You can add money to your Monzo account in a few ways.
You can set up a standing order or bank transfer from your traditional bank account, or give your Monzo account details to your employer and get your salary paid straight in.
We also know that it’s useful to be able to top-up your account in an emergency, from another debit card or through Apple or Android Pay.
However, it costs Monzo money when you add money to your account in this way, so we’ve been doing some work to try to reduce these costs to help us build Monzo into a sustainable business.
Our user researcher Samantha recently shared some of the early approaches we’ve been testing, along with a lot more context on why we’re doing this and the kinds of options we’re considering.
As an update, I wanted to share one of the decisions we’ve made based on the results of some of these tests:
For new users who sign up to Monzo, we’ve put a £100 limit on amount you can top-up in one go. There isn’t a limit on the total amount you can add.
If you’re an existing Monzo users that signed up before 28th February of this year, nothing will change for you.
We’ve found that introducing this limit has no negative effect on the amount of money new customers add to their accounts - instead, it encourages them to use bank transfers or set up their salaries. It also hasn’t made new customers less likely to keep using Monzo so we’re confident that we’ve found a way to reduce these costs, without providing a worse experience.
Thanks! Let me know if you have any questions.