Using monzo as main current account

cherry76

Thinking of switching from hsbc to monzo.  Interested to know what are the views of memebers who have switched?  Not keen on phone app only if you lose your phone how do you contact them.  Thanks

jonnygee2

If you aren't keen on an app only bank, why would you want to switch to one? 

I use Monzo as my main account, it's fine. Nice app, good customer service, but no interest. If you lose your phone there is an emergency web portal, or you can use another person's device etc.

eDicky

There's no benefit in switching an account to Monzo, so why not open the account and see how it goes, while keeping your account with HSBC..?

coachman12

It's nice on these Forums just to be able to say sometimes : "I agree with the above" ( meaning eDicky ).

whirlyhead

The Monzo app works on tablets as well.  I have mine on my ipad as well as my phone so if you lose your phone you could just login in via a tablet.  I have an HSBC account and a Monzo one, and the Monzo one processes transactions a lot faster.  I am thinking of closing down the HSBC one (not a fan of high street banks).

colsten

whirlyhead said:

The Monzo app works on tablets as well.  I have mine on my ipad as well as my phone so if you lose your phone you could just login in via a tablet.  I have an HSBC account and a Monzo one, and the Monzo one processes transactions a lot faster.  I am thinking of closing down the HSBC one (not a fan of high street banks).

It is always a good idea to have at least 2 current accounts, just in case there is a problem with one of them. HSBC might not be the best choice for a backup account, but something more modern like Virgin Money could suit.

[Deleted User]

colsten said:

whirlyhead said:

The Monzo app works on tablets as well.  I have mine on my ipad as well as my phone so if you lose your phone you could just login in via a tablet.  I have an HSBC account and a Monzo one, and the Monzo one processes transactions a lot faster.  I am thinking of closing down the HSBC one (not a fan of high street banks).

It is always a good idea to have at least 2 current accounts, just in case there is a problem with one of them. HSBC might not be the best choice for a backup account, but something more modern like Virgin Money could suit.

Virgin Money will be Debit Mastercard like Monzo.
I would suggest keeping HSBC (Visa Debit) as a backup as it's already open.

colsten

Good point, I hadn't thought of the debit card as I generally use credit cards, and I definitely have a Mastercard and a VISA.

mr_stripey

I've not gone "full" monzo yet but I've had it as my day to day spending account for over a year now with no problems.
I still get my salary paid into to HSBC and I then make sure there is enough in there to pay the mortgage, bills, savings etc. What is left is my groceries/fuel/spending money and I transfer that to Monzo on pay day.
I like that I get instant updates when I spend and it deducts from the balance immediately - very useful over the weekend when you buy a takeaway on Friday night - on my HSBC account that sometimes wouldn't go out for a few days and for the absent minded (like me) can easily forget. Monzo tells me straight away I've spent £30 on a take away and updates my balance to reflect this.
I also like the "round ups" - Each transaction is rounded up to the nearest £1 and the pennies added to a savings pot. I have saved a couple of hundred quid like this.
I've heard the occasional bad thing about their customer service - I've only needed to contact them once and it was fine.

gt94sss2

Just be aware that Monzo charges £1 each time you want to deposit cash into your account and doesn't offer cheque imaging - if these features are important to you.
It's also not always easy to get hold of them on the phone should you need too.

bonkersbonkers1

Can I ask a question?
If you have a Monzo account and you want to withdraw a large amount - what do you do?
I can hear you all saying - easy just transfer the money back to the bricks and mortar bank and go in and make the withdrawal.
Well its not exactly that simple - I know of two people who have done something similar and the bank refused the withdrawal until they could prove that the Monzo funds were theirs.
(Money in, then immediately withdrawn is a major reason why a fraud indicator may be on an account)
Just a thought.