Will Monzo survive?

I voted when this was posted but haven’t commented.

Reading through now and there are lots of good points, with many subtle takes on how Monzo could improve.

Main point is that 64% of the people who voted on this (which is a very small subset of the entire userbase of active Monzo users) think Monzo is doing just fine.

Agree with this.

1 Like

I’m pretty happy with Monzo and now use it as my main account, switching from Santander in August.

I would feel a little happier if I had the option of an overdraft, I had one I wasn’t using before and it’s a bit annoying I’m not eligible. I don’t really understand why as my credit rating is excellent. I wonder if it’s because my husband is the main earner.

Having said that, some of the Monzo features mean I’ve actually saved a bit of a buffer.

In the grand scheme of things, Monzo are still a new, young company and they also need to maintain some kind of profit strategy.

All the issues I have, are certainly little niggles (such as when I open the app, I want to see the whole list of accounts, not a randomly selected pot). So, Monzo Plus aside, it’s all good under the hood - but I’m a low financial user and not a major player in the league.

1 Like

4 posts were merged into an existing topic: Removed Posts - October 2019

Someone has explained why - their system is hit and miss and they use Creditkarma apparently. Transunion who are behind CK are as useful as a chocolate fireguard - so don’t hold out much hope. I’ve had 2 fraud enteries on my file - and when I disputed them both were rejected, so now I have to suffer due to some scumbag opening a catalogue in my name.

1 Like

It’s not a staff member, anyone can flag a post in Discourse (the software used to run this forum) if they’re at trust level 1.


Good Thread!

For me it boils down to;

Why do I bank with Monzo right now?

  • Instant transaction notifications
  • In-built budgeting
  • Pots

Will I stay with Monzo

  • For now, but I’m keeping a close eye on the “legacy banks” and seeing when they will be delivering those features to their app

Why will I ultimately leave

  • They have the best app currently, but this is where my opinion of monzo changes
  • Their customer service is poor and I can only see it getting worse and worse
  • The way the whole plus thing was and is being handled borders on amateurish
  • I have serious doubts around their scale-ability and survivability from an operations perspective
  • They are currently the emporers new clothes, but eventually the main banks will catch up and then what will monzo offer that’s any different?

Hi all, we’re happy to keep this thread open - just bear in mind our usual Code of Conduct and keep things civil. Please report anything you see that breaks the rules.

We’ve removed a few posts above, so let’s get back on topic :slightly_smiling_face:


From reading the thread it seems clear that one of the main issues is that the customer service is perceived to be lacking. It seems similar to what happened with TalkTalk when they expanded massively but didn’t have anything like the infrastructure to deal with the increased work loads.

I really hope that it does survive, I believe it will, whether that is as they currently are or they are subsumed by a bigger player etc.

I’ve just gone ‘Full Monzo’ from today, with all my worldly wealth moving to Monzo, so I hope that everything keeps going smoothly.


pretty much hitting the nail on the head here!

(Also new user to the forum, been using Monzo for a year :wave:)


Hi Harvey & welcome :wave:

1 Like

I don’t watch TV so I only found out about the BBC bad press stuff from the monzo forum and reading about it when I saw it in a copy of the telegraph on the kitchen table mentioning the closure of accounts story.

I don’t use monzo as my main account as my main concern is this despite the FSCS protection. Not the account freezing but monzo being bought out or going under.

7 posts were merged into an existing topic: Removed Posts - October 2019

I also agree with this bit I’m hoping it’s future proofing more functionality - kind of the way Microsoft Office products are feature-dense :crossed_fingers:t3:

I don’t use monzo as my main account as my main concern is this despite the FSCS protection. Not the account freezing but monzo being bought out or going under.

I wonder who you do bank with then? You know most high street banks already went bankrupt right? And they they have lent out your deposits 10 times over in a fractional reserve system that is very vulnerable to collapse in another crisis?

If there was no FCSC protection, Monzo and Starling would basically be the only safe banks to save with.


I disagree. As much as a love Monzo, I don’t think it is “too big to fail” like the bailed-out high street banks.

It doesn’t matter if the business fails. I think you are confusing a collapse in the business with a collapse in the fractional reserve system.

The vast majority of customer deposits at Monzo are not lent out, they just sit around in the bank of england waiting for you to retrieve them. If the business goes bankrupt (which, financially, is a completely separate thing to your deposits), you’d just get your money back.

What happened when, say, NatWest collapsed is a completely different thing because they have lent your deposit out several times over already.

1 Like

A quick reminder to keep things on topic and - if you haven’t already - to take a look at the Code of Conduct.

(This is in relation to some earlier off-topic comments that have since been removed, not as a response to the latest ones!)


If a company can’t handle a bit of bad press then they deserve to go under.