Monzo Bank – pros and cons

Monzo is a mobile app based bank that was set up in 2010 in the UK. It was set up to give people an alternative way to bank, so they can manage their money on an app.

You are able to get personal and business banking with Monzo so you can manger your personal money and business transactions.

To open a Monzo Account, go here: Monzo Bank Account.


Monzo provides you with all the regular banking facilities such as paying for goods online or in stores, setting up direct debits and having your wage paid into.

In addition, you have some extra features such as Pots, that lets put money aside for saving. You can decide how much money you would like to save each month. Monzo also has budgeting tools to help you manage your spending.

Pros of Monzo

  • You can manage your money securely on the Monzo app.
  • Monzo has a free Account available with no monthly fees.
  • You do not have to pay any foreign currency exchange fees. There are no foreign transaction fees either.
  • Monzo enables you to set up standing orders, have your wages put into your account and pay for goods in stores and online.
  • Check your balance at anytime, pay in and receive money with the Monzo Card.
  • Monzo is also FSCS protected in the UK to the value of £85 000.
  • There is not a charge for using ATMs.

Cons of Monzo Bank

  • There are fees and charges to pay, as with all banks.
  • You can only spend what is in your account as Monzo is a debit card.
  • There are no physical branches as Monzo is an app based bank account.
  • You are charged a pound for depositing cash at any PayPoint location.


Monzo is an app based bank that enables you to manage your money. They have a personal and business account available. You are able to do all your regular banking activities such as making payments, setting up a standing order and having your wages paid into.

If you wanted a simple to open and easy app based account to manage your money, then you will get that with Monzo Bank.

Open a Monzo Bank Account, go 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.

Rate this post
Scroll to Top