*sigh* this may take a while

mark55man

be careful with Monzo, they are having problems with their business model - I have a small investment in Lloyds so I follow financial news, and there have been some prepare for bad news type posts.  So difficult to call but maybe not shut other accounts off.  I think you are unlikely to lose any money, but it may be awkward if the money is locked away

Mummy_bear

mark88man said:

be careful with Monzo, they are having problems with their business model - I have a small investment in Lloyds so I follow financial news, and there have been some prepare for bad news type posts.  So difficult to call but maybe not shut other accounts off.  I think you are unlikely to lose any money, but it may be awkward if the money is locked away

Ooo really? I use monzo for a few 'savings' pots. For example I store my Car tax and insurance pot in there and my home improvement in there. (I like how I can name the pots) 
Should I move them back to main account? 🤔🤷‍♀️

Drawingaline

My husband opened a Monzo account after it was suggested to us by a friend who invested in it way back at the beginning. He has his main account, but he uses it almost as a savings account. Which at the age of 44 is his first ever savings account 😂 it is working for him, I use ynab and love it, but for hubby who loves spending it has been worth it. I never like just having one account anyway,I have a current account open with two different banking groups. Just incase 😉

mark55man

so from google -
"Deposit protection (FSCS) Any money in your Monzo account is fully protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). That means that if Monzo ever went out of business, you'd get your money back up to £85,000. Read more about the FSCS."

not a risk of losing money unless you have >£85000 and are seriously in the wrong part of MSE, but that isnt to say it wouldn't be a  real pain in the attic if you had money stranded there for a bit.  So don't fret and don't panic but maybe don't have all your eggs in that basket

almost certainly I think someone would rescue them as they have a lot of big fans, just like a lot of banks not making much money at the moment

ohdearhowdidthathappen

Oh no!  What a pain.... I think as part of switching my bank account, they close the old one.  Trying to figure out how best to have a back up plan now, having savings stashed elsewhere?  I'd read around beforehand and Monzo had such good reviews 

mark55man

it depends if you switch then yes that's all done for you including (I think) 3 years when money accidentally paid to your old account transfers to your new account.  Or you can move manually and not close the old account but is more work moving all the DDs and so forth.  Or you can switch, and then start an instant access savings account somewhere just so you have cover for a few days, and/or keep your CC (or a bunch of notes) to hand.

I feel bad for startling you, it may never happen, but I saw two unrelated articles and then cam across your post.  Good luck with whatever you decide  

ohdearhowdidthathappen

I've had a little look and am feeling less concerned.  I think if the worst happened, it would be very short term that we couldn't access funds.  We definitely don't have more than £85k stashed there (I wish!), more like £8.5k
It looks like the general consensus is that even if they do wind up, another bank would be likely to buy them as they have a good set up.  I think I'll leave an instant access account elsewhere with some savings in it for a rainy day and we also have a couple of interest free credit cards if we were unable to access funds for a month or two.
I appreciate the heads up though, thank you.  It was interesting to see the hit that other banks have taken too, I've never really thought about banks in terms of profit making/profit losses!

mark55man

Hi - I've just PM'd you about name change.  Hope you can help!  Keep it to PM please if that's OK

ETA: Thanks for the help - I am now mark55man!! The 5 was chosen as in Thai 5 is pronounced Ha - so 55 is Ha Ha.

ohdearhowdidthathappen

Glad it worked, like the name change  

ohdearhowdidthathappen

So, I've kept my old 'big bank' current account open for emergencies and have left some money in the attached savings accounts, but we're still keeping all our banking with Monzo.  We're really liking the app based banking and using the pots to separate things out.  Our finances are so transparent and has made us really accountable