It’s a definite “no”, prepaid costs Monzo too much, running on debit cards are much cheaper.
Monzo will remain just as different to other banks though! All prepaid functionalities will be available on current account (though might not be available straight away - too early to tell), but you also get ‘boring’ stuff that banks do, transfers, direct debits and so on - if you want to use it.
There’s absolutely nothing stopping you from using debit card and current account just like you had used prepaid app/card.
The prepaid card is going but you can use their current account in the same way if you need to, topping up regularly and with access to identical budgeting features that you currently get in the prepaid app (actually, the budgeting features are set to get even better over time as they will have more information if you choose to move things like your salary across).
I am patiently waiting for my Monzo CA and have a quick question. Currently I use my Monzo card as ring-fenced ‘fun money’ seperate from my main Current Account (Halifax).
I like this set up as it helps me when budgeting. When the new current account rolls around can I continue with the pre-paid card (or a second current account) so I can continue the same process?
Current Account for Salary, DD’s, Standing Orders etc etc and a second Debit card for day to day spends?
This is exactly what I want to do. There seems to be a lot of pontificating about different scenarios and weird solutions. Essentially what a number of people (including me) want to do is have two accounts with the same provider. Just like I can with my current provider.
I have to be honest, it’s a pretty straightforward request. People use multiple accounts for many, many different reasons and stopping them from doing that will simply mean they will go elsewhere for their banking needs.
I use my Monzo card the same way @anon51841513 does, I have my current account (with a legacy bank) for Direct Debits, salary, standing orders etc and then transfer funds to my Monzo card to ringfence day2day spending.
I know it is possible to achieve the same goal with one account using a variety of other means but the simple fact is… I don’t want to. And I doubt I am alone in this.
If Monzo are serious about becoming a bank that the masses will adopt I think they need to seriously consider basic functionality such as this. I don’t care if my Monzo account switches from Pre-Paid to Current Account, if I am not able to open a second account with Monzo for the above reason I won’t move my main account across from my existing Legacy bank and will continue to use Monzo solely for simple, low value purchases. If others feel the same way as me, I doubt this is good news for Monzo. Their business model seems to rely on learning about account holders behaviours but without all of their regular salary and payment details this won’t be possible.
Monzo ultimately has to make money else it will go bust. As has been pointed out countless times, the prepaid card costs too much to run. Monzo needs to find the sweet spot of what features to offer to the majority of their customers. They can’t be in the business of offering loss making products because you want them.
Thre’s a possibility we may look at building top up functionality in the CA app so potentially you could still use your CA in the same way - topping up with an allocated budget for spends for the month if you wanted. This isn’t confirmed though - it’s something we’ll look at once all the essential CA features are a go
I am not concerned about the pre-paid card being made a current account. It has more functionality and protection so is a good thing.
What I want is two accounts. One for bills, another for spending. I don’t mind if they are both current accounts (in fact that would be better).
I was pointing out that if Monzo want me to move my primary account which handles my salary and regular bills thats what I would want.
Otherwise I will continue to use my legacy bank for this and my Monzo pre-paid/CA for general spending. I guess Monzo are keen for me (and anyone else who feels the same as me) to move everything to them though so I’m just pointing out a use case for having two accounts and cards.
Exactly this. If Monzo could find a way to ring fence all of you direct debits and standing orders from your pay day so that you could know exactly how much you have left at the end of the month for discretionary spend that would be a great help.
I currently use the Monzo Prepaid for all of my discretionary spend, once it’s gone I’m skint until Pay Day.
That to me has been the best thing about the card, and anything that could help the end user with budgeting would be a huge advantage for the current account.
All prepaid functionalities will be available on current account (though might not be available straight away - too early to tell), but you also get ‘boring’ stuff that banks do, transfers, direct debits and so on - if you want to use it.
are heading to cover this 