Monzo is an app based bank account. It is a full bank account that you can manage via an app on your mobile. If you have a Monzo Business Account, you can also get access to it via your laptop or desktop.
With Monzo they offer a rang of bank accounts including personal, business, joint and 16-17 account.
Monzo Bank is regulated by the FCA in the UK. It is also FSCS protected by the UK government.
Content
- Personal Accounts
- Joint Accounts
- Business Accounts
- Monzo 16-17
- Monzo Overdraft
- Monzo Flex – Buy Now and Pay In Instalments
- Additional Features
- Cons
- Flaws
- Conclusion
Personal Accounts
Monzo is a full app based bank account that you can open for free from your mobile. Monzo has three types of personal account, these are: Current Account, Monzo Plus and Monzo Premium.
Monzo Current Account
Features include:
- Free.
- It is FSCS protected.
- Get free UK bank transfers.
- There is Pots for separating money.
- Get instant notifications.
- Spending categories.
- There is Apple Pay and Google Pay.
Monzo Plus Account
Features include:
- £5 per month fee.
- Also includes everything in the Monzo Current Account.
- If you have any bank accounts with a different bank, you can manage them all from Monzo Plus.
- Holographic card.
- Custom categories.
- Advance roundups facility.
- Get paid 1.00% AER/Gross (variable) interest, up to £2, 000.
- Virtual cards.
- Credit trackers.
- Auto-export transaction.
- Get special offers.
- Get free withdrawals abroad, up to £400 free, every 30 days.
- 1 free cash deposit a month.
Monzo Premium Account
Features include:
- £15 per month fee.
- Also includes everything in the Monzo Plus Account.
- Metal card.
- Get phone insurance included.
- Get world-wide travel insurance for you and your family.
- Get interest on balance and regular pots.
- Get discounted airport lounge access.
- Free withdrawals abroad, up to £600 free, every 30 days.
- Get 5 free cash deposits a month.
Get a Monzo Personal Account, here: Monzo Personal Account.
Joint Accounts
If both of you have your personal account already, then you can quickly and easily open a Joint Account with Monzo. It only takes a few minutes, without needing any more documentations.
You can keep your personal accounts and cards. Monzo will send you over new cards for the joint account.
You will be able to track both person’s spending and set spending budgets.
Business Accounts
Monzo has a business account that will enable you to manage all your business needs and it starts at no monthly fees. You will be able to open an account from your mobile phone.
The business account includes free instant UK bank transfers. You can also set money aside with Pots, e.g. for marketing budget or bill payments.
You are also able to intergrade accounting software such as Xero, QuickBooks and FreeAgent.
Get get an account and more information, here: Monzo Business Account.
Monzo 16-17
Monzo 16-17 Account is for 16-17 year olds.
It is a full UK bank account with a sort code and account number. It comes with a debit card. You are able to use Google Pay and Apple Pay.
You are able to use this card around the world and they will not charge if you go into overdraft by mistake.
Get a Monzo 16-17 Account, here: Monzo 16-17 Account.
Monzo Overdraft
You can an overdraft facility of up to £1,000 if you are eligible. Overdraft is charged at 19%, 29%, 39% EAR (Variable), depending on how much you have taken.
You will not charge you extra fees, if you go over your overdraft by error. They will inform you to let you know.
Monzo Flex – buy now and pay in instalments
With the Monzo Flex interest free credit card, you can buy now and pay back in 3 instalments at 0% interests.
Or if you prefer, you can pay back in 6 or 12 instalments at 19% APR (variable).
Additional Features
Here are some additional features available with Monzo.
| Salary Sorter | You can allocate portions of your salary for spending, bills and saving. |
| Spending Pots | You can separate pots of money and put it aside. |
| Energy Switching | If you switch energy through the Monzo app, you will get up to £40 credit. |
| Get Paid Early | You can use this feature to get your salary or student loan paid a day early. |
Cons
Here are some cons with Monzo.
- Making cash deposits cost £1.
- You can only deposit cash at PayPoint locations.
- You are not able to accept international payments.
- You can only deposit between £5 – 300 at a time.
Conclusion
Monzo is a challenger bank and is an app based bank. It is a full bank and FSCS protected. Monzo has useful features including Pots and Salary Sorter to help you manage your money.
The Persona accounts are not web based as well as app based. Only the business account is. However, you are able to manage all your banking effectively via the app.
Get a Monzo Account, here: Monzo Bank Account.
Additional Information
Money Advice Service
For debt management and advice on how to pay for bills go here: Money Advice Service info page.