Originally Posted by
RobM
I’m having some fun with Monzo at the moment. I’ve banked with them for a few years and have a Premium account, Flex, a loan, and an Investment ISA, as well as some savings pots. Generally everything is great, no complaints for most day to day things.
Two things have caught me out.
First, their daily transfer limit to external accounts is just £10k. Absolutely fine the vast majority of the time, but an utter nightmare on those rare occasions you need to make a larger transfer. You can contact their support and plead your case for a one-off increase, which they’ll review and hopefully approve for the next day. No use if you need to transfer more on the same day.
The other and more fundamental thing I’ve just learned, is EVERYTHING depends on the current account. If I switch my account away from Monzo to another bank, my ISA has to be closed, I can’t retain any savings, and there are literally zero alternative ways of managing the loan. The only option is to transfer loan payments via standing order into a general Monzo-own bank account. You lose all visibility and management, as you cannot use the app.
This is a fairly fundamental difference to other banks who allow you to manage each one of these things independently. Even if I don’t decide to switch my current account away, I am now in the process of manually moving everything away, as I dislike the idea of being so tightly dependent on a single current account and the risk of losing the app should there be a problem with it.
This is all mostly irrelevant to most people, but I thought it would be useful in the spirit of this thread.
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