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Monzo Bank

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  • 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'  ;)
  • Neil49
    Neil49 Posts: 3,362 Forumite
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    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). 
  • IanManc
    IanManc Posts: 2,444 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    edited 2 August 2020 at 7:49PM
    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 a NatWest/RBS online bank, not a Bank of Scotland project. 🙂
  • 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
    WillPS Posts: 5,124 Forumite
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    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
    Gulpiyuri Posts: 27 Forumite
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    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
    block10 Posts: 220 Forumite
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    Does anyone know how quickly the PRA scheme would payout in practise if Monzo or any other financial institution goes under?
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    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.
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