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.

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 Β£20, up to a maximum of Β£15.50 a month.

ATM Use

ATM use is free up to Β£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 Β£85,000.

Monzo have a highly regarded safety and app security reputation.

Compare Monzo

ServiceGood ForSavings InterestFCFS ProtectedMore
Monzo
Budgeting, SafetyNoneβœ…More
StarlingBudgeting, Saving0.25% – 0.5%βœ…More
N26πŸŒπŸ’±NoneNoMore
RevolutπŸŒπŸ’±NoneNoMore
Atom BankSaving, Mortgages2.7%βœ…More
TandemSaving2% – 2.4%βœ…More
PlumInvesting, FacebookNoneNoMore
Monese🌏NoneNoMore
LootDaily budgetingNoneNoMore
ChipSaving0% – 5%NoMore

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

Monzo
  • Features
  • Fees
  • Trust & Safety
4.7

Summary

Leading app-based banking service in the UK with a wide range of features.

Company Location

Monzo is based in the UK πŸ‡¬πŸ‡§

Address: 38 Finsbury Square, London EC2A 1PX

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