Monzo Review

What is Monzo?

Monzo is a leading app-based banking service with a wide range of features.

With Monzo you get a Mastercard, instant payment notifications, budgeting and more.

What Features Does Monzo Have?

With a Monzo account you get features including:

• UK bank account number and sort code
• Get your wages/salary paid into your account
• Mastercard for spending and ATM use
• Use your card abroad
• Budgeting features
• Overdraft

UK Bank Account

With Monzo you can sign up and get a UK bank account in just a few minutes.

Once you have an account you can accept payments such as your wages and start using Monzo like any other bank account.

Monzo Card

With Monzo you get access to a debit Mastercard you can use for spending and ATM withdrawals.

Interest Rate

If you have over £1,000 you can put your money into a savings pot and get a 1% yearly interest rate, paid monthly.

Budgeting

Monzo has a wide range of features to help you budget.

Transactions are automatically categorised so you can see exactly where your money goes every month.

In the app you can set monhtly spending budgets for each category to make sure you don’t spend too much.

Set aside money into savings pots and give yourself a spending allowance.

Overdrafts

Monzo provided arranged overdrafts, with a 50p per day charge that your account is overdrawn by more than £20, up to a maximum of £15.50 a month.

ATM Use

ATM use is free up to £200 per month then is chargeable at 3% after that.

Is My Money Safe With Monzo?

Money held with Monzo is FCFS protected, meaning savings are automatically protected up to £85,000.

Monzo have a highly regarded safety and app security reputation.

Compare Monzo

Alternatives To Monzo

If you are looking for an app-based banking service the main alternatives to Monzo are Starling Bank, N26, and Revolut.

Review Summary

Company Location

Monzo is based in the UK ??

Address: 38 Finsbury Square, London EC2A 1PX