Monzo: The Bank that Lives on your Smartphone
Monzo, founded in 2015, is a bank that lives on your smartphone. Over 1 million people are now managing their account through the Monzo smartphone app. I’ve been banking with Monzo for over 5 months now so I thought that it was about time that we took a look at all of the features of the Monzo card and app.
How does Monzo work?
Monzo is one of the big players when it comes to digital banking. Using mobile app technology, they are on a mission to streamline your personal finance experience. After you’ve signed up for a Monzo account, you’re issued with a bright orange contactless Mastercard. This card is controlled via the app, and offers instant notifications on each transaction you make. You transactions are then broken down into different categories (bills, groceries, travel, etc.) and displayed in an easy-to-understand format to help you keep a record of your spending habits.
Can I open an account?
UK residents aged 16 or over can apply for a Monzo account. Apply online or through the app, (available in both the App Store and Google Play Store). Once registered, Monzo customers will receive an account number and sort code, enabling them to receive salary payments and bank transfers directly. Signing up for an account does not involve a full credit check and therefore won’t affect your credit score.
Saving money with Monzo
Monzo help you to save up for specific short-term or long term financial goals with their ‘ savings pots’. Your savings can be placed in to different pots for particular purposes (e.g. holiday fund, car insurance, emergency fund). Once in these pots, your saved money won’t appear in your available balance so they can’t be spent accidentally. As an added bonus you’ll also get 1% interest on any savings pot over £1,000. And you can now open an flexible ISA (1.14% interest).
Monzo best bits:
- It’s safe! Monzo has full FSCS protection which provides compensation for the loss of up to £85,000
- A Full UK Current Account, meaning that you can receive money, make direct debit payments and bank transfers and open an overdraft.
- Receive an instant notification when you make a transaction (no waiting 3 days for your bank to display up-to-date account details).
- Send and receive money by sending your own personalised link to friends and family.
- Lost your card? Freeze it instantly using the app!
- Rated as one of the “best buys” for ethical banking by Ethical Consumer.
Sign up and get £5 free credit
A ‘Golden Ticket’ is Monzo’s name for its refer a friend system. Any existing customer can send a link to a friend inviting them to join. Sign up via this link and we’ll both get £5 credit (after you make your first transaction). Referrals are unlimited so you can keep earning by inviting all your friends and family.
I originally signed up to Monzo to get the sign up offer (because free money!) and have stuck with them due to how great their app is. They are branded as the bank of the future and I can’t disagree. With constant recommendations, a great referral scheme and being one of the top ‘ethical financial products’ I can’t recommend them enough!