My Card has arrived, should I now make the change?

(Thomas Skelton) #1

Hi all,

My debit card has now arrived in the post, which arrived very quickly, so fair play to Monzo for that!

Now the card has arrived, I’m debating whether to make the change or not…
I really want to do it, but I still have my doubts and concerns on security etc, what does everyone think?

As an apprentice, I only have 4-5 direct debits, so it wouldn’t take me long to transfer these over.

Should I go for it now, or wait a little longer for things to settle down?

Just need some advice really…



Banking noob nervous about switching to Monzo

What security concerns?


Go for it :slight_smile:

(Caspar) #4

What concerns do you have? I’m not sure what you think needs to settle down to be honest, many of us have been using the account since the summer without issue!

You don’t have to switch anything to your Monzo Current Account at all, you can carry on using it as an account you top up occasionally if you want to do that in the short term, or even the long term.

(James Wheatley) #5

Yeah, agree. What security concerns do you have?

Monzo are no different than any other bank in the UK, albeit newer and I think after using for the past few months a lot more friendly and helpful than other banks.


If it helps, I’ve used it to replace the card on my current account (for minimal ATM use), and I use to get paid back for things. I also use it for foreign online transactions. I have also moved an old current account I was using for savings into a pot. Other than that, I am using this period before CASS to just test it out. So far, it’s far more reliable than the pre-pay :slight_smile:

(Peter Roberts) #7

I’d suggest going for it. I’m a software engineer so I consider my opinion somewhat informed and I’m not really concerned about the security of Monzo (I don’t currently work in security but I have worked in a company where we sold security products in the past)

I’m confident enough that I had quite a large balance (tens of k’s) in the current account for a couple weeks whilst I was consolidating some of my older HSBC things

That said, there is always the possibility that there’s a dragon lurking in the depths of Monzo somewhere. I’m more concerned about functional downtime though the track record is good so far :slight_smile:

(Louis Otto) #8

I moved my direct debits over to Monzo and it’s never failed, for what its worth.


I’m using Monzo as my only account since august and no problems what so ever. :+1:

(Thomas Skelton) #10

Okay thanks guys.

Seems like you’re all pretty happy with Monzo so far!

I guess I can keep my Lloyd’s bank still open in parallel, just in case anything went wrong with Monzo?

Also, I have a savings account with Lloyds, is it easy to transfer that over into a ‘pot’ ?

(MikeF) #11

You can keep as many accounts open as you want (check their Ts and Cs to make sure they won’t start charging).

Savings can go in a pot but if they’re longer term savings with interest earning potential, you might want to keep them where they are until some of the partnerships kick off savings pots with interest.

(Thomas Skelton) #12

Okay cool. Is it okay to leave my Lloyds account with £0.00 balance and it won’t be automatically closed or anything?

they are just savings for myself really, currently only using a Lloyds Easy Saver, just for money in case I wanted to buy something.

(MikeF) #13

That’s a ‘terms and coditions’ checking question I’m afraid. I’ve never banked with Lloyds.

(James Wheatley) #14

My Lloyd’s CA will charge me if I do not pay salary into it so you will need to check that side of your account. I am currently in the process of moving my DDs to Monzo and then will move my salary over and cancel Lloyds.

Hope that helps a little.


I’d leave £1 in it just so it is not empty

(Max Walker) #16

Making the assumption that for a basic current account the conditions are broadly the same (because Lloyds and TSB split apart), my TSB account has had £0.08 in for some time and hasn’t been charged or closed so you should be fine. As @anon44204028 suggests a small balance even if its just a few pence to a pound is probably safest.


You could even transfer £1 into the account every 3 or 6 months just to have some activity and once a year transfer it back out. But if you leave balance at zero and do no transactions it is likely to be closed after some time (period depends on the bank 12-24 months in some cases)

(Max Walker) #18

…a fantastic chance to try out the scheduled payments feature :smiley:

(Thomas Skelton) #19

Okay, great. Thanks guys!

Think I might do it :eyes:


Welcome to the future :tada: