Every other bank I’ve been with (nearly all of them so far) it’s been free and Monzo is a bank just like the others so why do they charge?
In a slightly altered version of the eternal wisdom of Billie Piper: because they want to.
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It costs them money and not everyone needs it. So they choose to pass the cost onto customers who need it instead of absorbing the cost themselves (which would indirectly affect customers who don’t use it).
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Because they can.
Just don’t use it.
Even though I virtually never depost cash, this is defintely a charge that just rubs me the wrong way and one (of several) reasons why I prefer Starling.
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On the ‘paying in cash’ screen in the app, there’s a link for ‘why we charge a fee’ - which I think explains it pretty clearly.
Even though Monzo is my main bank account, I still have accounts elsewhere - so on the rare occasion I need to pay in cash, I can do it without charge.
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On the rare occasions I need to deposit cash, I put it in my Halifax account.
I don’t think it’s a big deal that they charge starling charge after a certain amount
You can also go and open an account with any high-street bank. They have way higher deposit limits than FinTechs.