My gripes with Monzo

admin please delete this post,

I didn’t know I would get so many replies and its spamming my inbox!!


A lot of your points have been covered on the forum before

  1. There are limited opportunities to register for cheque imagine each year. Monzo had started working towards last August’s deadline but there were a lot of regulatory changes this year so dropped it due to limited resources

  2. Credit cards need a lot of funds up front to offer. They’ve said maybe sometime

  3. Few need this these days with bank transfers. If it’s something you regularly need then you need an account with a bank that offers this

  4. Atm withdrawals cost a lot to monzo.

  5. This is one they might work on in the future

  6. This is one they will work on in the future

  7. This might come back with new plus but monzo have a hub and spoke model. They are the hub where you access things like savings from

  8. Have you got a source for those figures? Most get paid into their account

  9. The cost covers what it costs Monzo. They don’t make a profit

  10. This would cost a lot, which is why other banks are cutting it. Monzo don’t have the revenue sources other banks have

  11. Don’t know, sounds like an error. Start an in app chat

  12. Think you’ve answered your own question. You have access to £10k potential debt already

  13. Costs a lot. And budgeting features in monzo should help students not need an overdraft.


Another thing I thought of is a Web interface, I don’t know why Monzo doesn’t have this, lots of people loose their phone and if they use Monzo they won’t be able to access their bank


You can vote for that here

There’s already so you can freeze your card or see your balance if you lose your phone


There is a basic web interface. Sufficient for loss of phone.

From what I can gather, reading your post, what you really need is a legacy bank, and not really something like Monzo.

Monzo have always said that they are not going to follow the path of the traditional bank, but want to do things differently.


Don’t get me wrong, I love Monzo and love they are making banking accessible for so many, I use Monzo for almost everything but I still need a backup bank, its not a bad thing, but it would be nice to be “only” Monzo

Saying they are doing things differently is great, but it seems like “differently” means not doing many of the banking fundamentals at all.


I’m sure you knew what you was signing up for before hand, you’ve already got 10k debt but moaning about only having access to 1k by monzo? Your lucky you was even granted an overdraft by them. You go onto say that nearly every bank in the world offers credit cards but which fintech bank do you know that offers a credit card? and a cheque book? Lol your better off going back to your high street bank.


To paraphrase: “I love you, Monzo, but all of these things are wrong with you that I want you to change.”

Doesn’t sound like love to me. :man_shrugging:


Have you been reading the problem pages in magazines again? :thinking:

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Some Fintec credit card offerings, just to name a few:

  • JaJa
  • Zero
  • Tandem
  • Petal

Its 10k available credit, not debt

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Not sure these are fintech banks are they?

But they don’t offer current accounts

Tandem are. Savings tho

But none of them offer a current account :thinking:

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Most of the features I lack from Monzo I get from my other legacy bank, they fill the missing gaps.

This maybe isn’t ideal but Rome wasn’t built in a day. These legacy banks have had decades and in some cases centuries to build their products, Monzo have only been around a few years. Cut them some slack


Yes Monzo have done very well, but I believe their push for innovation and features is slowing. I hope they integrate many of the features we have suggested so they are the perfect all-round bank and it will be no longer necessary to open a second bank elsewhere.


I don’t recall any of them being current accounts though and if you’ll able to get 10k from your other bank then what’s the problem with monzo only offering you 1k?

You raise some valid points. I would suggest the primary reason they don’t do these things is cost. The legacy banks tend to blend revenue models, i.e they want to sell you a Mortgage, savings product, credit card etc alongside the basic bank account. Monzo don’t offer those products yet, so there would be little commercial benefit. It might evolve it might not.

I just don’t understand why the limit is so low in general. It does not effect me, however im sure many others would agree the 1k limit is low when many other banks offer much higher amounts.

I just put my Natwest overdraft as an example, and I know they offer overdrafts up to 25,000