Monzo Bank

Monzo in-depth review, useful information and user opinions

Monzo Bank

What is Monzo bank?

One of a small number of challenger banks that have shaken up the banking industry, Monzo started out as Mondo – the prepaid card provider. Now, with a full banking license and a change of name, they have almost 3 million customers using their easy-to-spot ‘Hot Coral’ cards.

Monzo users do their banking in-app on Android and iOS devices. They benefit from features like instant transaction notifications, pots for budgeting, and the option to receive their salary early if it’s paid by BACS. Having recently expanded into the US market, Monzo bank has mostly grown by word of mouth and customer recommendation to “make money work for everyone”.

Specifically built for smartphones, Monzo bank’s ethos is to offer an alternative banking solution that helps solve people’s problems. Based in London, the company launched in 2017 and offers a flexible banking service that operates entirely online.

The bank currently offers a Mastercard but is shortly launching a range of other services including Current Accounts, Standing Orders, Direct Debits and Overdrafts.

About Monzo

Monzo, founded in 2015, is a digital mobile-only challenger bank based in London, United Kingdom. Originally named Mondo, the company was started by a team who met while working for Starling Bank, another UK challenger bank. Monzo was one of the earliest of these new app-based banks and holds the record for the fastest crowdfunding campaign in history, raising £1m in just 96 seconds via Crowdcube in 2016.

Monzo was initially granted a restricted banking licence but these restrictions were lifted in April 2017. The bank initially issued customers with prepaid debit cards, but this ended in April 2018 when the current account was rolled out to all customers. Integration with other smart devices, such as Amazon’s Alexa, was added in June.

Monzo reached 1million customers in September 2018.

Monzo Products and Services

Monzo prides itself on listening to customer input and feedback; their user community suggests features; tests beta versions and offers feedback for improvements.

As of June 2018, Monzo customers can make international money transfers via Transferwise.

In-app, Monzo users can manage their money by setting monthly budgets for different outgoings such as eating out or grocery shopping.

Spending is updated in real-time, with notifications sent instantly every time money is spent on the card. Customers can see an overview of their account on demand, sorted by what money has been spent on. The app also sends notifications if customers are in danger of spending too much or going over budget.

Internationally, Monzo works globally and there are no charges for using the card abroad; however, there are restrictions on ATM withdrawals. Up to £200 can be withdrawn over a 30-day period but there is a 3% charge on withdrawals over this amount.

Monzo does not offer what it considers to be ‘obsolete’ features of traditional banking; physical branches and chequebooks. This means that the bank is not necessarily a good solution for those who may still be reliant on cash.

Monzo Security

Monzo is covered by the Financial Services Compensation Scheme for deposits of up to £85,000.

Monzo Bank Contact Details

230 City Road

Telephone: 0203 872 0620

Email: [email protected]

Bottom line
As one of the first app-only players in the UK, Monzo has certainly made a big impact on the new digital banking landscape.
Reader Rating38 Votes3.85
Very simple and quick to open
Low interest rate on savings
Helping the UK make informed banking decisions
  1. The worst bank ever they freeze my…
    The worst bank ever they freeze my account for no reason and they keep telling me specialist is dealing with your account to make matters worst it was 5 days before Boxing Day.
    No one would tell me anything but i think because i transfer money from my other account to this account and right away i send it to 3 of my friends 2 which had Monzo Account not only is account not working but also both of my friends,

    I’m still waiting for the specialist to call!!

  2. 0.1
    Monzo has stole my money

    Don’t use Monzo they cam just freeze your account for no reason they froze my account before Xmas had no money it was all in my Monzo there excuse was one of the teams are looking into the matter 2 weeks still no reply please don’t use them

  3. Monzo has been really good for us. We don’t need all the bells and whistles and we definitely don’t need to visit the branch, so it’s ideal. The app could be a bit more user friendly to be honest, but otherwise it’s fantastic.

  4. Supposed to be a bank but they’re definitely not, it’s just a card and an app but you don’t have a sort code and account number or even ability to make payments to a bank account.

Your email address will not be published. Required fields are marked *

Final Score