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PSA: Monzo to start moving users to full current accounts
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glenrothes
Posts: 14 Forumite
Source: their blog post (as a new user I can't post links...)
It contains information for what steps happen for every situation, whether you are in the queue, thinking about getting an account, or already have an account.
The pre-paid card was always a beta solution, and now current accounts have been tested and are available! Current accounts come with the ability to use Direct Debits, Faster Payments and will grow from there.
If you like your pre-paid card the way it is without these features don't worry - you don't have to use them - you can use the current account in exactly the same way! All pre-paid customers will be given warning, then either moved across or their funds moved back to the card that loaded them, and the pre-paid app closed.
Overdrafts will exist, but they are opt-in - it’s been stated by Monzo that there will be no unplanned overdrafts.
The decision on foreign ATM fees has been said to be coming soon, likely following the community pollwhich voted to keep restaurant/store fees at zero, and allow £200 free withdrawals from non-UK ATMs per month, with 3% charged on any amount withdrawn over that.
It contains information for what steps happen for every situation, whether you are in the queue, thinking about getting an account, or already have an account.
The pre-paid card was always a beta solution, and now current accounts have been tested and are available! Current accounts come with the ability to use Direct Debits, Faster Payments and will grow from there.
If you like your pre-paid card the way it is without these features don't worry - you don't have to use them - you can use the current account in exactly the same way! All pre-paid customers will be given warning, then either moved across or their funds moved back to the card that loaded them, and the pre-paid app closed.
Overdrafts will exist, but they are opt-in - it’s been stated by Monzo that there will be no unplanned overdrafts.
The decision on foreign ATM fees has been said to be coming soon, likely following the community pollwhich voted to keep restaurant/store fees at zero, and allow £200 free withdrawals from non-UK ATMs per month, with 3% charged on any amount withdrawn over that.
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disappointed to hear that...
I personally don't want yet another bank account (which inevitably will be reported to CRAs).0 -
Try Loot prepaid instead, zero fees except £1 per ATM withdrawal after first two free per month. Personal account number and sort code, payments in/out by FP, phone app plus website use. Etc. https://loot.io/disappointed to hear that...
I personally don't want yet another bank account (which inevitably will be reported to CRAs).Evolution, not revolution0 -
Is there another card I can top up with by debit card that doesn't have any charges?I consider myself to be a male feminist. Is that allowed?0
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Loot - see above.surreysaver wrote: »Is there another card I can top up with by debit card that doesn't have any charges?Evolution, not revolution0 -
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surreysaver wrote: »Trouble is, their website doesn't really give any explanation of how the product works. So can I fund Loot with a debit card?
Yes.
What do you need explaining?
Top up via a bank transfer or debit card, then spend.
You can transfer money (back) to a bank account if you want to.
You can manage your account via an Android thing, iThing or WWWthing.
There's no charge to open an account and get a card. If you don't like it, chop the card into pieces and throw it away.
It's similar to Monzo.0 -
Yeah, I've found the bit about where it says how to top it up. You can only top it up 5 times a week with a debit card. Will be a spread - out effort to get my 20 times a month for my TSB cashback! But at least I can transfer it to another bank, which saves the trip to a cash machine I have to do with MonzoI consider myself to be a male feminist. Is that allowed?0
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