Should I move away from Monzo?

As you are probably aware, as of yesterday 120 employees at Monzo are at risk of being made redundant.
I moved from HSBC to Monzo, I’ve been a Monzo Plus customer since 2018 and I love the product and I hope it’s a success but with these uncertain times and yesterday news, I don’t feel comfortable leaving my hard earned money. (I feel like Monzo will not recover from this.)

What are your opinions?

Oh no, not another thread on this! Will this be the new drum to beat?

But to answer your questions: it’s up to you to decide. Many businesses need to scale back in these times. Even if Monzo was to go bust, your money would be protected up to £85000 by the Government

Your money has all the same protections with Monzo as any other bank.

HSBC are planning more redundancies than monzo are

It’s 8% (I think) of the workforce so while it’s horrible for all the staff it’s not massive numbers

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and if I was a HSBC customer I would be on the way out as they’ve backed the new laws which crush the protests in Hong Kong

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Bank with any U.K. regulated bank which suits your needs.

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its your hard earned money at the end of the day , if you dont feel comfortable with the Government backed guarantee afforded by the Monzo banking licence move to another bank with the same Government backed guarantee for that banks licence …its will be the same guarantee, with the same safeguards for your money and the same regulations that each bank has to adhere to to keep their licence

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Monzo are losing 15-20% of their staff or around 400 people if you include the redundancies already announced in the USA.

But, to the original question, your money in Monzo is protected up to £85,000 by law

HSBC are planning more redundancies than monzo are

Yes, but them employ a lot more people. Besides HSBC, Barclays and Lloyd’s all announced they were putting redundancies on hold when the pandemic started - as it would be bad for staff to be made redundant atm

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Something tells me that we’re not going to hear back from the OP again :thinking:

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Wasn’t Plus only released last year?

23rd April 2019 is when the wait list opened with a gradual roll out :slight_smile:

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We never do. This seems to be yet another campaign similar to the closed account and stolen money campaigns

I just wonder why people don’t realise this is fanboy central, with the occasional sprinkling of people who love to hate on Monzo?

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It’s up to you. One thing I wouldn’t do is ask strangers on the internet how to manage your finances!

In addition, discussing the companies employment plans on their own forums in front of the employees who are affected by all this is deeply insensitive so I’ve closed the topic.

Let’s try and be considerate towards staff.

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