I’m going to need to find a new bank to park my money as my mortgage account is going to end soon. I’ve been researching both Monzo or Metro current accounts and plan to use one or even both, any help would be much appreciated.
I have tried to find answer to the following questions but haven’t been able to so far.
(1) do Monzo supply physical cards and cheque book?
(2) I did read Monzo offer interest but what account offer’s this interest?
The core account offers no interest. You can open one or more interest paying pots within the account (think an account inside an account - a piggy bank - without an account number of its own).The interest rates are not market leading, but are not bad either. They are certainly better than you would get just leaving it in a bog standard instant access at a legacy bank, but not as good as Marcus or Coventry
For what it’s worth, I personally have both Monzo and Metro Bank accounts. Metro Bank are good at some things that Monzo may never be (including cash handling). Depends on your priorities.
My current bank is Virgin One account (mortgage account) and it has to close within the next couple of years. I think it’s time to change now.
I already have an ISA with Metro and my thinking at the moment is to fill up this year’s allowance and put the rest in a current account from either Metro or Monzo.
The question you need to ask yourself is what features you are looking for in a current account - and then choose where based on that.
phildawson
(Sorry, I will have to escalate this.)
14
Or just have as many services as you need. There’s no reason just to have one bank. It’s amazing people still in the mindset thinking they can only have one bank at a time.
Always good having a legacy backup or another card to fallback to especially a Visa card to cover each others cockups. The legacy can act as a burner account to collect the switch incentives too.
I’ve got three myself, NatWest/Starling/Monzo they all provide things each other don’t.
Although some people like having their money in one place under Monzo, it makes zero sense financially. Like a Marcus account is the obvious for keeping spare cash you might need at a days notice. Takes a couple mins to setup.