With more than 3 million customers around the world, Monzo have embarked on a remarkable rise since they first launched back in 2015.
After initially providing basic banking services through their mobile app and prepaid debit cards, they were approved for a full banking licence in 2017 and have never looked back.
In this Monzo review, we’ll take a closer look at what accounts are available, their features, and how they compare to the rest of the competition.
Whilst almost all of the leading challenger banks provide basic current accounts to customers, Monzo offer a huge range of account types to help cover all of your banking needs.
Manage your personal finances through Monzo’s flagship current account. This free Monzo bank account can be setup in minutes and allows you to manage your cash from their market leading mobile app.
Create a 360 degree Monzo business bank account and manage your essential company finances online. As a Xero and FreeAgent compatible business bank account, Monzo can help you to streamline your company accounts in minutes.
Looking for a future-proof bank account to share with someone else? Monzo joint bank accounts are perfect for pairs looking pool their pounds. With full banking access provided for two people, you’ll each need an individual Monzo account to access joint banking features.
The Monzo bank account for young adults has all of the fantastic features of an 18+ account including contactless debit cards, online banking and holiday cash withdrawals. You’ll only have 18+ activities restricted such as spending on gambling.
Monzo current accounts come with a huge range of benefits to help make day to saving and spending that little bit easier. Here’s a look at some of their most popular features:
You’ll be able to open and use your Monzo current account completely free of charge but there are a few fees and limits that are worth knowing about. You’ll only be able to withdraw up to £200 per month for free when abroad with additional withdrawals carrying a 3% charge.
You will also be able to use the first £20 of your overdraft without any costs at all, however anything above this will see you pay an easy and transparent 50p per day for the privilege.
Yes, Monzo is regulated and authorised by the FCA (Financial Conduct Authority) in exactly the same way as any other high street bank.
Nothing! Monzo offer a highly rewarding and accessible current account completely free of charge. Other accounts such as Monzo business bank accounts may incur a small fee.
Yes. All Monzo accounts are protected by the Financial Services Compensation Scheme, ensuring that your cash is fully covered up to £85,000.
It’s all well and good looking at how great Monzo are, but now it’s time to compare their features against one of their closest competitors.
|Number of account types||4||3|
|Current account fees||Free for personal banking||£0 – £14.95 per month depending on account|
|Cash withdrawel limits||£400 per day from ATMs with no monthly limit||£300 per day from ATMs with no monthly limit|
|Overdraft charges||Free up to £20. 50p per day for any amount above this.||No credit facilities available|
There’s no doubting that Monzo have played a huge part in revolutionising the UK banking sector with their huge investments in developing online and mobile banking. As a bank which prides itself on engaging with its banking community of customers, they’re always looking for new ways to improve their banking and bring new products to market.