Well obviously… it’s cheaper per use for them to run the current account than the have the prepaid card via a 3rd party. Not seeing what your problem with this is? It was always the intention to shut down the prepaid once the current account was up and running… this has been known from the start.
But it doesn’t cost you any more, and you get exactly the same functionality, plus more if you want it.
I am not saying a Current account is bad. I am saying I do not want one and am happy with what I have.
So you don’t want it even though it’s not bad - I hope you can see why we don’t think that makes sense. And you can see why Monzo made this decision if it doesn’t impact you but it does help them. But ok 
It’s to switch you over to their own backend payment infrastructure rather than having a 3rd party doing some of it, which should give you more reliability, and, yes, stops them spending money on something they can do themselves.
Damn. This is like some cult shit right here.
Goodbye from my family and I. Shameful
It’s great to see the company developing, but the whole reason I have this card is precisely because it’s a prepaid card. I don’t want an ordinary card - there are plenty of those available already. Will there be any new prepaid option that will continue?
that’s fair. Monzo doesn’t want to hear this but my concerns are with security. I want to make clear my uneasiness is entirely as a result of my own lack of research. I was eventually planning to upgrade but I haven’t yet. to feel comfortable in doing so I’d have to reach an assessment on their security and as I’m not an expert on this that would take an indeterminate amount of time so I’ve been putting it off.
Add to that also that I’m stubborn and apt to abandon brands take decisions on my behalf.
I wanted a prepaid card to use on holiday only.
I’ve no desire to move to a Monzos account as I’m happy with my current bank.
In addition Monzos android app leaves a lot to be desired.
It just feels like “get as many customers, and their data as you can”, then with a wing and a prayer they’ll stay.
I can’t say I’m impressed by the company and their customer service either.
What is the process for refunds, as “you’ll be refunded” isn’t a satisfactory response.
Good news! You don’t need to move all your banking you can have as many current accounts as you want.
You could set up a standing order into your Monzo account or just transfer some money before you go on holiday. Just like the prepaid card. Isn’t that cool?
No. Why do you want prepaid? And what is ordinary?
Monzo have gone through the process to be registered as a bank. The FCA will have ensured their security is top notch otherwise they would never have been granted a license.
On top of that every account is guaranteed to £85,000 so even in the worst case you can’t lose money.
That’s one way of putting it. The prepay card was a way to give customers some functionality whilst they put together the current account, and built the app which would have been difficult without anyone using it…
Quite a lot have stayed… not many banks can say they got a quarter of a million signups in a month…
May I ask those of you with reservations to please read the blog posts in full.
Secondly, think of this as Monzo asking nothing more or less than to replace your card with another card, which can be used in exactly the same way
If Monzo’s security isn’t sufficient, you have just as much at risk with your prepaid account as you do with the current account. They don’t really have any more of you information or assets if you keep using it in the same way.
Card acceptance is an issue, but one people can make an educated decision on.
I can’t comment on every contract, but signatures are expected to be verified if used for CVM, in fact even tip adjustment is permitted in some markets (like the US) - shockingly.
Of course it’s a choice, that’s a free market. The choice to leave is one of the most powerful choices a consumer can make in a market.
But how is it different, objectively? All being a current account means in that regard is that they’re subject to stricter regulation and have to protect your money better!
It is shocking how negative the term current account is to some people. No one has ever really explained why, just that they don’t like current accounts. I signed up for Monzo only once it became available, because I don’t much like prepaid. But I have a reason - no FSCS protection on a prepaid card. Even so, I did just get a TransferWise borderless ‘account’ which is barely even an account in terms of protections (almost none). But I don’t plan to use it much.
Like FSCS protection? The ability to transfer money by Faster Payments? As far as I can tell those are the only two changes.
That wasn’t something Monzo ever marketed themselves as being.
At the risk of repeating the message, the “upgrade” can be seen as a being to move away from a flakey payment processing company that was previously being used to Monzo’s own in-house one for more stability for all of us.
The new card you get can be used in exactly the same “pre-pay” way that you’re used to, e.g. as a holiday card, and doesn’t give you any more financial or tax obligations or overdrafts or fees (or anything like that, we’re struggling in this thread to see what “formality” people are assigning to the words “current account”) than the current card (except in the case you explicitly request an overdraft)
I want to voice my frustration of the shut down of prepaid cards and the push to upgrade to your current account. The use case for prepaid card is different than a current account (for me personally).
I don’t need another current account. I have three already that are more feature rich than the product you are offering.
Prepaid cards are useful while travelling and for money management (yes I know your plan to have saving pots in the current account product… unnecessary in my opinion) I just want a card that I can load my disposable cash on to and once it’s gone it’s gone. I don’t want to take my bank card abroad and use it while travelling. I want a card that has my spending money on it and that’s it.
You have lost a loyal customer through this shut down
Hi
Thanks for sharing your views. May I ask what you see the difference is between the current account and the prepaid card? You can use an upgraded account in exactly the same way as a prepaid card, to top up and take abroad as you’ve described
At the risk of being repetitive this is all available with the current account. There are no questions about income or expenditure. There is no minimum activity that you have to make. You do not have to pay your salary in, nor set up any direct debits. You can keep your existing bank account.
You do have to make the simple application (5 minutes or so) in app. What’s the issue?