The Student Room Group

Monzo account

So I've been seeing quite a few things about Monzo closing down accounts and not returning the money around social media lately. I mainly use Monzo for savings as its got the some good interest for me currently and I really like the pots. I was planning to use monzo for my sfe and use the pots to organise the money around but I'm worried that monzo may close my account if they suddenly see a large amount of money coming in and flag it up. I have a starling account but I cant for the life of me find if they have a savings space and what their interest is and I have to wait a month to open a revolut account.
Just wondering if this is something I should worry about and has any other students who use monzo for their sfe ever had problems like this.
I very much doubt they will immediately shut an account with no prior warning if lots of money is transferred to it. More realistically they'll ask questions, but you should contact them beforehand to be on the same page.
Original post by Carrotsroom
So I've been seeing quite a few things about Monzo closing down accounts and not returning the money around social media lately. I mainly use Monzo for savings as its got the some good interest for me currently and I really like the pots. I was planning to use monzo for my sfe and use the pots to organise the money around but I'm worried that monzo may close my account if they suddenly see a large amount of money coming in and flag it up. I have a starling account but I cant for the life of me find if they have a savings space and what their interest is and I have to wait a month to open a revolut account.
Just wondering if this is something I should worry about and has any other students who use monzo for their sfe ever had problems like this.


Why not open a student bank account for your maintenance loan and to manage your day-to-day living expenses? You would also get a free overdraft facility. The accounts can be opened when your place is confirmed in August, and you'd still be able to keep your Monzo account for savings.

https://www.moneysavingexpert.com/students/student-bank-account/

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