Start your Independent Premium subscription today. Hey there, your money is absolutely safe. Tom Blomfield, the boss and founder of digital bank Monzo is quitting the company at the end of this month, and admitted he stopped enjoying the job around two years ago. There’s almost too many rumours to count flying around messaging platforms at the moment. Falcon59 1 July 2017 14:58 #5. Tesco Bank. 2 Likes. Eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (“FSCS”) up to £85,000. Are you sure you want to delete this comment? Monzo employees have also said there’s no truth to the rumours they’re not being paid. Even if Brian from next door says they’re true. A source at Monzo confirmed the pay cuts and furlough offers to The Independent, describing them as precautionary measures in case the economic situation worsens. Amid the coronavirus chaos, Monzo and Revolut were also forced to combat – what later emerged to be “fake news” – rumours which suggested both had gone bust and that Monzo specifically had stopped paying staff. If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. Naturally this can be alarming and can allow rumours and false information to spread quickly," he said. You’ll be able to see how finances are going – and make tax season much less of a stress. As for Revolut, they’ve called the rumours “fake news”. / Monzo If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. Monzo has around 1,500 employees, while Revolut has more than 2,000 and Starling has 800 staff. Although consumers should be aware that as Revolut is not a UK-based bank, the same. British digital bank says account information was wrongly stored on internal system You can find our Community Guidelines in full here. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. Several Monzo users I know have told me they’re going to ditch the service before they’re forced out of using the pre-paid card. Money kept in a Monzo account is protected by the FSCS, however, Revolut does not have this level of protection currently. Monzo is only available in the U.K., so we’re going to award this one to Revolut, as they have much wider availability. So I want to make clear that for Revolut it's business as usual."​. If too many people withdraw their funds at once, ironically they can create a self-fulfilling prophecy that does place the bank – and your money – in trouble. See our Digital Banking guide for more on the top banking and saving apps. Monzo is a fully licensed bank, with deposits covered by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per customer. Check out what 12,405 people have written so far, and share your own experience. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. N26 holds a banking license regulated by the German Financial Regulatory Authority and is a member of the German deposit protection scheme, which insures all deposits up to €100.000 held in the member states of the European Union. Monzo Bank Limited is a company registered in England and Wales (No. Read our full mailing list consent terms here. Oscar Williams-GrutSenior City Correspondent, Yahoo Finance UKThu, 21 January 2021, 8:54 am Monzo cofounder Tom Blomfield. Several Monzo customers that The Independent spoke to said they had emptied their accounts or transferred money out of them as a precaution. The startup bank, which was founded in 2015, saw its valuation drop 40% when it raised £113m earlier this year. Challenger banks: How Monzo, Starling and other digital banks can help you budget during lockdown The app-only bank says its mission is to 'build the best bank account in the world'. Monzo. This limit raises to £170,000 on a joint account. Monzo is bankruptcy friendly, you should have no problems, next time please start a new thread. Monzo set aside £20.2m to cover an expected jump in loans and overdrafts going bad. It is one of several UK challenger banks to experience massive growth in recent years, but alongside Revolut and Starling there have been fears that they may not be able to withstand the economic impact of the coronavirus. Monzo has over 4 million account holders in the UK and was valued at over £2 billion in June last year following a £113m funding round. Let's Talk Business 25 November 2020 . You can find out more about how FSCS protection works and see Monzo … Customer accounts are kept segregated from Monese's own accounts and their customer would receive 100% of their balance back if Monese go bust. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. The latest misinformation are whispers being spread about the supposed imminent collapse of digital banks, Revolut and Monzo. It's available for a £5 monthly fee. Read our cookies policy. RCI Bank. Monzo posted a loss of £114m in the 12 months to February - up from £47m And for Monzo customers, money in your Monzo account is fully protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). Like Starling, Monzo is a fully licensed bank, so should it go bust, your money is covered by the FSCS. Photo: Monzo Tom Blomfield, the founder of startup bank Monzo, is leaving the company at the end of the month, citing struggles with pandemic-related stress and frustrations leading a large bank. Are you sure you want to mark this comment as inappropriate? account is fully protected up to £85,000 by the, Spreading false information about the precarity of banks is particularly dangerous; it can lead to what’s called a. Monzo. Going overdrawn costs 50p a day after the first £20. Monzo has consistently noted that, as a fully licensed bank, customer deposits are protected up to £85,000 by the UK government's Financial Services Compensation Scheme. This means that, should the provider go bust, your money is protected and won't be lost. 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Not all failures involve banks going bust. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. How Apple Card, Revolut, Monzo and Starling signal the future of banking March 27, 2019 By discountbonus_sd3n3h Arguably the most radical unveiling at last night’s Apple event wasn’t its Oprah-endorsed new Apple TV Plus offering or its indie-friendly Apple Arcade gaming platform, but Apple Card , its new attempt at reinventing the credit card. READ MORE: Monzo re-launches £5-a-month 'Plus' account. In March, CEO Tom Blomfield - who has since moved on to take up the role of president - hit out at rumours about an imminent collapse, insisting "Monzo is not going bust". But that’s not to say your money isn’t safe in a Revolut account. Photo: Monzo Tom Blomfield, the founder of startup bank Monzo, is leaving the company at the end of the month, citing struggles with pandemic-related stress and frustrations leading a large bank. Monese is not part of the FSCS scheme. In March, CEO Tom Blomfield - who has since moved on to take up the role of president—hit out at rumours about an imminent collapse, insisting "Monzo is not going bust." Shares down 87% in just over a year and then customers queue to pull savings amid WhatsApp rumours. The FSCS is an independent fund set up by the government to help protect people’s money. British digital bank says account information was wrongly stored on internal system {{#verifyErrors}} {{message}} {{/verifyErrors}} {{^verifyErrors}} {{message}} {{/verifyErrors}}, Monzo CEO foregoes salary and offers staff furlough, Why bitcoin's bumpy revolution is only just beginning, You may not agree with our views, or other users’, but please respond to them respectfully, Swearing, personal abuse, racism, sexism, homophobia and other discriminatory or inciteful language is not acceptable, Do not impersonate other users or reveal private information about third parties, We reserve the right to delete inappropriate posts and ban offending users without notification. : 16651: 20 January 2021, 8:54 am Monzo cofounder Tom Blomfield dangerous fake news is when ’! People have written so far, and why do not subscribe to Independent Premium Revolut: coverage..., affirming: “ Monzo is a fully licensed bank, so should it go bust ''... 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