Safe to move my salary to Monzo

Seemingly a rare beast, but I have seen them!

Current account switch is meant to help with that :blush: obviously not applicable in the preview stage.

Hopefully Monzo will be involved in the long run. (they will! :))

Its not too bad… Took me a couple of hours to switch 16 DD’s 2 DC’s and 5 SO’s one afternoon. You also have the added advantage of knowing that you have done it correctly yourself rather than anything automated which might mess it up.

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I’m just about to move house, so I it seems like a good opportunity to set up all my new household bill DDs to Monzo and switch my salary there too

My only real concerns are:

:record_button:️we’ve recently outsourced our HR service at work to Capita and they’re hopeless - though if they muck up my next salary going in, I can easily transfer the cash to Monzo manually to set up the new DDs and hopefully give them a month to get it right
:record_button:️recurring payments I’ve set up on my legacy bank’s debit card (which obvs don’t appear on the list of standing orders and DDs) - I’ll easily be able to trawl my transactions for monthly subscriptions to things like Netflix, but I’m sure I have annual ones set up (like PSN subscription) that I’ll have forgotten - so I’ll leave a bit of cash in there as a safety net and keep an eye on it.

This is not so much a problem as it is a query. I have enrolled onto the early access CA and since doing so have seen that the logging in process is the same (magic email link). This led me to wonder whether there is any additional check happening behind this link.

If not this means that my money will only ever be as secure as my email address. With emails turning up related to Monzo, a hacker, with access to my emails, could see thee and download the app to request their own magic link.

When using the beta pre-paid Monzo card this was not so much of an issue as someone would also require their own Monzo account to transfer funds to. However, now with real bank transfers this is slightly concerning.

Obviously, I do not expect your security features to be outlined as a response to this post. Could you please respond stating whether this thinking is correct or not, before I commit to transferring my salary into the CA.

I understand your concerns, I want to make sure that my money is secure as possible too! I’ll just point out a few things.

If you look around the app, you’ll see that each feature that enables someone to withdraw money from your bank account requires additional authentication i.e. to send a transfer, you must enter your card’s PIN.

Since the security model is getting an overhaul though, when the final version of the app is launched, you could wait for that change before setting up your salary to be paid in to your current account.


I’ve moved your post here to keep all of the discussion about this in one place.

I’ve got my CA, no transactions done yet and I’m thinking about changing my payroll details when it goes live. I’d much prefer to use Monzo for all my outgoings etc rather than just the prepaid card service.

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I’ve been using my CA for my salary as soon as I got my card, no problems so far. :slight_smile:

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I’ve had two pay days go into my Monzo CA and there aren’t many better sounds than that higher pitched money-in “ping” notification sound

giphy-downsized

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I’m the first person in the office to know we’ve been paid :stuck_out_tongue:

I seem to be the first to actually be paid too, judging by the annoyed expressions from others after they checked their banks…

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Well mine went through :tada::tada: but at 3am - so relieved now.

Most of my financial life is in :monzo: hands, just a couple of DDs to move across and I’m fully in :slight_smile:

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Same for me I got my first salary yesterday all good and now with a dozen DDs and couple of SOs I am all in except for 2 DDs which I need to keep until Santander 123 cashback is paid in and then going to get rid of Santander.

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Whilst it must be interesting in Monzo HQ watching how many people sign up for the CA preview, it must be cool watching things like, total cash in per day, total no. of DD’s etc.

Must be rolling in!

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I paid my salary into my Monzo current account yesterday – worked a treat! Really looking forward to going almost “Full Monzo” this month. Maybe I’ll finally get to use the targets feature properly!

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Are the pre-paid accounts being migrated to the CAs? As in are the transactions history being migrated?

That is the plan. There’s a post or two around here from the team confirming it.

Normal user here, My pay went in Friday all fine, and standing order for rent left today (Not sure why not tomorrow as its the first)

While moving my Direct debits over, I found it was best to hold some money in my old Lloyds account “Just in case” I forgot anything, and certain direct debits when I switched them on the phone they did say “It might be too late for us to change it before it comes out for this month” which is fine, But I do have the privilege of keeping some money floating between accounts!

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I’m absolutely gutted that wages go in so late compared to other banks!

Heard it’s 2-3am!!

I have immense anxiety about money and being employed on a zero hour basis and getting a payslip after I get paid I’m not going to be able to sleep until 4 am - as I usually can’t sleep until everything is paid!!

With Virgin Money I used to get paid around 10pm, and with Starling I got paid at 00:01 and that was acceptable, it looks like I’ll be leaving Monzo ASAP after all the work transfering everything!

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I have no idea what time my wage made its way into my legacy banks :stuck_out_tongue_winking_eye:

But I can confirm that my wage gets into Monzo around 3am :clock3:

Are you concerned with the timing of any outgoing payments? Or is it all down to knowing that your money has made it safely into the account? :slight_smile: You can rest assured knowing that Monzo is flawless in this regard :grin: not had an issue with my wages since they started coming into my Monzo account last year :sunglasses:

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It’s because I have a zero hour job and I panic that I haven’t earnt enough to pay all my bills! I will never get any sleep if I’m panicking to get a 3am notification, never ever been with a bank that pays so late!!

Looks as if I’ll be leaving then

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