Please keep the prepaid cards

Just to set expectations, multiple card holders is not going to be a feature of the current account in the near future, though it will happen at some point (probably in a slightly different way than we’re used to with existing banks!).

1 Like

Only reason I have Monzo is for the prepaid care

Don’t worry, the new current account will feel the same as the pre-paid card. The app will have the same functionality by the time most users are moved over, and you’ll be able to top-up in the same way. You won’t have to take an overdraft, so it won’t let you go overdrawn if you don’t want, and you won’t have to set up direct debits. You won’t be required to have your wages or salary paid in. The only difference you’ll see is your name will appear on your debit card, and you’ll have an account number.

So it will not be all that different really. I don’t think you’ll feel the need to close it down simply because it isn’t a pre-paid card any more.

5 Likes

Use the Targets feature to manage money - thats what it is there for.

Simple example:

You get paid £2000 … £1,500 is used up in direct debits and standing orders (this is the Bills target). This leaves you with £500 to spend as you want to. Allocate that £500 across a few targets, or just set an overall target of £500 for the month. The app will then monitor all withdrawals again that £500, so you know what you have left to spend; knowing that if you remain within that £500 limit for the whole month, all your DD’s and SO’s will be covered.

When my time comes to get a Current Account, will I have the option to keep my pre-pay card as well, or are Monzo looking to kill those off? I can see scenarios where it’d be really nice to have both.

The prepaid scheme will be going as it costs a lot to run.

However, Monzo will be introducing pots which will hopefully offer some of that functionality: Pots

:worried: That’s a shame, but understandable if it’s costing them.

Pots look useful, but I’m thinking of a pre-pay card that I can monitor/top-up remotely to give to the kids for their allowance, emergency funds and stuff like that. A card on my current account isn’t really suited to that kind of scenario unless it can be restricted to only having access to a particular pot. Pots seem to be for the opposite purpose - stashing money away.

accross Europe c9,000 bank branches have been closed in the last 12 months!

1 Like

Depending how old the kids are, why not give them their own account? Topping up a current account is no different from a prepaid card if you choose to use it in that way.

2 Likes

Or… https://www.gohenry.co.uk

1 Like

I would expect that it might not be legally feasible to offer current accounts to minors so unless there’s a way to “cheat” where the parent opens multiple accounts in his own name (is that allowed per Monzo’s T&Cs?) it’s not possible. A prepaid card might have less legal hurdles to clear.

It’s been suggested (by Monzo in one of their monthly video sessions I think) that their current accounts will hopefully be available to age 13+, hence the suggestion. Obviously, I don’t know how old your kids are!

Uhm. I’ve had a current account with debit card since I was 11…

Were you able to just walk into a bank and open it? Or did your parents do it? I’m pretty sure it’s the latter and in that case there’s a good chance the account was actually in their name.

They had to be there but it was in my name. Definitely.
Just have a look round - all major UK banks offer young persons current accounts - in the young persons name. I even have the savings book from my first bank account which was with N&P - I was 8 when I opened that. Again, in my name.
jpg

1 Like

no problem having a current account as a minor, you just won’t get any form of credit as you can’t be held liable for it

1 Like

The below posts are a response to this comment from James -

1 Like

Just use the current account/card in the same way - top it up from your existing current account. Easy!

6 Likes

There’s nothing stopping you using the current account in the same way you’re using the prepaid card.

2 Likes

Unfortunately that won’t be an option -


I’ve moved your post here to keep all the discussion in one place & save anyone repeating other user’s comments.

1 Like