Monzo Bank

[Deleted User]

Another UK Bank will simply take them over them and migrate the accounts across if needed.
But remember the old adage 'never keep all your eggs in one basket' 

wiseonesomeofthetime

I seem to have more baskets than eggs 

Neil49

dahj said:

Another UK Bank will simply take them over them and migrate the accounts across if needed.
But remember the old adage 'never keep all your eggs in one basket' 

Maybe Bank of Scotland given that they botched up their own online only banking project (Bo). 

[Deleted User]

Neil49 said:

dahj said:

Another UK Bank will simply take them over them and migrate the accounts across if needed.
But remember the old adage 'never keep all your eggs in one basket' 

Maybe Bank of Scotland given that they botched up their own online only banking project (Bo). 

Bo was part of National Westminster Bank and NatWest Group.

Nothing to do with BoS or Lloyds Banking Group. 

WillPS

dahj said:

Another UK Bank will simply take them over them and migrate the accounts across if needed.
But remember the old adage 'never keep all your eggs in one basket' 

Agreed on both accounts.

I think Monzo would be a pretty tasty acquisition for a legacy bank, or maybe even a global bank wanting to get a presence in the UK, in a fire sale scenario.

Gulpiyuri

Exit to a legacy bank or a deep involvement into consumer lending seem the two options to make Monzo sustainable. Let's see what the next few months bring us. 

block10

Does anyone know how quickly the PRA scheme would payout in practise if Monzo or any other financial institution goes under?

colsten

block10 said:

Does anyone know how quickly the PRA scheme would payout in practise if Monzo or any other financial institution goes under?

The PRA has no scheme and doesn't pay out anything.

The compensation comes from the FSCS. For timescales for payouts and other information please refer to their website.