Monzo for main account

roadblock15

Is anybody using Monzo as their main current account.

I currently use Barclays and Halifax, but want to open a Monzo account and close either Barclays or Lloyd’s.

But has anyone else used Monzo as their main account for their wages etc?

Do I have any need to feel nervous about moving to a new app only bank?

Even though deposits are protected, guessing Monzo is less likely to exist in 5 years compared to Barclays.

[Deleted User]

Where are you getting your assumptions from?

surreysaver

There have been occasions when Monzo's systems have been down, but that could happen with any bank. I would prefer it if my main account had some humans on a high street I could go and visit if I needed to.

System

surreysaver wrote: »

I would prefer it if my main account had some humans on a high street I could go and visit if I needed to.

I think you've answer your own question there then.


When you say main current account, do you mean where bills are paid from, or do you mean your main spending account, or do you use one for both?


Maybe you could use Monzo for just spending, and keep one of your legacy banks as your main current account for bills.


I had the same concerns. I use Natwest, and I use my Monzo for small petty cash purchases.

PRAISETHESUN

The only reason I haven't moved to an app-only bank like Monzo is the lack of physical branches - it makes things THAT much easier to deal with problems face to face than via an online chat/call centre, particularly when online services go down (a major issue for an online-only bank). Apart from that issue, as Monzo has a banking licence and is protected by FSCS I would have absolutely no worries about having my wages, etc paid into the account. They have as much protection as Barclays or any other regulated high street bank.

As for whether or not they will be around in 5 years, no-one can really say, but they are growing quite fast and there seems to be a general trend towards moving to more online-integrated financial services so I think they are here to stay for the foreseeable future

takman

surreysaver wrote: »

There have been occasions when Monzo's systems have been down, but that could happen with any bank. I would prefer it if my main account had some humans on a high street I could go and visit if I needed to.

PRAISETHESUN wrote: »

The only reason I haven't moved to an app-only bank like Monzo is the lack of physical branches - it makes things THAT much easier to deal with problems face to face than via an online chat/call centre, particularly when online services go down (a major issue for an online-only bank).

If you have any issues by the time you how long it takes to travel to a branch and arrange a time to go when they are open and your not busy you can solve most problems over the phone from the comfort of your own home or wherever you happen to be.

The staff in the branch are also only able to deal with very basic problems directly and anything else they have to contact the same departments as you would if you rang them directly. So their really isn't any benefit in visiting a branch and really is just and inconvenience.

enthusiasticsaver

At the rate the main banks are closing down branches I seriously doubt there will be many bank branches left in about 5 years time. Our last bank to close in our town is Barclays and that is closing down December. Only alternative is to go into a local city centre and then wait for ages to see someone if it is something out of the ordinary. I went into our local city centre branch of Nat West to close a current account this week. Two hours wait to see a customer service advisor. I am not sure what the advantage of using Monzo is though.

surreysaver

Sweetcake wrote: »

I think you've answer your own question there then.


When you say main current account, do you mean where bills are paid from, or do you mean your main spending account, or do you use one for both?


Maybe you could use Monzo for just spending, and keep one of your legacy banks as your main current account for bills.


I had the same concerns. I use Natwest, and I use my Monzo for small petty cash purchases.

I wasn't asking a question. The only reason I have a Monzo card is to provide a source of debit card payments for accounts needing debit card payments to obtain cashback

venomx

I have monzo for everything, and have done for the past few months.. no problems

ozaz

enthusiasticsaver wrote: »

I am not sure what the advantage of using Monzo is though.

In my opinion the main advantage is what Monzo would term real-time banking. Your account gets debited instantly when you use the card instead of after a lag of hours/days. This helps keep track of your spending in a similar way to cash (you always know exactly what you have left).

Other useful features compared to typical banks include enhanced transaction information, spending analytics, and commision free foreign transactions at the Mastercard conversion rate.

ozaz

roadblock15 wrote: »

Is anybody using Monzo as their main current account.

I currently use Barclays and Halifax, but want to open a Monzo account and close either Barclays or Lloyd’s.

But has anyone else used Monzo as their main account for their wages etc?

Do I have any need to feel nervous about moving to a new app only bank?

Even though deposits are protected, guessing Monzo is less likely to exist in 5 years compared to Barclays.

I've been using Monzo for about 1.5 years. I use it for everything except receiving my wages and paying household bills by direct debits. The reason I don't receive my wages in Monzo is because I occasionaly show the app to people and I don't want them seeing my salary in my transaction feed. The reason I pay household bills from another bank is because I receive cashback for doing so. Without these reasons I'd happily do everything from Monzo.

However I'd receomend keeping an account with at least one high street bank as well. Monzo don't yet have a way of depositing cash directly into your account, and depositing cheques involves posting the cheque to them (at least until they sort out cheque imaging). They also don't do cheque books and perhaps never will.