Hello,
I linked my Monzo Bank account with Freetrade. Now I do not have any concerns with sending money from Monzo to Freetrade.
However withdrawal is a difference story since Monzo is known for freezing accounts when receiving bigger sums.
Now I havent invested any money yet and just topped up a low amount to link the account.
My question if I would invest bigger sums from monzo and then would wanna withdraw it to a legacy bank account later down the line would that still be doable?
Or should I change the bank account now before I invest?
Monzo will freeze your bank account if it suspects you are committing fraud, not because you’ve received a large sum of money through your account. I’ve regularly had large sums of money through my account and I have never had an account frozen. If you’re that worried about it, let them know in chat before it arrives.
Well thats good to hear. I guess since Monzo is a very open bank online you hear more about random freezing of accounts. Not sure when their algorythm kicks off.
I only know one person who got it frozen without a reason.
I guess by the time I withdraw my funds out of my stocks monzo is a legacy bank.
Hello, since support here takes a really long time and I need to get the money before tax year ends in the UK I wanted to know how to get my money in the account.
When I logged into the app the first time I used my debit card to pay the monthly fee. And it took my credit card as my linked account. I tried the manual transfer copying the details provided and the money still hasnt arrived to my account (over 24hours passed).
Thanks @jasejase for the welcome. I did, I have no problem with the waiting time under normal circumstances. But wanted to get the money before tax year ends and the estimated response time might be well over it and yeah that’s on me… But perhaps someone here knew a way of making it work? I though that maybe there was a way of changing the linked bank account (which for some reason is my credit card).
No, there’s no way for you to change your linked bank account on your own, it has to be done by Freetrade customer service. I wanted to switch bank accounts a while ago and was asked to send in a bank statement to prove ownership of the account that I wanted to switch to.
You might be able to use Google Pay or Apple Pay to get a small amount of money into your account quickly.
I hope that Freetrade have anticipated a surge of deposits at the end of this tax year and the beginning of the new one and have all hands on deck to verify accounts and transactions!
I’ve already sent an e-mail to Freetrade but am also trying to find an answer online. Historically I have regularly been able to topup my Freetrade account from my linked HSBC bank account without any issues whatsoever but since yesterday I keep receiving a message saying that the service is temporarily unavailable. I’ve just spent a lot of time on the phone to HSBC and they tried several things and are now adamant that the issue must be on Freetrade’s side. I can’t say for certain but I’m pretty sure this is since Freetrade forced me to update the app. I have also tried the App on a different device with exactly the same result. Anyone else having this issue? Any ideas how to resolve it?
Doesn’t fix your issue but I just do manual bank transfers and it’s more or less instant. Scroll to the bottom of this page. Make a note of your unique account reference and then you can top up anytime without going on the freetrade app
I have had this issue with HSBC this week with other transfers (to a friend for example). So it could be on their end. Just came up ‘service is unavailable’.
Thanks but are there different versions of the app for different versions of Android or something as I cannot see anything that looks like that screen or any mention of the manual top up option, (I’m on Android 11)?
Lots of help from Freetrade but basically my issue was down to a temporary planned outage on their banking partner. This evening when I tried to top up it was again working perfectly.
I linked a bank account to my Freetrade account but it looks like the Bank account I linked isn’t able to send any money transfers. I can’t seem to find a way to remove the bank account from my Freetrade account. Can somebody help.
