We're here and ready to keep supporting you with your money. Any eligible money in your Monzo account is fully protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).
Coronavirus and the illness it causes, Covid-19, could affect you in many different ways. And if you are affected by coronavirus, it could also impact your income, your finances, and how you're able to manage your money.
That's why we want to reassure you that:
We're well-equipped to keep Monzo running and support you, even if we can't make it to the office
We're here to help if coronavirus is affecting your money
Eligible money in your Monzo account is protected up to £85,000 by the Financial Services Compensation Scheme (FSCS)
We're keeping an eye on the situation as it changes to make sure we keep looking after our customers and our team. And we'll update this post with any changes.
Your money in Monzo's protected up to £85,000 by the Financial Services Compensation Scheme (FSCS)
We're here to keep Monzo running and support you with your money during the coronavirus outbreak.
Eligible money in your Monzo account is fully protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). That means if Monzo (or any bank or building society) ever went out of business, you’d get your money back up to £85,000.
We're supporting our team, so we can keep supporting you
We're prepared to make sure we can keep giving you the support you need, while keeping our team safe and healthy.
Many of us who work at Monzo routinely work from home anyway. So we're especially well-equipped to keep Monzo running as usual, even if we can't make it to the office.
We're here to help you as usual, now and in the future
We're here to support you if you're affected by coronavirus
We have specialist teams dedicated to supporting you if you're having difficulties managing your money. And these teams are already well-equipped to talk to you about how health and financial difficulties might impact your money and your Monzo account.
We have specialists in three areas:
Financial difficulties: If you're struggling with debt or in financial difficulties
Vulnerable customers: If your personal circumstances are making things difficult and affecting the way you manage your money
Bereavements: If you've recently lost someone and it's affecting your money, or you lose someone who was a Monzo customer
And we're here to help if you're in financial difficulties
Coronavirus could have an impact on your financial situation. So if you find yourself struggling with money, there are a number of organisations out there that offer free, independent and impartial advice.
If you have an overdraft or loan with Monzo and you're struggling to manage your borrowing with us, please reach out to us through the app and let us know.
There are lots of things we could do to support you, like giving you extra time to make repayments or working with you to set up repayment plans.
We're doing extra things to support you
We have an internal response team dedicated to supporting you and getting you the right information
We've set up a response team to coordinate our customer service staff and make sure they have the most up-to-date advice and travel information issued by the government.
We're monitoring the amount of questions you have about coronavirus
We're keeping an eye on the number of questions you're asking us about coronavirus, so we can make sure we have enough staff in the right areas to help you.
We have a training and hiring plan in place in case we need to scale up our specialist support teams quickly
If more and more of you need to reach out to us for help, we'll make sure we have enough people trained and ready to support you.
We've updated some of our processes to consider unusual circumstances that might come with the outbreak
We've reviewed our guidance for supporting you if you're in difficulties abroad. And if we can't help, we've made sure we know the best most up-to-date organisations and information to point you to.
We've published guidance and tips on how to avoid scams about coronavirus
Unfortunately some fraudsters are taking advantage of the coronavirus outbreak. And as the BBC reports, we're seeing a number of new scams related to coronavirus.
So we've summarised the guidance published by the FCA (the Financial Conduct Authority, which regulates banks), and shared some tips to help avoid them.
Read how to avoid scams about coronavirus.
What to do if you're affected by coronavirus
It's important to let us know if you're affected by coronavirus and it's having an impact on your finances, especially when it comes to borrowing money and getting into debt.
If you're worried about your Monzo account because you've been affected by coronavirus or you're supporting someone who is, please get in touch with us:
Reach out to us through the app
Call us on 0800 802 1281 if you're in the UK, or +44 20 3872 0620 if you're abroad.
If you have any other questions or concerns about your money, the Money Advice Service offers free and impartial support.
And the Financial Ombudsman Service’s coronavirus page also has some useful information for consumers.