Monzo Monthly Update: October

Imagine there’s going to be a cost for paying in cash? Which makes me wonder if people bother

I don’t think they could… I’d assume Monzo will swallow the cost for this.

I doubly depositing cash will be free. Likely be a charge on it or a charge over £x amount

I’m sure @tom once said when they bring it in they’d charge

We shall see

There was an indication that there may be some sort of cost but if there was they wouldn’t look to make any profit from it.

I guess we shall wait and see, personally I’m hoping for some sort of allocation or so many free deposits a year but if there is a fee as long as it’s reasonable I won’t be too bothered.

I think if they were to add a charge it would alienate a whole raft of potential monzo customers.

To be the only bank that charges you to put money into your own account is not a great selling point. Doesnt really fit into the “Make money work for everyone” goal if you ask me.

While it wouldnt be a massive problem to me I can think of some people who get cash on a daily/weekly basis from work and will probably rule out using Monzo if they are charged to deposit this,

Heres to hoping Monzo have a nice solution for these people that wont drive them to continue to use legacy banks.


Yeah, I’d echo these thoughts - I hate cash, and have only needed to deposit it once in the past 5 years - So I’m definitely not the target for this service.

But one can assume that customer who need/want this, are already doing it somewhere (a local branch of their old bank).

If there was a fee - I’d have thought 90% of people would carry on using their old bank - Which may not be an issue to some, but could stop other people fully committing to Monzo in other scenarios.

I’m always surprised to see “Paying in cash” as one of the reasons people don’t use Monzo as their main bank - But clearly there is a need for it - I just don’t see the need being enough to justify a fee.


Totally agree with your point, it will be interesting to see how they go about it.

The other point is if there is a fee people will likely just use their old bank for cash, as they do now.


I can’t imagine people paying for a service (paying in cash) when they could do for it free with their legacy bank and transfer it across in a matter of seconds. My local branch has machines for paying in cash which takes seconds and you don’t need to queue for them either. I guess the people that can’t get a legacy account would be the one’s that suffer


I might be wrong, but the idea of monzo offering cash deposits alleviates the need to have a second or third account. Currently I have 2 to 3 accounts I use just in case I need to scan a cheque or cash money.

With the information I have read on the blog, I predicted that the reasons I kept these accounts wouldn’t apply in the future - with cheque imaging and cash deposits. If the charge is true, I will still need accounts to pay in money because I’m not paying to do something I’ve never paid to do.

Let’s hope this isn’t the case, but a future where I have one current account (monzo) for everything isn’t going to happen if they charge people for the service.


Perfect point @Marky_S and one i think needs stressing.

Maybe its just us backward lot here in Northern Ireland but a lot of my family and friends dont ever want to have more than one current account, and to be honest its a bit mad from Monzo to come and say yes we want to build a Current Account that people use as their primary account… but you still need another Current Account.

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Another thought… a lot of people were happy to accept a fee to add money to Monzo via Card Top Up’s,

How is this any different? I wonder if people will view it in the same light.

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I’d say it’s different on a number of things.

Monzo have never had cash deposits, so they aren’t taking away a service that people use, or charging for a service that was previously free.

I’ll never properly get my head around the “Card Top Ups” thing - I’ve read the entire thread, and I’m still not sure I could tell you why people do it, over a simple bank transfer - But that’s another story.

At some point in the distant future, cash will be seen in the same way as cheques are today - The majority of people would rather see it gone.

But in the same way cheques are still widely used, cash will be widely used for many more years - To charge for what is a basic service, that other banks offer for free, and almost is just an expectation from people at this point, would be a poor decision in my opinion.

I imagine the challenger banks would rather people didn’t use cash, but seeing as it’s such a common stumbling block, they’ve had to do “something” about it.


This ^^^

Card top ups where a luxury service that no other bank offered, i think thats why people were willing to pay a fee for it.

Putting money into your own account isnt a luxury, its a necessity for most and something all other banks offer for free so shouldnt be charged for by monzo in my own opinion.


Maybe they’re not the same people

Well, we’ll see. It’s always been discussed as a ‘charged at cost’ type of service from what I can remember but until the deal is done to make it happen it’s all just rumour and heresay, even on Monzo’s part.

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As soon as Monzo have interest on saving I’m moving from Santander.

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Cash deposits! Great :+1:t3:


I don’t get the hype over cash deposits. We kept our old NatWest account open for this. Pop in branch, pay into one of the machines and then transfer to Monzo with the app - simple.


When can we expect the November update @bea ?