What We Know About the Current Accounts & Debit Cards / FAQ 🏦 💳 (open Wiki)

[alexs (Alex Sherwood)]

As the launch of Monzo’s current accounts & debit cards gets closer, I expect there will be more & more posts asking about features & updates so I thought I’d create this Wiki to pull together all of the details that Monzo’s confirmed so far.

This Wiki is only intended to cover features that are part of the current accounts & debit cards or features which can only be built once they launch.

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To see what’s changed after an update to this post (when it’ll appear at the top of the new / updated topics list) click the pencil in the top right hand corner of the post.

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Current Accounts

Unsupported features during testing

From this blog post.

• Monzo to Monzo payments through the Contacts tab
• Topping up your account by debit card, Apple Pay and Android Pay
• Monzo.me
• Customer support through the in-app chat will initially only be available from 9am–6pm on weekdays

Supported features for launch

• Direct debits
• International money transfers
• FSCS protection
• 3D Secure
• Faster Payments
• BACS & Chaps
• Cashback
• Fee free foreign transactions
• Current accounts for under 18 year olds
• Top-ups by card
• Monzo.me
• Increased limits
• Account numbers & sort-codes
• No charges for declined payments or Direct Debits
• Instant transaction notifications

TBC for launch

• Standing orders (currently available to users for testing, in the current account preview)
• Current Account Switching Service
• BIC
• Recognising your payday
• Paper statements

What We Know About the Overdrafts / FAQ (open Wiki)

Now that users, who’re previewing the current accounts, have been asked to register their interest in testing the overdrafts, a lot more details have been shared about the them. So I’ve created this open Wiki (which anyone can edit), to gather all of the details in one place. To see what’s changed after an update to this post (when it’ll appear at the top of the new / updated topics list) click the pencil in the top right hand corner of the post. [image] The pricing & fees The current prici…

What We Know About the Partnerships / FAQ (open Wiki)

Monzo has recently begun testing partnerships, as part of the current account preview so we’re beginning to see this service take shape Users are starting to receive notifications in their feed with details of these insights / recommendations / ads / offers (I’ll refer to them as “invites” for the remainder of this Wiki), from a limited group of partners. There’s been lots of feedback so far so I’ve created this open Wiki (which anyone can add to), to answer frequently asked questions & …

Supported features after launch

• Current accounts for the unbanked (refugees, the homeless etc.)
• Student overdrafts
• IBANs
• Joint accounts
• Multiple accounts with dedicated account numbers
• Loans
• SEPA payments / transfers

Enhancements

• No more processor or issuer, who’ve caused a lot of Monzo’s outages for the prepaid program

Requirements

• You won’t have to get your salary paid into the current account or set up Direct Debits from it, according to SimonB
• You won’t have to use an overdraft & if you don’t apply for one, Monzo won’t need to do a credit check on you, according to Tom
• There will be new terms & conditions
• You will need to complete address & identity verification

Unsupported features

• The prepaid cards
• Second accounts & ISA’s (these will be provided by third parties instead)
• Credit cards (these will also be provided by 3rd parties)
• In-credit interest
• Cheque books
• No vanity account numbers

When they’ll launch

@alexs

We’re increasing the numbers of current accounts every month, with 20,000 available by September across iOS and Android. Our aim is to make the current account available to everyone at some point in October or November.

@tristan

We’re testing it [posting cards] now and will continue to do so in small-ish numbers in August. In September, we’re aiming to roll out about 15k cards through the post.

• Investors will get early access, along with anyone who pledged in the latest round of crowdfunding

Number of live current accounts tracker

Current Accounts | Open a Bank Account Online | Monzo

Roadmap

• Start rolling out current account to small numbers of people
• Rollout current accounts to 2017 investors
• Rollout current accounts to 2017 crowdfunding pledgors
• Rollout current accounts to all existing customers

When will users have to switch from the prepaid cards

@Naji

We won’t be prompting people to switch from prepaid to current accounts in a really limited window of time.

Misc

• There won’t be a cash incentive to switch from your current bank to Monzo i.e. “get £100 when you switch”.
• Your transaction history from the prepaid account will be merged into the current account’s and this is second confirmation.
• The app’s security model is being redesigned for the current accounts

During Initial Testing

From this blog post.

• The debit card you receive initially with the current account will need to be replaced at some point later this year with an updated version. This is no longer the case. Preview card holders will have the option to update to a new card with updated chip settings, but the original debit card will continue to work fine.
• You will download a separate Monzo app for the current account and your existing prepaid card will continue to work like normal. In the future, you’ll be able to use just one app and close your prepaid account.

Debit Cards

Supported features for launch

• MasterCard chargeback protection
• Able to process offline transactions

Supported features after launch

• Apple / Android Pay
• Virtual cards
• Data storage
• Contactless Magstripe support

Design of the card

• No account numbers & sort codes
• User’s names will be on the cards (unless you request a nameless card, for quicker delivery)

Image from this post.

Image from this post.

Carrier Letters

Image from this post.

Registering Your Interest

See this blog post for details on how to register your interest in the current accounts.

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Editing this Wiki

Please feel free to add any more details as soon as they’re confirmed by the Monzo team. When you do, include a link to the post so that users can find the related discussion & see where the information’s come from.

This topic has been closed to prevent comments being posted so that whenever this Wiki is updated, it’ll appear at the top of the list of the latest changed posts.