MSE News: Monzo to ditch its prepaid card from April 18 January 2018 at 5:24PM edited 18 January 2018 at 5:26PM in Budgeting & Bank Accounts 8 replies 2.6K views

MSE_Karl

Monzo prepaid card holders won't be able to use them from 'early April' and will instead have to sign up to a current account, the app based bank has announced.

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'Monzo to ditch its prepaid card from April
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FlyingFish

I've got a Monzo prepaid card, not sure weather to upgrade to current account. Is there any feedback on there current account, from people who have upgraded?

Irene.S

This is my problem too. I've read that you cannot top up the new current account with a debit card. There is also no easy way to close my account if I find I am not happy with it. A close option on the app would be good as if the current account is really great, nobody will want to use it!

heatherw_01

FlyingFish wrote: »

I've got a Monzo prepaid card, not sure weather to upgrade to current account. Is there any feedback on there current account, from people who have upgraded?

Works exactly the same except has all current account features you would expect

worried_jim

Why would you not, it’s just the same but has a sort code and an account number.

takman

Irene.S wrote: »

This is my problem too. I've read that you cannot top up the new current account with a debit card. There is also no easy way to close my account if I find I am not happy with it. A close option on the app would be good as if the current account is really great, nobody will want to use it!

That's not true you can still top up using a debit card. But I don't know why you would want to when you can use a bank transfer instead.

surreysaver

FlyingFish wrote: »

I've got a Monzo prepaid card, not sure weather to upgrade to current account. Is there any feedback on there current account, from people who have upgraded?

I've upgraded. Works the same from using debit cards to top it up, and saves having to go to a cash machine to get your money out - you can just FPS it straight back to your bank account.
In theory you could perhaps earn interest on money you don't have, because it takes a couple of days to leave your bank account when topping up, you can pay it back in before its left!

surreysaver

takman wrote: »

That's not true you can still top up using a debit card. But I don't know why you would want to when you can use a bank transfer instead.

Because certain current accounts pay rewards for using your debit card (Co-Op and TSB)

Ballard

I’ve just upgraded to a current account. I note that by default the app has no password. I was able to open the app and pay out to another of my accounts.

I have since enabled the option for the fingerprint scanner to be required to open the app and thought it worth pointing out in case others have gone the same route.