Why you should make Monzo your main bank, according to people who have

Monzo Chat News & Updates
21

I don’t think any debit account regardless of provider would improve your credit, unless you use a line of credit with it, such as an overdraft ?

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22

Prepacked accounts have never offered value for money and often what appears to be good is very poor if you read the T&Cs. Not to mention that some of the stuff that comes bundled is of no use so I’d rather that was removed to save me a little more.

Looking forward to the pick n mix marketplace that Monzo are building. It will be a game changer :tada:

If you want Monzo to offer something truly unique and of great value they need to break the mould. Therefore asking them to focus on offering what other banks are doing is a bad idea in my opinion :slight_smile:

23

I use Monzo as my main debit account for day to day spending, however still make most larger and online purchases with a credit card.

Building/maintaining credit this way, and also I may be wrong but feel my credit card would have better assurances against fraud should something happen.

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24

Assurances in what way? Protection against fraud or insurance should it happen?

25

Only thing stopping me is Natwest’s cashback on direct debits, as soon as Monzo offer that on the Monzo Plus, I will be #FullMonzo

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26

Both I’d say, based on my past experiences my credit card has far more proactive fraud prevention and when anything has happened I’ve had the money back same day without must hassle.

My ‘normal’ debit account I still hold for paying in cash etc however not so easy. I do need to read more into what kind of cover Monzo provides. The auth via app before online purchases obviously goes a long way in protecting you.

Credit card purchases are also protected by the consumer credit act, which I don’t think covers purchases via debit accounts in anyway.

27

:man_facepalming: I’m really starting to dislike these articles.
I’m full Monzo(in terms of all my outgoings and my income coming into Monzo) But I’m not fully fully Monzo in terms of keeping all my money together(The savings offerings currently available don’t do it for me) + CC.
Why I move is 3 simple reasons

  1. I could not be F***** to go into my local bank at the time to close my account so I CASSED it over
  2. The immediate notification system for me gives me peace of mind against fraud as I’ll be immediately pinged in the event of any strange transactions.
  3. The design- I had used Halifax banking before and it was terrible.(So glad the pulse graph is gone though.
28

I will go full Monzo when they offer what other banks do
Credit interest
Joint overdrafts
Family oriented package account
Until then I will use as a secondary account.

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29

I never understand things like this. Being FullMonzo doesn’t mean ditching all your other accounts. You can keep £2.5k parked in Nationwide to get their perks, but use Monzo for all your direct debits and pay your salary into it, what you use for day-to-day spending and be FullMonzo. :man_shrugging:

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30

“Building up your credit” is a complete misnomer. We aren’t in the US, there’s absolutely no need to think about your credit history day-to-day. Your credit score is a complete marketing gimmick and just living life normally, using a credit card casually, paying it off responsibly, using a mobile phone contract, etc… will give you a good credit history without you needing to try. Your bank account hardly affects your credit report, beyond the tiny tiny factor of “average age of bank account”.

Saying that switching to Monzo is a deal breaker just because it doesn’t report to 2 credit agencies is absolutely ridiculous because of how much of a non issue it is in real life. It hardly matters and if you’re so concerned, then simply leaving a bank account open with another bank (doing absolutely nothing with it) would completely fix that issue.

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31

Thanks for these posts, @anon66544660 …:+1:

It really is that simple. :grinning:

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32

Monzo acts like a bank, not like a credit card

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33

If the main thing keeping people away from Monzo is Nationwide then they are both in a very good place right now! :slight_smile:

35

Having excellent credit gives so much opportunity for better services that you cannot get with average credit. I shouldn’t need to write that sentence.

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36

No, it doesn’t and having Monzo as your main bank account has no discernible impact on your credit history and wouldn’t affect it in the slightest. I shouldn’t need to write that sentence.

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37

It’s a current account, I’m curious as to how you use Monzo if you see it working like a credit card :eyes:

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38

Fee free overdrafts for students and graduates then would for sure

40

Bit of a sweeping generalisation but ok :confused:

I have access to credit cards and packaged accounts but I chose to be full Monzo because (for me) packaged accounts are poor value for money. This is why I’m looking forward to the Monzo marketplace that is being built :slight_smile:

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41

I gave up the cashback from Santander as I gain more from knowing and managing my outgoings with Monzo.

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42

Monzo u get paid early, always new innovative updates, i like the summary and budget features. I cant remmber the last time the standard bank launched anything new? My halifax/natwest apps still pretty much the same for many years with nothing new…