Spreading the love


(Frank) #1

So I’ve just submitted my ID to enrol on CA testing. I’ve hit a stumbling block on how I’m going to integrate this into my financial life. Do I keep my salary going into LegacyBank CA, and then put a standing order to Monzo CA for bills / spending? Or do I move salary and 99% of outgoings to Monzo, and a small standing order to LegacyBank CA to use as a redundancy? Do I also incorporate an allowance to Monzo Beta prepay alongside the above two (to maintain use of Monzo2Monzo payments)?

How are others shaping their finances around multiple payment methods, the desire to give the Monzo CA decent transaction volume, the need to keep a backup option suitably financed?

Part of me wants to keep an even split along all three: but I’ll need to start spending more for a decent volume of transactions… Monzo, any chance of a bursary to help with my testing? :wink::pound:


(Hugh) #2

I just switched completely over to Monzo. I have savings attached to my legacy CA so if it all goes pear shaped I can pay out of that until Monzo sorts it out and even then, they’ll cover forseeable losses.
I’m hoping Monzo to Monzo and Monzo Me payments will come soon to CA so I won’t have to worry about how to manage that!


#3

I switched everything entirely over too; I figure Monzo will bail us out everything goes wrong, they seem like a nice bunch.

Most of mine and my wife’s DDs go out of our shared accounts, so I’ll just transfer my share in as per usual.


(Hugh) #4

My mum goes crazy about it, thinking that I’m giving my money away to fradusters etc. etc. sighs


#5

Fraudsters don’t tend to have £85k of FSCS coverage :smiley:


(Rika Raybould) #6

Or a full banking license. :wink:


I’ve personally done similar to others, switched all of my income (from another bank) and spending (from the prepaid Beta card) to the Monzo current account and then just sweep some savings into another bank where my savings are, holding that card as a backup and for in-branch/cash use.

Then again, I’ve been lucky enough that my pay was easy to move (turns out that’s not a problem when you work for Monzo :upside_down_face:) and all of my Direct Debits have been easy to switch over one by one.

The most annoying part was slowly switching all of the cards associated with Apple, Amazon, Google, Plex Pass, Steam, Cornerstone, PayPal, Trainline, getting TfL registered, etc.


(Hugh) #7

Or a sort code… I’ve tried explaining
But I don’t know - old people eh :wink:


(Marta) #8

That’s kinda where I went, but I send a bit more to legacy bank so I can easily top up prepaid Monzo for M2M payments (I’m too lazy to change card, because I think I could top up prepaid with debit Monzo :thinking:). It’s all a process and moving DDs manually is a bit of a pain, but if people wanted to give their child middle name Monzo in exchange for current account, I’ll surely won’t complain about manual DD setup… :joy:

I plan to keep legacy account though, as a backup with some money on it.


(Sacha) #9

I’ve been trying to switch over everything; think I’m just waiting on a couple of DD changes to go through now and then check that the DD payments I’ve already transferred go out as expected over the next month.

For monzo me, I just topup the card from my monzo current account, a bit annoying but I’m sure it’ll be sorted in the next couple of months. I’m also keeping my existing bank account, which has an attached savings account, I wouldn’t want to close this until there is some way of managing savings within Monzo either through 3rd party integrations or “pots”.


(Andre Borie) #10

To be fair the behaviour of some legacy banks in regards to fees is equivalent to fraud so I’m not sure what you say is really true. :joy:


(system) #11

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