I am very impressed with my Monzo app so far (only wish is for at least a pin to unlock the Android app). I don’t like my standard legacy account’s sneaky fees and not having a record of transactions until hours (chip and pin) or days (contactless) later, so Monzo feels like an upgrade.
I’m thinking of closing the standard legacy account and doing all my banking with Monzo as my main account and for my backup account to use either the Monese prepaid card or the legacy basic account.
Currently Monzo is my main account. It has the majority of my money in, it’s where I get paid and it’s where all of my sole direct debits come out from.
I have a legacy joint account that is used as a backup, though I’be never needed to.
To clarify further: I have no need for SEPA transfers (all transactions are UK-based) and want to
(A) simplify my accounts and
(B) reduce the possibility of incurring any fees or charges.
For a backup account I really like the Monese/Revolut model but not Monese’s fees (5 GBP/month or £1 per ATM withdrawal) or Revolut’s lack of customer service.
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To specify my query to my situation:
When being assessed for a prospective mortgage is there a difference if you use:
a basic bank account (indicates no overdraft or no eligbility for an overdraft at some point in the past, or indeed an unwillingness to pay banking fees)?
a prepaid card (Monese/Revolut/etc) in lieu of a bank account (may indicate similar to a basic account, no FSCS protection)?
Currently on Monese Starter plan as testing it out and wanted a “free” comparison with other accounts. Therefore the 2% Post Office and 3% PayPoint apply. Cash deposits are usually once a month and under £100 so it would not be efficient to get the Plus plan.
Starter plan = £0/month + per deposit: 2%/£2 Post Office and 3%/£3 PayPoint
Plus plan = £5/month + per deposit: 1%/£1 Post Office and 2.5%/£2.50 PayPoint
I assume that is how much and how often you deposit? However, to clarify to others you can pay in more and pay in more frequently.
With the Post Office you can deposit £500 per transaction. In PayPoint you can pay in up to £500 a day, in transactions not exceeding £249 each, with a £5000 a month limit.
I’m probably one of the few people who’d vote for keeping their legacy (or, as I like to call it: proper ) account open.
As I have detailed elsewhere Monzo is just not offering enough to cover my banking needs. Additionally I’m actually getting paid for my current accounts (about £20 per month, after deducting fees), so there is no way I’m giving this up.
When I deposited a test £10 at the Post Office with Monese, it credited me with £10 in the app. Then a while later that changed to £8 with the £2 fee being detailed when you tap the Post Office entry in the statement screen.