I love Monzo Bank!

vixg66 · 14 January 2019 at 9:47PM

I’ve taken the step and been declared bankrupt and it’s very stressful, not least worrying about my bank account. I opened a Monzo account prior to bankruptcy as I heard good things on this forum. I’ve just received the nicest email from them...

“Hi Vixg, I hope you're well?

We recently received notice from The Insolvency Service that you've been declared bankrupt. Firstly, I just want to wish you all the best with this solution to your financial difficulties, and I hope that it’ll be a good fit for you. Very best of luck with getting your finances back in shape… you’ll eventually be able to make a fresh start!

I’m very happy to report that your trustee has not asked us to close your account, so you can continue banking with us as normal. Apart from your eligibility for borrowing from us, everything else stays the same!

If you’d like to talk about this is more detail, or you've got any questions at all, please don't hesitate to get in touch. We’re here to help you in any way we can, so if you need more support with resources, or just someone to talk to, we’re always here for you.

Good luck with everything, Vixg, and all the best.

Kind regards...”

I just wanted to share this with others worrying about banking after bankruptcy - there are good, non-judgmental banks out there.

ramtops · 15 January 2019 at 7:32AM

My husband had exactly the same from them when he went bankrupt. They're a great bank to deal with.

broaps · 15 January 2019 at 6:48PM

I've written on this forum before about how good Nationwide are as a bank for BRs as their basic account has a proper debit card, full internet & device access etc. They also have a branch network if you need help.

I know there are several new banks who are trying to shake up the old banking monopoly and it sounds like Monzo are a good one. Will they print a cheque for you if you need one?

Maverick1103 · 16 January 2019 at 4:38PM

I had a Monzo account opened before I went BR, it never got closed at all, I use it as a secondary account as my main account is with Nationwide, which I specifically opened up when I went BR and like already stated they've been great and offer lots of things that others do not. Being able to use Google Pay and contactless with a basic account is a big thumbs up!

vixg66 · 17 January 2019 at 5:49PM

broaps wrote: »

I've written on this forum before about how good Nationwide are as a bank for BRs as their basic account has a proper debit card, full internet & device access etc. They also have a branch network if you need help.

I know there are several new banks who are trying to shake up the old banking monopoly and it sounds like Monzo are a good one. Will they print a cheque for you if you need one?

Hi broaps - I've had a quick look on the Monzo website and I'm not sure if they will write a cheque if needed - they definitely don't issue chequebooks.

vixg66 · 17 January 2019 at 5:56PM

Maverick1103 wrote: »

I had a Monzo account opened before I went BR, it never got closed at all, I use it as a secondary account as my main account is with Nationwide, which I specifically opened up when I went BR and like already stated they've been great and offer lots of things that others do not. Being able to use Google Pay and contactless with a basic account is a big thumbs up!

I also opened the Monzo account prior to bankruptcy so that I would have enough money to pay the BR fees (I had my salary paid into the new account and stopped paying creditors for 1 month). I planned to open a Nationwide account if Monzo closed my account but I will stick with them as I've been impressed. I like the pots that you can save into (I have a tenner in the penny saving jar already) I also like the daily updates on my spending as it is keeping me in check.

Maverick1103 · 18 January 2019 at 3:10PM

vixg66 wrote: »

I also opened the Monzo account prior to bankruptcy so that I would have enough money to pay the BR fees (I had my salary paid into the new account and stopped paying creditors for 1 month). I planned to open a Nationwide account if Monzo closed my account but I will stick with them as I've been impressed. I like the pots that you can save into (I have a tenner in the penny saving jar already) I also like the daily updates on my spending as it is keeping me in check.

Totally agree those features are really handy, I've been meaning to use my Monzo account as my daily account really just so I can track things a bit better, I think I'll stick with Nationwide where my wages go into and D/D come out of just for now.

That penny-saving feature is cool and it's great to be able to save without really thinking about it.

fuming14 · 19 January 2019 at 9:27AM

I've opened a Monzo account too - last week. I opened it late at night and within a couple of hours, it got approved. In two days, I've received my card. Now waiting for the PIN. Barclays froze my account. I'm so tempted to move my salary to Monzo but I still have some reservation. I'll see how it goes and make a decision. But it's good to know they don't refuse bankrupted individuals.

I love Monzo Bank!

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