Monzo launch 'No Barriers to Banking' Campaign


From the Twitter post :

What are your thoughts on this?


I can’t type my thoughts here, but it was one word that began with B


Bunq, the ‘Bank of the Free’?


haha good guess but no :stuck_out_tongue:

(Derpa Derp) #5


(Dan Mullen) #6

Does it rhyme with “culprit”?

(Derpa Derp) #7

hills tub?

(Chris Beach) #8

I wonder who will pick up the tab for Monzo’s virtue signalling generous outreach (and inevitably higher proportion of defaulting customers)?

I imagine fraud will be a serious issue if they let people create bank accounts at “friend’s addresses” - and errant customers will be able to “no speaky english” when Monzo comes knocking to ask for overdrafts to be repaid.

(Adrian) #9

To be fair I don’t imagine they will be lending money to the homeless, or those who have just arrived in to the country.

Fraud will definitely be an issue if they aren’t careful though, not even sure how you can manage people using friends addresses…


I like the message but again, it’s shallow.

If they truly want to help people, then they should be running shelters and help clinics and a private bank to back it.


I had to call up a bank today to close an old account I’d forgotten about. To close the account the balance had to be 0 but there was still £10 in there which I totally forgotten about.

They said they could transfer it to one of the accounts set up on my payees, I ended up telling them to donate to charity. The two accounts I had set up on there as payees, were other accounts I had with other providers but I’ve closed them down which I explained to them so no longer had access to either of the accounts!

Then I read Monzo’s campaign, and I felt so bad. There’s some people that can’t even get a basic bank account and I’m there closing whenever the new and latest deal comes around! :see_no_evil::see_no_evil:


Is there really though? You have to be in some serious shit to not manage to get a basic bank account. On top of that Monese exists - they require no proof of address, they’ll deliver your card to wherever and speak to you in whatever language you’re comfortable with (pretty much, at least as far as Europe goes). Certainly more than Monzo could help you with language wise, anyways.

So yeah, Monese exists and supports Direct Debits not only UK ones, but SEPA ones too. So that bull about people being unbanked isn’t because of a lack of options, I’d wager.


I just felt a bit bad after reading Monzo’s campaign. Then again, banks can’t stop you having multiple accounts with other providers. As long as you’re not doing anything fraudulent, they can’t stop you and they can’t say anything about it either.

I even read on another forum some people saying they had like 15 accounts for different interest and cashback incentives! I have no idea how they even manage that amount in all honesty.


I wouldn’t be taken in by their lies. There are options for the unbanked already, they just want to play the “we’re here to help” card.

They can actually, they certainly do in the spirit of student accounts. It’s why I don’t have one with HSBC and Nationwide ;( even though I want both!

But yeah, I’m pretty sure there’s a way to enforce that for any current account (as they’re labelled as credit accounts on your report!)

I have:

  • N26
  • Metro
  • Nationwide FlexStudent
  • Nationwide FlexOne
  • Starling
  • Starling Euro
  • Revolut
  • Dozens (shortly)
  • Transferwise
  • Nationwide ISA (no card with this, but money still has to go there?!)
  • Nationwide Limited Access Saver (same as above)
  • Nationwide Regular Saver (5% p.a, same as above)
  • Freetrade (technically a pooled account if I remember correctly)

And I’ll probably get some others, like I’m pretty interested in PocoPay and Bunq :wink:

There’s always money to put somewhere, I don’t know how people can’t manage them all, you just have to keep an eye on all of them!


I know that, but many people have multiple accounts with different providers. I know for the basic accounts for those with extremely poor credit and bankrupts, with certain banks they can’t hold accounts with other banks.

However, at it stands, there’s no rules saying that for the normal current accounts, you can’t have accounts with other providers You’re right that theoretically they could bring in any policy preventing it, but as it stands they can’t say anything about it as it would affect a significant proportion of the population and unless you’re doing anything fraudulent, having multiple accounts open or closing them isn’t as a sign of anything bad at all.

CASS also makes it so much easier to switch accounts too, and people nowadays switch around multiple times to get the best deals. Therefore, it’s quite common these days with some people to have multiple accounts closed in a period of time.

I don’t understand why they restrict Student Accounts though to just one at one bank though. Unless it’s for fraud prevention purposes, as I’m sure multiple interest free overdrafts would be a criminal’s paradise.


HSBC gives you a £500 limit credit card, £80 in Amazon vouchers and an overdraft.

Santander currently gives you a railcard valid for 4 years and an overdraft.

Nationwide gives you a beefy £3k overdraft and a box of stuff.

It’s basically to stop you from signing up purely for free stuff, I think. Forces you to actually use it!

I recommended to Starling that they should start offering a student account, even if they just perk their tier up a bit to draw some students in. The students would be drawn in due to all the normal account features and stay because of the whole student account jazz.

(Simon) #17

Not sure if things have got more strict.
But I had 2 student accounts.
One of my friends had 3 all with overdrafts :woozy_face:


I have said it for ages that Monzo are in some sense one of the most restrictive banks out there, requiring an iPhone or recent android device, and - crucially - photo id from a rather small list of accepted options.

So, are there some people for who’ll find it a lot easier to open an account with monzo than with a high street bank? Sure. (Although I think that many who believe it’d be difficult for them to open an account with a high street bank would actually not find that to be the case in practice. There seems to be a lot of assumptions by many people.)

But equally there are plenty who don’t. Refugees for example often don’t have a passport. As do homeless people.

So, yeah, apart from the concern with fraud etc, I also find it - once again - rather hypocritical of Monzo to say “no barriers to banking” when many of their competitors have actually less barriers than them in many areas.


I can only respond with WOW!

I’m in my 50’s and manage perfectly well with just two accounts, my Starling account and my Nationwide account and both suit my needs fully.

I’m assuming you have amassed some wealth to justify operating so many accounts…or perhaps you have an unhealthy obsession with the banking sector! :rofl:

In all seriousness, I have to complete self assessment tax returns and in all honesty, I just couldn’t be bothered with having a pile of bank accounts, it would just make things far too complicated. But good luck to you if you have the time to keep your eye on that lot.


I also have a number of bank accounts, for different benefits (3 for cashback on direct debits, 3 for deposit interest, 1 for insurance, 1 for switching bonuses) as well as several just because I wanted to try out as many “fintechs” as possible.

I also need to file a tax return every year, and the bank accounts aren’t a big deal for me - it’s all a matter of preparedness: I have all my personal finances in an accounting app, so getting the numbers for the self assessment is the easy part. What I struggle with year after year is understanding the questions, and figuring out where to insert each number :tired_face: