That’s a very ‘legacy bank’ way of sorting your finances, when you take a look at how 
Monzo plan to help you budget and spend within the same account.
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I have a lot of plans for this with API integrations, and two of them are:
“spend the penny” saving pots
Direct Debit ring-fencing
The latter is something I want to do automatically; a direct-debit mandate is visible (and I hope will be via the API), so you can automatically ring-fence all of your direct debits on payday 
. I feel like (or rather, hope) Monzo will implement a few of these ideas themselves 
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Just wanted to add my +1 for keeping the prepaid card. Absolutely love it and gutted you aren’t planning to keep them.
I think direct debit ring fencing would work for me too. That’s exactly what I’m trying to achieve by having a separate spending account. Looking forward to seeing how it comes along 
Perhaps it is, but said features do not exist yet (and I don’t even have the Monzo current account yet). I will reevaluate periodically obviously.
Also, I trust Monzo, but I’m also not going to throw all my eggs in one basket immediately. Not being able to pay my mortgage is a big deal and one I like being protected against (I also have an overdraft in my salary account which I don’t use much, as a safety net).
It feels fine to use two accounts for awhile, given the comments in the forum about quite a few companies not accepting the Monzo sort code yet also. It’s a new bank - there will be teething problems.
I think banks like Monzo are probably in the future, but I don’t think you get to call old banks “legacy banks” until you have beaten them in the market for customers. Monzo only have a tiny market share right now. Though I expect it will get better, most people I know still bank with the same bank they did as a child!
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I really like the idea of ring fencing dd’s on payday to ensure the important bill get paid 1st. My current bank has an annoying habit of paying the lesser bills 1st and my mortgage last and if I am 2p out for the mortgage money it doesn’t get paid. So they’ll pay the tv license of £13 over the mortgage of £800 even if I have £799.98 very frustrating as you can imagine
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I think that the most important feature of the prepaid card that helps with budgeting is that it is impossible to go overdrawn, You can’t just spluge on an expensive item, without having to consciously top up your card. I’ll be pleased to have some of the other functions of the current account, (multiple card holders will be a real boon) as long as the no-overdraft option is retained.
Sorry if that’s been covered before elsewhere, I didn’t see it in this thread.
It’ll be impossible to go overdrawn on the debit cards too, unless you’ve requested an overdraft or it’s due to an offline transaction / delayed payment, which also applies to the prepaid cards.
Monzo will even bounce Direct Debits & stop Standing Orders, if you balance is 0 without charging you. Obviously you’ll have the tools that you need in order to make sure that you set aside enough money for those payments in advance though.
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Belting - sign me up!!
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Tom has said “it will probably be closed by Christmas”
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I’ll most likely be using the Current a/c card the same way as I use the prepaid ie topping up from my existing current account and using it for everyday expenses whilst all my direct debits still come out of my existing bank current account.I realise Monzo would probably like me to transfer all my business over but I like to be able to go into my current bank high street branch and talk to someone face to face if any issues arise.
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You have a branch? HSBC are busily closing all the branches near me
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Exactly what I do too!
Hi Dave
It’s Metro Bank, open 7 days a week 9 till 8 and busy expanding it’s
branches.I wouldn’t want to move my account from them under any
circumstance.
Regards
Ross
They haven’t made it out here to the boonies though… just along the M4 from their most far flung outpost!
I used to be with First Direct but the HSBC Branch here was about the size of a phone box, so I transfered.The Metro App is nice to use and they have given excellent service at the branch.Monzo prepaid though has made all the difference to my budgeting.I’m sure I’ll enjoy using the Monzo current account when I get one but as I said before it’ll be for day to day expenses only.
I agree with all of this.
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!).
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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.
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