore by their own standards are in dirty energy. An ethical investment policy is a transparent way for banks to state a clear rule for themselves to not invest in unethical businesses such as those that profit from fossil fuels or the arms trade. Banking with Monzo means banking with an unethical bank - Investec. I would like to hear any way of justifying this unethical behaviour and see if anyone can defend monzo as being anything other than an app that gives an old unethical bank a new and ethical appearance.
I love irony
“This is the first time Jaklloyd has posted - let’s welcome them to our community”
Jaklloyd - “I HATE MONZO. MONZO IS EVIL. YOU ARE EVIL IF YOU BANK WITH MONZO”
Breaking news: Banks are unethical. Everyone be shocked!
How did you reach this figure? Monzo state that 25% of their Current Account balance is used for the overdraft and loans feature. With the vast majority of the rest of Current Account balance sitting in Central Banks.
All of the money in the Investec Savings Pots is with Investec - not the Current Account balance.
Therefore, if you don’t like investec, don’t open an investec pot (which you can’t do anyway).
The defence would be that you’ve defined “ethical” as whatever stuff you happen to personally like
As I want to add huge amounts of flame to the fire:
Monzo is a Mobile only App.
Mobiles have huge ethical issues in the way they are basically supporting poor labour practices etc.
Monzo is a an unethical bank 
Oh okay, my mistake I didn’t catch that. So which banks are the central banks that the majority of cash sits in? Is this published anywhere? Do they have ethical investment policies?
I will ignore all personal and non logical attacks. But if someone could provide proof of ethical nature of the banks monzo banks with, or even their names, then this will work towards defending monzo’s ethics. Stating the banks that they bank with would allow people to check the ethical profile of these banks. If they are not ethical, then nor is monzo.
Perhaps Monzo can establish which of its customers have petrol or diesel cars and close their accounts, too.
I don’t know for any certainty but likely BoE - or one of the big clearing banks.
Overnight Deposits are definitely held at BoE - Annual Report 2018
With all due respect, you are the one who has claimed complete unethical practices from Monzo - if you think that, I would’ve thought you would have done the digging into what/where Monzo do with the money they receive.
Dude, just do a search of the community. We’re not Google.
Perhaps a bit more research on your part is in order, don’t expect the community to do that for you.
It is also the first two paragraphs under their “Current Statement”
We lend out a proportion of money stored in Monzo current accounts (up to 25% of total deposits) in the form of unsecured personal overdrafts and loans.
Money stored in interest-earning Savings Pots is held in an account at another bank, Investec. We’ll keep you in the loop on any future savings partnerships.
“Monzo is unethical - it banks with Investec that invest in oil and gas”
Does you bank with Monzo?
Ethical 
no company in the world can be 100% ethical.
Have you thought your post through before posting?
Poll time!
If faced with a linear choice what would you sooner have?
- Better Interest rate
- More ethical
0 voters
(I know I have somewhat oversimplified things).
Can you add Free Pizza in there please?
He did do some digging
But completely misunderstood what he found
Free pizza always wins.
Please could you let me know how this effects my life? Serious question, not flippant.