Personal Account Fees/Allowance Thresholds for Monzo Business Users

Feedback & Ideas
1

I’ve just been informed that my personal account fees/allowances have been changed because I don’t meet the criteria of a monthly deposit and direct debit. Apparently the reason for this is that I transfer my wages from my monzo business account each month, and transfers between monzo personal and monzo business don’t count towards the allowances.

This is irrational and discourages me from being #fullmonzo. If I had my business banking elsewhere I would be eligible for the higher personal allowances, but because I am a loyal monzo customer, I am not.

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2

Fair, but do you use the allowances?

3

With Monzo plans you get higher allowances, without having to make the criteria.

Here’s a breakdown of :monzooo: plans: Monzo Extra, Perks, Max, and Max with Family - Google Docs

4

They’re saying they shouldn’t need to do anything because they meet the criteria from funds moving from their business account to their personal account through the app.

One way around it could be to send it to sortcode and account number, not using Move funds.

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5

Whether or not I actually use the allowances isn’t really relevant (though I can totally see needing a bit more cash now and again).

It’s much more that in principle I should not be penalised for using a Monzo business account in place of a 3rd party bank. If all other things were equal, but I used Natwest or Tide for my business, Monzo would give me the higher allowances on my personal account. Because I use Monzo business, they give me lower allowances.

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6

I agree.

Kinda is.

Try this.

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7

Will try this as a workaround. I will laugh if it works.

8

Monzo can and do make exceptions with this restriction too. So if that fails just message them.

What you’re asking for is very reasonable

3 Likes
9

I actually have already messaged them about this and got a very canned response about what kinds of payments count (faster payments, CHAPS etc). When I pushed the issue a bit they just repeated that P2P payments don’t count. I’ve usually been impressed with Monzo support, but not in this instance.

I will explicitly ask for an exception and see what they say.

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10

The workaround of doing the payment with sort code/account number works. Thank you for the suggestion.

To me this further illustrates that this should be considered a bug. If my personal account allowances depend on which buttons I press in my business account to transfer myself money, that’s a bug. I do appreciate that there is a meaningful difference between FP and P2P payments to Monzo, but as a user it should be transparent.

4 Likes
11

It is bizarre, most banks exclude internal transfers to reach income targets (for example NatWest £1,250 for Rewards cant be a transfer from another NatWest account).

Glad the alternative method fixes it, but I agree it needs looking into.

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