PayPoint £1 deposit to be scrapped?

Couldn’t see any other threads on the Financial Services and Markets Act 2023.

Looks like Monzo will be forced to make cash deposits free soon.



MSE article

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I suppose it depends on whether this will apply to branchless banks. It seems to me the scope has not yet been completely defined.

Also, regarding £1 PayPoint deposits - even if Monzo is within the scope they could possibly keep this service and supplement with a different free service. The policy seems to call for reasonable access to free services, but not a ban of pay-to-access services.


Have amended the title to read scrapped, rather than scraped. I’m assuming you meant scrapped.


The only way they achieve compliance in an area like mine is to start allowing post office banking. And/or open up a branch.

There’s 1 (maybe 2) working paypoint across the whole 800 square mile of island. But about 25 or so active post offices.

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I was gonna chance my monzo card the other day at PO but was in a rush.

Monzo said it’s due so may be worth a shot if in trial? :sweat_smile:


I remember in Stadhampton there was a local post office van that would stop at the local petrol station where you could do deposits and withdrawals.

Edit looks like its still running stopping at the Crazy Bear

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