Monzo Reivew: Pros and Cons – Any Flaws?

Monzo is a full bank account that you manage via an app on your mobile. If you open a Monzo Business account, then you can also have access to it through your laptop and desktop.

Monzo banking

They offer a rang of bank accounts including personal, business, joint and 16-17 account.

With Monzo you spend, save and manage your money.

Monzo is regulated by the Financial Conduct Authority (FCA), in the UK. And, it is FSCS protection from the UK government.


  • Personal Accounts
  • Joint Accounts
  • Business Accounts
  • Monzo 16-17
  • Monzo Overdraft
  • Monzo Flex – Buy Now and Pay In Instalments
  • Additional Features
  • Cons
  • Flaws
  • Conclusion

Personal Accounts

Monzo offers a full bank account that you can open for free with your mobile using an app. For the personal Account, Monzo offers a choice of three, these are: Current Account, Monzo Plus and Monzo Premium.

Monzo Current Account

Pros include:

  • Free.
  • FSCS protected.
  • Free UK bank transfers.
  • Pots for separating money.
  • Instant notifications.
  • Spending categories.
  • Apple Pay and Google Pay.

Monzo Plus Account

Pros include:

  • £5 per month.
  • Includes everything in the Monzo Current Account.
  • If you have any accounts with different banks, you can manage them all from Monzo Plus.
  • Holographic card.
  • Custom categories.
  • Advance roundups.
  • Get paid 1.00% AER/Gross (variable) interest, up to £2, 000.
  • Virtual cards.
  • Credit trackers.
  • Auto-export transaction.
  • Offers.
  • Free withdrawals abroad, up to £400 free, every 30 days.
  • 1 free cash deposit a month.

Monzo Premium Account

Pros include:

  • £15 per month.
  • Includes everything in the Monzo Plus Account.
  • Metal card.
  • Phone insurance.
  • World-wide travel insurance for you and your family.
  • Interests on balance and regular pots.
  • Discounted airport lounge access.
  • Free withdrawals abroad, up to £600 free, every 30 days.
  • 5 free cash deposits a month.

Get a Monzo Personal Account, here: Monzo Personal Account.

Joint Accounts

If you both got your personal accounts already. You can quickly and easily open a Joint Account in a few minutes, without needing further documentations.

You can keep your personal accounts and cards and Monzo will send you over new cards for your Joint Account.

You can track both persons’ spending and set spending budgets.

Business Account

You can manage all your business banking needs with Monzo Business Bank Account, starting at no monthly fees.

You can open an account from your mobile phone.

It includes free instant UK bank transfers. You can set money aside with Pots, for instance to pay bills or for marketing budget.


With Monzo Business you can get mobile and web access.

you can also integrate accounting software such as Xero, QuickBooks and FreeAgent.

Get get an account and more information, here: Monzo Business Account.

Monzo 16-17

Monzo 16-17 Account is for 16-17 year olds.

This is a full UK Account, sort code and account number. It comes with a debit card. That has Google Pay and Apple Pay capability.

You can use this card around the world and they will not charge you if you go into overdraft by error.

Get a Monzo 16-17 Account, here: Monzo 16-17 Account.

Monzo Overdraft

If you are eligible, you can get an overdraft of up to £1, 000. Overdraft is charged at 19%, 29%, 39% EAR (variable), depending on how much you are given.


They will not charge you extra fees, if you go over your overdraft by error. They will inform you and let you know.

Monzo Flex – buy now and pay in installments

If you apply for Monzo Flex’s interest free credit, you can buy now and pay back in 3 instalments at 0% interests.

Or you can pay back in 6 and 12 instalments at 19% APR (variable).

Additional Features

Here are some additional features available with Monzo.

Salary SorterYou can allocate portions of your salary for spending, bills and saving.
Spending PotsYou can separate pots of money and put it aside.
Energy Switching If you switch energy through the Monzo app, you will get up to £40 credit.
Get Paid EarlyYou can use this feature to get your salary or student loan paid a day early.


  • Cash deposits cost £1.
  • You can only deposit cash at PayPoint locations.
  • Cannot accept international payments.
  • You can only deposit between £5 – 300 at a time.


  • For the Personal Account, you are unable to do full banking on the internet without an app. If you’ve lost your mobile, damaged your mobile or the battery goes, then you cannot jump onto the laptop or desktop to do your banking. There is a facility for this with the Business Accounts
  • You can only deposit up to a £1, 000 in cash every rolling 180 days. So, that’s £2, 000 per year.


Monzo is a good app based bank. It is a full bank and FSCS protected. They have useful features like Pots and Salary Sorter to help you with you budgeting.

It might have been better if it was fully web based and app based for the Personal Accounts.

But you can manage all your banking effectively from the app.

Get a Monzo Account, here: Monzo Bank Account.

Additional Information

If you are interested, check out: Best Bank Accounts for Bad Credit.

If you are looking for the best SIM only deal, read out article: Best SIM Only Deals UK – best SIM only plans available

If you are looking for a web domain, check out Google Domain, here: Google Domain.

If you are looking for advertise on the web, check out Google Ads, here: Google Ads.

Money Advice Service
For debt management and advice on how to pay for bills go here: Money Advice Service info page.

If you are looking for home insurance, read our article: Home Insurance – Compare Cheap Quotes.Rate this post

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