Monzo Account

bri90bri

Hello everyone,
I have heard good things about the Monzo bank account https://monzo.com/
I am wondering what everyone's experiences have been?
Also, I presume they do a credit check as a bank. I don't want to apply and get a hard search on my report as its low as it is. Does anyone with poor credit and previous bankruptcy have a Monzo account?

[Deleted User]

One hard search won’t hurt.

There’s plenty of threads about Monzo if you look for them

https://forums.moneysavingexpert.com/search.php?searchid=190429924

eDicky

Monzo don't carry out a hard search unless you ask for an overdraft.

peachyprice

No hard search to open an account.

I've had no problems at all with Monzo, the only negative thing is paying in cash, they have a low limit of £300 in one go and £1000 every six months, and only through Pay Point and a £1 charge. I've kept a Co-op account just for paying in cash.

Other than that everything else is brilliant, the app works well, direct debits are shown the day before they come out, purchases ping up instantly.

bri90bri

So can't you have your wages paid in?

[Deleted User]

Of course you can have wages paid in.

jonesMUFCforever

bri90bri wrote: »

So can't you have your wages paid in?

As long as you are not paid in cash - you can have an electronic salary credit to your Monzo account.

peachyprice

bri90bri wrote: »

So can't you have your wages paid in?

Do you get paid in cash? If not then yes of course you can. If you do get paid in cash you will have to have another account elsewhere.

It's only a problem for me because I often get my work expenses reimbursed in cash, sometimes up to £500+ per month.

PRAISETHESUN

Monzo is a full UK current account with all the protections, etc that that entails. However they are app-based which can be problematic for some who rely on branch access for various reasons (eg. paying in cash). I don't use them as my main account however I have used it extensively for travelling and can recommend. No hard credit search unless you apply for an overdraft, which is optional, just that you need to be able to prove your identity and have a valid UK postal address they can send your card to.

Supposedly you can pay in cash and any PayPoint (https://monzo.com/blog/2018/11/21/deposit-cash) although I've never used the service myself - seems more convenient than having to track down a single branch since there are plenty more options.

penners324

If you like expensive overdrafts (50p a day) and expensive loans and no credit interest on your current account then they're good....

EarthBoy

Open a Starling account instead. The set up is very similar to Monzo, but you can pay in cash for free at the Post Office, and the overdraft (if you want one) is much cheaper. They also pay credit interest. Admittedly, at 0.50%, it's just a pittance, but it's a pittance more than Monzo.