r/monzo

My Monzo account briefly went into an arranged overdraft to cover a credit-card direct debit. I was away at the time, so I did not notice immediately.

Once I saw it, I transferred money in and returned the balance to positive within around two hours. The overdraft amount was roughly £400–£500, and I was later charged 24p interest.

I contacted Monzo to ask how this was calculated, but I have received unclear answers so far.
later i logged a complaint .
They emailed today with an apology and credited £30 for the inconvenience, but I would still like to understand the original charge.

Is it normal for Monzo to charge overdraft interest when the account is only overdrawn for a couple of hours? Does it calculate interest based on the balance at a particular point in the day, rather than the exact number of hours used?

Has anyone had the same experience?

I was lazily scrolling looking at the difference in perks again on Monzo and only just realised Max gives 3.5% Interest on savings. Just that alone makes it worthwhile upgrade for me. I pay extra £120 a year for it but gain over 300 from the extra .25% interest a year. So it'll pay for the Max perks and have left over. Plus gaining the insurance coverage and road side is ok.

Not too bad.

My partner and I both have Monzo accounts. I've had mine aboit 4 years and my salary is paid into it, our bills are also paid from it. My credit card is linked to mine. My partner isn't actively using his yet. We are hoping to get a joint account, is this fairly easy to sort? We'd like to have both salaries paid into the joint account and all bills coming out.

Is there a way to change my direct debit dates in app, or do I need to go to the company I'm paying?

I thought I could pay £1 a day and it would reduce the over all interest, but Monzo choose from one of my purchases and jist takes £1 off that instead. Is there a way around this?

Hi have been thinking for a while about moving banks. I already have a Monzo account I've used for when we holiday outside if UK. I've been wondering what's people’s experience was with Monzo versus say Nationwide account (currently paying £18/month for)?

Hi everyone
I am thinking of using one digital bank for every day use, I currently use HSBC and have been using Revolut when I’m abroad, I also use wise for international transfers. It seems that Monzo is super popular in the UK but among my friends there are more Revolut users than Monzo. I’m genuinely curious to understand
- why people take one versus the other , what were the critical things you care about and how did that bank answer your needs ?
- what’s so special about Monzo for it to have so many people using it ? Doesn’t feel superior to Revolut but maybe I’m wrong so I’m really curious (don’t want to offend any super fans)

Thank you for helping me figure out which one to use !

Do you have to get in touch with monzo to get my wage a day early or does it just come straight in? I get paid via bacs and changed getting paid from my natwest to monzo

Hi all,

I am debating switching my main bank from Halifax to Monzo. I really love Monzo and how it has the calendar of upcoming payments, bills back, double payday and more. Also early pay day is a good feature.

I know people can be a little sceptical about using it as a main bank so wanted to ask for people’s opinion?

Have you done it or would you do it?

Thanks all!

Did anyone here use it yet? How was your experience?

I recently started using YNAB and got really frustrated with how slow the transaction sync is with Plaid (especially because Monzo notifications come in before I put my phone back in my pocket).

So I decided to build something that took advantage of Monzo's webhooks so that transactions sync pretty much instantly into YNAB. Then I updated it to push into a few other budgeting apps. Thought some people here might be interested.

Check it out: https://blinksync.zip/

Totally open to thoughts, suggestions, questions etc.

just wondering whether i need to pay for every single uber order with my
monzo card , or is it only required for the uber one subscription?

Monzo definitely missed out on the mobile opportunity by partnering with 02 instead of EE or Vodafone.

Tried it for a couple of hrs and cancelled straight away. Shocking reception.

I’ve been with them in the past and wanted to see if there’s been a change. Unfortunately not for me 😑

Never really had the chance to invest properly until my recent pay rise. It’s not much but I’m putting £25 a week into a stocks and shares ISA (Adventurous 5/7).
Is this the right place to do this or shall I use another platform? Thanks

For Londoners, this feels like a no brainer and then for other European countries that have other bike sharing businesses it would be a great move.

- Lime has a 6.99 monthly membership for capping costs on particular ride lengths
- Same for other bike sharing businesses, whether it be minutes or ride counts

With the price of memberships going up, these are the sort of day to day memberships people would love. It’s great value for monthly membership cost and would make customers stickier. As well as drive more users to these ride sharing businesses.

What do people think?

(Note, this is a concept, and may be primarily beneficial for Londoners, but I don’t see why it can’t be scaled for other modes of private transport etc)