It’s an interesting question.
So are Monzo’s business accounts, and they continue to accept applications for new sole trader accounts.
I thought it was only registered businesses for some reason…
When you go to open an account you choose between sole trader and Ltd. I think there are limitations as to what industry you’re in. My understanding is that if your business is in certain ones they won’t currently open an account for you.
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I’m Monzo only and happy to be. In the past with Halifax and Barclays whenever I’ve had an issue and gone into a branch they’ve told me to call them to sort it anyway. Other than cash - which was declining anyway and will only continue to do so after Coronavirus - I don’t see why branches are needed for my demographic
Essential for legacy banks to maintain a branch network for now - for small business owners and elderly
I would also have previously said to use a branch for mortgages… but my most recent experience with Habito entirely online was superb
This reminds me about something I wrote in the opening post (I haven’t taken out a mortgage yet)…
Do high street banks require you to have or open a current account with them in order to take out a mortgage with them?
Question not directed specifically to @jacks77 but to anyone
Not in my experience although I have, in the past, taken mortgages out with the bank I dealt with already so if that was true back then I wouldn’t necessarily have realised.
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I’ve never had that requirement, with mortgages from Santander, Nationwide, Barclays and now HSBC. In fact, the HSBC mortgage direct debit comes from my Starling account.
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I don’t like carrying cards and 99% of what I need to do when I’m out and about is Apple iPhone/Watch. However there have been rare occasions when I need/want cash. Therefore my second bank IS NatWest as I can draw out cash from an NatWest, RBS or Tesco ATM without a card using their emergency cash facility. I’m looking forward to when UK ATMs allow cash withdrawals using a combination of contactless and PIN rather than mag strip and PiN or Chip and PIN. That way I can withdraw cash from Monzo using my Apple device(s) and a PIN. Cash might be truly dead before this happens!
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I feel that I cheated somewhat, as I have a joint account with Monzo for all our spending money and by requirement I have a sole account at Monzo as well that is just used for Diesel and sneaky birthday presents!
My other account is also joint at Halifax. Didn’t have much choice here as I wouldn’t get paid otherwise 
that’s used for salaries and bills only.
@Brian_L Bank of Scotland offers the Platinum account and the benefits and pricing align with the Lloyds Platinum account. They used to offer the Ultimate Reward Account (from the HBOS days) which a lot of customers still have.
HSBC, they had a switching offer last year, so collected the £175, and use it for little bits and pieces.
Main account is with Monzo, see no reason for it not to be.
Who did you switch from out of interest?
First Direct, surprised they allowed a cross HSBC switch with added money, and I’ll shift the HSBC account when there is another switch bonus. I keep two HSBC related DDs there, so all painless.
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Out of interest, any thoughts of the potential impact on credit scores through frequent switching (the free money variety)?
I went with Monzo + First Direct. I chose First Direct as they are handy for the following:
- I pay in cash/coins and cheques at the post office a few times a year
- Customer service via the phone is always excellent
- Access to HSBC branch network
- £250 Fee free overdraft is occasionally useful
This is a really interesting thread and Monzo could learn a lot from the community here. It’s interesting to see Starling at the top. It seems that they are way ahead of Monzo in some areas such as:
- Paying in cheques digitally
- Cash services at Post Offices (almost replicating some peoples branch network requirement)
- Receive international transfers
- Digital integrations with partners
Hopefully Monzo start to pick up the product development pace again soon.
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I have been a serial switcher in the past, maybe doing 1 or 2 a year to receive welcome incentives by switching spare accounts. I haven’t noticed any major impact on my credit score. I’ve always had access to credit products when I’ve wanted them.
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I think as long as you keep another account with a long-standing history open, when lenders analyse your credit report I don’t think they’re bothered that the bank changes, just that you’re receiving a salary or pension regularly into a bank account.
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since I’ve switch to full Monzo a few years ago I’ve not found anything I’ve needed to do that I can’t through the app apart from cheques. I think I will open an account back up with lloyds if I had to just for the physical presence although that’s diminishing.
Monzo and TSB. My mortgage is with TSB. And I really like how TSB improves their app.
I switched first direct to HSBC Advance last year… received £175 and closed their account 