Monzo has been around for a while now. Since its launch in February 2015, the digital bank has gone from strength to strength, gathering over 2 million customers and adding many new features. At the end of September 2019, Monzo announced they were having a makeover. We take a closer look at the new look and features that make Monzo 3.0 even better than before.
Monzo’s new look
Monzo has gradually rolled out its new dashboard over the last few months. As they note in their blog post, they’ve ‘outgrown’ their old app and are making way for future updates.
There’s another important reason for the change too. As we discuss in our post on 5 Monzo Hacks to Get the Most from Your App, some features are hard to find. Things like their interest-earning Savings Pots and joint accounts weren’t always as clear as they should be.
The new Monzo 3.0 update offers a much cleaner experience than before. It’s an intuitive design overhaul that doesn’t look as cluttered as it did before. After all, the original dashboard was designed around a prepaid card, not the flexible Mastercard it is today.
It’s now easier than before to switch between your different accounts, pots, shared bills and other elements.
A key part of the overhaul is making your funds more visible. It’s now easier than before to switch between your different accounts, pots, shared bills and other elements. You can simply swipe between each one.
The new accounts list also gives you an overview of your financial situation. All you have to do is tap on your profile picture for a breakdown of your money situation. It should help you keep on top of your spending and make it easier to manage your finances.
Shortly after the arrival of the newly updated app, Monzo also unleashed a variety of new features. These include:
If you get paid into your Monzo account, you can now divide up that payment however you like. For example, you could put some aside for bills, some into savings, and leave the rest as spending money. You can use it on any payment greater than £100.
You can now transform any of your Regular Pots into a Bills Pot. This allows you to select a variety of scheduled payments, Direct Debits or standing orders, from your Bills Pot. It currently doesn’t include subscriptions for things like Netflix.
Previously, you needed to put £500 aside to open a Savings Pot. With the new updates, you can open one with as little as £10 and start earning up to 1.15% in interest.
For the future
It’s clear that Monzo has big plans to keep expanding, and this new-look app and additional features are just the beginning. We’ve been impressed with what we’ve seen so far, and we’re excited to see what’s next for Monzo.