Monzo Bank Review – The best online bank for your smartphone in 2022?
monzo started life in 2016 as a pre-paid
mastercard that could be topped up by
its app and used to make free
withdrawals abroad now it’s a fully
fledged digital bank monzo markets
itself as a bank that lives on your
smartphone and now has more than four
million customers around the world which
is incredibly impressive now there are
no physical real-life monzo branches the
only way to set up and manage your monzo
current account is through the
smartphone app
now you will need to download the app of
course on either your apple or android
device monzo currently offers a range of
accounts including personal joint and
business accounts as well as an account
specifically for 16 to 17 year olds to
build their money management skills the
monzo current accounts offer all the
usual services such as receiving your
salary setting up direct debits and
standing orders withdrawing cash with a
contactless credit card and transferring
money so nothing revolutionary there
what is more exciting is that monzo
customers can also access a range of
extra features to help them manage their
finances
such as the salary sorter which breaks
spending savings and bills there’s also
saving pots where you can separate your
savings for individual goals and round
up spare chain so that might help you
save a holiday for example there are
also instant spending notifications so
you can see what’s leaving your account
and where it’s going to in real time
customers can apply for loans via them
on zoe app as well with 7.5 apr on loans
between seven thousand and fifteen
thousand pound and twenty two point
three percent apr on loans up to seven
thousand pounds monzo also boasts free
overseas cash withdrawals in the
european economic area and up to two
hundred pound per month fee free
elsewhere
after that there is a three percent fee
charles on any withdrawals in addition
monzo customers can switch their energy
providers through the app and can earn
up to 50 pounds in bonus credit monzo
recently launched its own buy now pay
later scheme with monzo flex although
i’m not a fan of buy now pay later
services of any kind even if they are
launched by an innovative digital bank
for those looking for savings accounts
then monzo has three different options
for you has an easy access savings pot
with up to 0.1 interest you can get a
flexible isa with up to 0.95 interest
and there is a fixed term savings pot
with up to 0.93
interest
monzo is rated excellent on trustpilot
getting 4.5 out of 5 stars across more
than 17 000 reviews 80 of the reviews
rate the challenger bank is excellent
site in a good user experience and
helpful budgeting features however
eleven percent of reviewers rate monzo
as bad citing poor experiences with the
live chat customer service and
occasional issues with accounts being
closed at short notice there are a few
alternatives to monzo if you decide it’s
not for you for example revolut which
offers free card transactions in 120
countries fee free transfers at the
interbank rate in 23 countries and free
atm withdrawals up to 200 pounds a month
which is slightly cheaper than monzo now
the other major competitor is starting
of course which is another digital bank
now starting lets you set savings goals
and offers interest on your balance at
0.005 up to balances of 85 000 pounds
and you can apply for a bigger overdraft
with styling than you can with monzo
but overall monzo is one of the leading
challenger brands and app only banks in
the uk its app is simple to use and has
great functionality but do be aware of
the occasional technical issue in august
2019 monzo earns 480 000 customers to
change their passwords after a bug
allowed unauthorized staff to have
access to them for a period of six
months but that is really the exception
rather than any kind of norm however it
did reassure customers at the time that
there were no recorded instances of
fraud however monzo appears to be
upfront with its customers and updates
them regularly through its blog app and
social media accounts and it’s
incredibly popular if you go online and
look at any kind of community or review
so ultimately monzo is a handy and
versatile app that makes banking far
more friendly understandable and
approachable so remains a popular choice
for those looking for a modern way of
banking which helps them to take control
of their spending and help them to start
saving
for more information on monzo’s fees any
offers that they have any features how
it compares to its competitors then head
over to the full independent review on
the money to message website and of
course you can find a link to that
review in the notes below this video
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