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- Interchange fees (Monzo take ~1% of every card transaction) - Packaged account fees (Monzo Plus, Premium and business Pro) - Lending (Overdrafts, Personal L

by sksksk 4y ago

- Interchange fees (Monzo take ~1% of every card transaction) - Packaged account fees (Monzo Plus, Premium and business Pro) - Lending (Overdrafts, Personal Loans, Credit Card) - Interest on bank deposits

blibble 4y ago
they also charge you to take your own money out and put your own money in(!!!) Cash withdrawal in pounds in the UK: First £250 in a rolling 30-day period free, 3% after that Cash deposit: £1 per deposit to pay in cash at any PayPoint source: https://monzo.com/legal/fee-information/ https://monzo.com/legal/fee-information/
- 55555 4y ago
  What the heck?
- willyt 4y ago
  I was surprised by this and it turns out its a bit of a misrepresentation as you get unlimited fee free withdrawals if you meet one of these criteria which, in the UK, pretty much anyone except a teenager with no job will meet: At least £500 was paid into a Monzo account in your name over the last rolling 35-day period, and you have at least one active Direct Debit on the same account in the same period. You’ve received a Department of Work and Pensions or a Department for Communities’ payment into a Monzo account in your name over the last rolling 35-day period. You’ve received a student loan payment into a Monzo account in your name over the last rolling 8-month period. You’re sharing a Monzo Joint Account with someone who has done at least one of the above.
  - blibble 4y ago
    it's not misleading, it's true if you lose your job, you're now being charged 3% to pull your own money out (and regardless: they still charge you to deposit your own money, unheard of for retail customers)
    - ascorbic 4y ago
      The criteria seem to be mostly designed to ensure that people who aren't using it as their main account can't do things that cost Monzo lots of money. That said, if you want to deal mostly with cash then Monzo probably isn't for you, and I think they're ok with that.

by sksksk 4y ago

blibble 4y ago

they also charge you to take your own money out and put your own money in(!!!) Cash withdrawal in pounds in the UK: First £250 in a rolling 30-day period free, 3% after that Cash deposit: £1 per deposit to pay in cash at any PayPoint source: https://monzo.com/legal/fee-information/ https://monzo.com/legal/fee-information/

55555 4y ago
What the heck?
willyt 4y ago
I was surprised by this and it turns out its a bit of a misrepresentation as you get unlimited fee free withdrawals if you meet one of these criteria which, in the UK, pretty much anyone except a teenager with no job will meet: At least £500 was paid into a Monzo account in your name over the last rolling 35-day period, and you have at least one active Direct Debit on the same account in the same period. You’ve received a Department of Work and Pensions or a Department for Communities’ payment into a Monzo account in your name over the last rolling 35-day period. You’ve received a student loan payment into a Monzo account in your name over the last rolling 8-month period. You’re sharing a Monzo Joint Account with someone who has done at least one of the above.
- blibble 4y ago
  it's not misleading, it's true if you lose your job, you're now being charged 3% to pull your own money out (and regardless: they still charge you to deposit your own money, unheard of for retail customers)
  - ascorbic 4y ago
    The criteria seem to be mostly designed to ensure that people who aren't using it as their main account can't do things that cost Monzo lots of money. That said, if you want to deal mostly with cash then Monzo probably isn't for you, and I think they're ok with that.