Overdraft with Monzo

Hi all, I’m new to Monzo and I can’t even get a small overdraft, yet other banks I can go with offer up to £3000. Is this normal for Monzo, it’s only every needed for a safety net never used once in 5 years.

Very strange.

Nobody knows what Monzos (or any banks) algorithm is. Monzo don’t like something about you and unfortunately it’s as basic as that.

I believe you can look in app and it will tell you if it’s income related or credit score related etc as a guide. But again, since everyones financial situations are different you’ll not be able to compare your situation with someone elses on here - therefore you’ll never find out exactly what it is.

Your only options are to use Monzos tools so that you don’t need to rely on an overdraft, wait and see if Monzo relax their lending criteria, or if it’s really important you’ll need to unfortunately move banks.


It will also depend on how ‘new’ you are. Monzo might want to see some activity on the account before offering an overdraft facility.

I would suggest that you use the account for a while and then try again, especially if you don’t need to use the OD regularly or at all.

Other banks might be more relaxed or have a different risk appetite which allows new customers small overdrafts. Monzo might not be comfortable to take such risk the same way as someone like Lloyds or Nationwide for example.


Thank you, this makes sense

Now is difficult time for Monzo. Monzo offer up to £1000 overdrafts only… and more strict I think

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Cool, thanks for the information.

£100 would of been ok, I never used them just have as a back up. Let’s see what happens over the next few months.

I hope I haven’t regretted to transfer to Monzo from First Direct.

If you’ve not used the overdraft in 5 years, then you’ve nothing to regret in this instance about moving over. Sounds like you already manage your budget on point, so the lack of an overdraft is a mute point.


Equally, I have kept my RBS account open as it has a £2,000 overdraft compared to my £1,000 overdraft with Monzo. Just do the same and have two.

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Love the idea, thanks