monument transfers

Gambler

Do you have to deposit £10K when opening the account or can a transfer in be used to cover the £10K minimum balance?

flaneurs_lobster

Gambler said:

Do you have to deposit £10K when opening the account or can a transfer in be used to cover the £10K minimum balance?

The latter.

Gummomarx

someone said:

I think the person could not find trading212 in the list when they opt to start a transfer into monument from the monument app. Kinda like how some lists sometimes didn’t have Virgin Money on as it was just a trading name of Clydesdale Bank PLC. 

It was on the list when I transferred - I don't remember any difficulty finding it.

JuicyBrat

Hi all, I would like to share my positive experience with Monument customer service and the app...it's a bit long so I apologise in advance. I had  been with Charter Savings Bank (EACISA Issue 55 not flexible) for a couple of years and had a good experience with them. However, I wanted to open a flexible EACISA and I also wanted to make sure I'm getting the best rate for my money and so on 12/04/2025 I downloaded the Monument app and applied for their £10k EACISA. I wasn't immediately accepted and got an email & text asking me to contact them to verify some details. As the 12th was a Sunday, I rang their customer service team on Monday (14th) and was told they needed to confirm my linked bank account (NatWest Reward) sort code (I had input 1 digit incorrectly). Anyway, CS updated their database with the correct sort code and advised me to wait for a follow up email & text to confirm the account was open (email & text both arrived shortly after speaking with them). I was also advised that EACISA transfers in can take up to 15 days and to log into the app to make an initial £1 test payment, which I did (text notification confirmed it went through immediately). I find the app to be very user friendly, text notifications are swift and confirm the amount paid in, the time and the balance. I then went ahead and transferred £15k from Charter to Monument on 15/04/2025, payment arrived (£15,045.59 inc interest from Charter) on 17/04/2025 around 3.30pm. The whole transfer in process took 2 days and was a smooth transition. During the process I was kept updated of the progress (via emails and texts) by both Charter and Monument. I have since made a further £1,500 deposit (via NatWest Reward) to Monument which all went through immediately. I haven't made any withdrawals yet so can't comnent on that. I know it's still early days but I will say I'm very impressed with the speed and efficiency of both financial institutions.

northernstar007

my transfer still not went through (fair enough its bank holiday weekend)
but what i have got is a email from CRA saying a soft search has been done by hooyu limited - monument bank (type - IdVerification)
on the same day i started the request, so sit back and wait

Archerychick

It’s definitely no longer in the list of providers, suggests they’ve pulled them for whatever reason. I’ll make contact with them to find out what’s happening 

northernstar007

ive been looking at the accounts online for monument bank year ending dec23
and it looks like the bank is running at a massive loss
surely this should be a red flag to put cash into this bank or am i reading it wrong

friolento

northernstar007 said:

ive been looking at the accounts online for monument bank year ending dec23
and it looks like the bank is running at a massive loss
surely this should be a red flag to put cash into this bank or am i reading it wrong

Start-ups are invariably running at substantial losses. As a consumer, you shouldn't be concerned about their accounts as you get the full FSCS protection for up to £85k. If it bothers you nonetheless, you have plenty of other choices.

ToastLady

friolento said:

northernstar007 said:

ive been looking at the accounts online for monument bank year ending dec23
and it looks like the bank is running at a massive loss
surely this should be a red flag to put cash into this bank or am i reading it wrong

Start-ups are invariably running at substantial losses. As a consumer, you shouldn't be concerned about their accounts as you get the full FSCS protection for up to £85k. If it bothers you nonetheless, you have plenty of other choices.

Totally agree, been with a few start ups over the past few years. So long as they have FSCS protection, I can't see a problem. 
Article from February 2025 https://news.sky.com/story/monument-bank-in-talks-to-raise-200m-ahead-of-nasdaq-ipo-13313955

Archerychick

Monument have confirmed they’ve removed Trading 212 from the list due to the volume they’ve received to ensure they can meet the timelines. 

This now means I can’t meet the £10k unless I transfer Trading212 via another provider which is a pain