Monzo Bank was the initial mobile-only bank to be set-up in the UK in 2010. It aimed to change the way people banked and providing app based banking for people to manage their money and making it easier for customers to make decisions about their finance.
Monzo offers banking services including personal and businesses banking. If you would like to open a Monzo Account, go here: Monzo Bank Account.
Features
Monzo has all the regular banking features as well as some additional tools like Pots, that lets you put money aside for saving. You can choose how much money you would like to save each month and they will also help you track your spending with their budgeting tool, so you know if you are going beyond your budget or not.
Pros of Monzo
- Monzo Bank is an app based bank that helps you manage your money securely and easily.
- There is a free Monzo Account available with no monthly fees.
- There are no foreign currency exchange fees. You don’t have to pay for foreign transaction fees either.
- With Monzo you can set up standing orders, have your wages put into the account and pay for goods in stores and online.
- You can check your balance at anytime, pay in and receive money with your Monzo Card.
- Monzo is FSCS protected in the UK to the value of £85 000.
- There is no charge for using ATMs.
Drawbacks of Monzo Bank
- As with all banks there are fees and charges to pay.
- As Monzo is a debit card, you can only spend what you have in your account.
- Monzo is an app based account so there are no physical branches.
- There is a pound charge for depositing cash at a PayPoint location.
Conclusion
Monzo Bank is an app based bank account that lets you carry all the usual functions of a bank such as making payments, having your wages paid into and saving money. So, if you wanted a simple but good app based banking then Monzo is a good option.
To open a Monzo Bank Account, go here: Monzo Bank Account.
Additional Information
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Money Advice Service
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