Monzo in trouble?

Aharri89

Hi I'm new to the forum. I've just heard that monzo are struggling at the moment and it's not looking good. Are there any other banks out there like them? I've loved being with them and find their spending pots and round ups extremely useful. I'm now concerned I'm going to struggle to get what I need elsewhere. Any thoughts? 

PRAISETHESUN

https://www.moneysavingexpert.com/banking/digital-banking/

Starling is usually compared pretty closely to Monzo, other then that they are all pretty much the same IMO. Stick to the ones which are FSCS regulated as anything regulated as an e-money provider has far less protection if/when things go wrong.

colsten

Already discussed here: https://forums.moneysavingexpert.com/discussion/comment/77450366


PRAISETHESUN said:

https://www.moneysavingexpert.com/banking/digital-banking/

Starling is usually compared pretty closely to Monzo, other then that they are all pretty much the same IMO. Stick to the ones which are FSCS regulated as anything regulated as an e-money provider has far less protection if/when things go wrong.

Monzo is covered by FSCS. Although FSCS is not the regulatory body - that's the PRA

Starling is a nice bank, too, and personally, I prefer them over Monzo. But there's no reason why existing Monzo customers should be panicking.