Prepaid top up cards remain?

Firstly congratulations on the banking licence!! Great news and finally a decent bank lies ahead!!
This has probably being asked and answered before but with the imminent arrival of the full banking account/card, will the current top up card we currently have still be in place as it currently works?

No. They will be phased out.

They will for a while but as Richard says, they’ll be phased out at some point later this year, here’s the latest on this from Monzo -

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Could the current prepaid functionality be kept ? a current account with debit card and no overdraft is pretty much the same as currently, just without being able to top up by card

Yes it will be :thumbsup: but we’ll have the added benefits of FSCS protection & all the features that Monzo couldn’t build on the prepaid platform, like Apple Pay :tada:

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That’s what i mean, Monzo isn’t stopping the prepaid thing, they’re just extending it, and issuing none beta cards. If Monzo keep the current top-up method too, we could stop saying we’re phasing out prepaid

Well they’re issuing debit cards, to replace the prepaid cards so they phasing out prepaid :slight_smile: there’s more to that change than the top up method, prepaid cards are treated differently by merchants (so most of the acceptance issues will go away), for example.

You will still be able to top up by card though, if that’s the method that you’re referring to?

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My point being ‘phasing out’ has negative connotations.

So with the top-up feature you mentioned (i hadn’t seen before) prepaid and current account are the same (unless you chose to use new features)

I’m not sure if ill switch or not, but that’s not for here(discussed before). For 99.99% of people there are no downsides at all

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Somewhat disappointed that the current prepaid card is to be phased out - I find it reassuring that my day to day transactions are from a card where I control the upper spending limit on a daily ( or even hourly) basis and I have not used my main account details in foreign countries.
Probably unfounded fears but if there is under a couple of hundred (or whatever I choose) available at any one time in a prepay card then my main account which may have £ XXX,000 in is not at risk :thinking:

Prepaid cards will cost Monzo too much to continue to provide. If you look at other prepaid providers, most charge for ATM withdrawals or have a card fee. That means Monzo currently takes the hit on these and other fees with the Monzo card to create a user base. They also will have to pay Wirecard to use their network. That means they are running a loss on every user right now. I can use my local fee ATM for free with my Monzo card. Switching to debit cards will cut the fees on both the card and network that Monzo pays and it makes sense. I like the idea of a prepaid card to limit spending, but hopefully Monzo will add these features and limits to the debit scheme to make it similar to the prepaid cards.

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There are lots of other pre pay cards you can use when Mondo stop theirs, Boon is one

so why not keep your legacy account, and use that to top up your monzo account, like you do at the moment(I assume)

If that is an option then that is what I will do.

Before Monzo (which I assume was your first use of a prepaid cards as a primary payment method) came along, how much did you worry about this?

There’s nothing forcing you to use the new current account as your main account

I understand the extra element of financial control is one of the big benefits of our current offering, but very little will change in terms of the service when we switch to debit cards. The option to top up from a different bank account will still be there, so if you prefer to drip feed you money into your Monzo account, that will be possible. The main differences will actually just iron out some of the frustrating issues surrounding payment with a pre paid card; automatic blocks at some vendors for example.


I might have missed this…what’s the timescale for being able to get a proper bank account with Monzo?

@cam1210 This is totally dependent on how the rollout of our first <100 cards goes. We’ll keep you updated :slightly_smiling_face:


When you start offering current accounts will I still be able to have a pre-paid debit card? I have come to appreciate the security that it provides, especially when especially when travelling.

I’ve moved your post here, as hopefully you’ll find all of the discussion / answers around this idea useful.

If anything’s been missed, it would be great to hear your thoughts :slight_smile:

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