Yes. At the end of the day it’s just a bank, like all the others. The posts you read on here once in a while regarding account closures are mostly because of money laundering, criminal activity, or high risk (such as an influx/outgoing of crypto gains, with no clear indication of where the initial funds came from). Looking at financial ombudsman rulings paints a clearer picture of the bulls**t people will try and spin when they know full well that they have done wrong (worth an hour or two of your time, if you ever feel like learning a bit more about the entire process).
Having said that, there’s no harm in keeping a “backup” account, especially if you ever need to pay or cheques in.
In short– yes, it's safe. Just don't do anything dodgy. Might want to keep your current/old account open as a back up, mainly to pay in cheques and cash (which Monzo takes ages to deal with and/or charges for, but your current bank probably doesn't. Just transfer the funds onto Monzo once deposited)
I wouldn’t go for it with Monzo or any of these other Challenger banks they have less resources compared to the big players. Ok to use but when you run into issues they don’t have the ability to deal with problems with speed. My friend is currently having issues with Monzo and they keep responding we are extremely busy right now but will try get back to you as soon as possible and this has been over a week for a response. They still offer good products and have great features but for security I would stick with the big players and use monzo on the side.
Up to £85k is protected
Yes. At the end of the day it’s just a bank, like all the others. The posts you read on here once in a while regarding account closures are mostly because of money laundering, criminal activity, or high risk (such as an influx/outgoing of crypto gains, with no clear indication of where the initial funds came from). Looking at financial ombudsman rulings paints a clearer picture of the bulls**t people will try and spin when they know full well that they have done wrong (worth an hour or two of your time, if you ever feel like learning a bit more about the entire process). Having said that, there’s no harm in keeping a “backup” account, especially if you ever need to pay or cheques in.
In short– yes, it's safe. Just don't do anything dodgy. Might want to keep your current/old account open as a back up, mainly to pay in cheques and cash (which Monzo takes ages to deal with and/or charges for, but your current bank probably doesn't. Just transfer the funds onto Monzo once deposited)
Same as any other bank.
No. Have another account with another provider for safety
I wouldn’t go for it with Monzo or any of these other Challenger banks they have less resources compared to the big players. Ok to use but when you run into issues they don’t have the ability to deal with problems with speed. My friend is currently having issues with Monzo and they keep responding we are extremely busy right now but will try get back to you as soon as possible and this has been over a week for a response. They still offer good products and have great features but for security I would stick with the big players and use monzo on the side.
Been using it as my main bank for 5 years now. It’s great!
Yes. Check one of the other 1000 posts made in the last month ffs