Monzo In-depth Review 2019 | Read BEFORE You Join - CreditRaters.com page

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.

Types of Accounts

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.

  • Current Accounts
  • Business Accounts
  • Joint Accounts
  • 16-17 Accounts

Monzo Current Accounts

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.

Monzo Business Accounts

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.

Monzo Joint Accounts

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.

Monzo 16-17 Accounts

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.

Key Features Of Monzo

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:

  • Instant access overdrafts that you can apply to your account with the click of a button (subject to status)
  • Fast transfers to help you move money in minutes
  • Contactless MasterCard debit card with every account
  • Secure mobile app banking to keep your cash safe
  • Get early access to your wages as soon as your BACS transfer is authorised
  • You’ll also be able to open other Monzo accounts or tie your individual account with someone else to give you shared banking facilities.

FAQs

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.

Monzo VS Monese Comparison

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.

MonzoMonese
Number of account types43
Current account feesFree 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 chargesFree up to £20. 50p per day for any amount above this.No credit facilities available

Monzo Review – Conclusion

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.