20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
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Monzo Bank Review 2024
Trading platform:
- Plastic card
- Virtual card
- Apple Pay
- Google Pay
Supported Countries:
- UK
Supported
Currencies:
Currencies:
- GBP
Deposit rate:
- 1.16%-1.50%
Deposit insurance:
- £85,000
Summary of Monzo Bank
The Monzo neobank was launched and registered in 2015 in the UK. It is a mobile digital bank, which is supervised by the Financial Supervision Authority and the Prudential Regulation Authority. It offers several account types, including free accounts. There are interest-bearing deposits, overdrafts, loans, and flexes. All features are available on the mobile app, and contactless payment by smartphone and plastic card is possible. Monzo cards are accepted wherever Mastercard is welcomed. Within the UK, withdrawals are free at any ATM. Around the world, you can withdraw up to £200 per month for free, with a 3% fee on this amount.
| 💼 Main types of accounts: | Free, Plus, and Premium for individuals; Free and Pro for businesses |
|---|---|
| 💱 Multi-currency account: | No (sterling only, conversion at MasterCard exchange rate) |
| ☂ Deposit insurance: | Yes (£85,000 per individual or legal entity) |
| 👛️ Savings options: | Intellectual pots and individual tax-exempt savings accounts |
| ➕ Additional features: | Pay bills, split payments, phone, and travel insurance |
👍 Advantages of trading with Monzo Bank:
- Neobank Monzo has a valid license and works under the supervision of state regulators.
- Deposits are protected by the Financial Services Compensation Scheme where the amount of insurance is £85,000 per account.
- Mobile apps are intuitive and functional, work quickly, and are easy to use.
- The bank offers several options for deposits of interest, and the minimum deposit amount is £500.
- You can haven’t been an overdraft of up to £1,000 or take a loan of up to £15,000.
- The app allows you to accumulate information on other accounts and cards by transparently tracking income and expenses.
- There is a virtual and holographic card, a credit tracker, a smartphone, and international travel insurance.
👎 Disadvantages of Monzo Bank:
- The digital bank's services are available only to residents of Great Britain, residents of other countries cannot open accounts at Monzo.
- The free account type is missing some features (e.g., no virtual card and no discounts on custom categories).
- With a free account, you can't make transfers abroad, with paid accounts the limit is £400 or £600 per month.
Evaluation of the most influential parameters of Monzo Bank
Table of Contents
- Geographic Distribution
- Latest Comments
- Expert Review
- Latest Monzo Bank News
- Analysis of Monzo Bank
- Dynamics of the Popularity
- Investment Programs
- Terms for Cooperation
- Detailed Review
- Banking features
- Technical Support
- Social programs
- How to open an account?
- User Reviews of Monzo Bank
- FAQs
- TU Recommends
Geographic Distribution of Monzo Bank Traders
Popularity in
61.8%
GB
3.9%
IN
1.8%
US
1.4%
PK
1%
IT
0.8%
MA
24.3%
Others
User Satisfaction i
3 comments
Total score:
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Expert Review of Monzo Bank
Monzo is the classic type of the modern neobank, it is focused on comprehensive optimization of the client's financial policy, and is equally convenient for individuals and legal entities. Opening an account is free, then you can choose an account of one of three types such as Monzo (no fee), Monzo Plus (£5 per month), and Monzo Premium (£15 per month). For businesses, there is Lite (free) and Pro (£5 per month).
The Traders Union recommends opening a Monzo Plus account, which is inexpensive to maintain and offers important functions, such as in-depth analytics and income/expenses control, unlimited number of pots, and a selection of products from user categories with discounts up to 15%. There's a virtual and holographic card. Note that deposits can only be made in Plus and Premium accounts. Interest in them is quite low at just 1.16%-1.50% per annum.
Monzo is focused strictly on UK residents. Cash withdrawals from ATMs outside the country without a fee can only be up to £200. Transfers to other countries are also limited to £400 and £600 for Plus and Premium accounts, respectively. However, insurance around the world has no limits.
The main advantages of this digital bank are the functionality of the mobile application, the transparent control of finances, high speed of operation, and tight security. Key disadvantages are focus on the UK and serious limitations for free accounts.
Dynamics of Monzo Bank’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets, and Products of Monzo Bank
Monzo provides clients with classic deposits. The deposit shall be made for at least 12 months, the starting amount is £500. The interest rate for the free account and Monzo Plus is 1.16% per annum. For the Monzo Premium account, the rate is 1.50%. Note that deposits are fixed and the allocated amount is frozen for one year, you cannot withdraw it, and you cannot deposit or otherwise interact with the account.
Important!
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Terms for Cooperation with Monzo Bank
The key thing to remember is that the Monzo Digital Bank is available only to people with UK citizenship. However, it is not necessary to reside within UK territory because the bank works all over the world, without restrictions. Its cards are accepted wherever MasterCard payments are relevant. You can also use the Apple Pay and Google Pay payment app. Please find the bank's main parameters in the table below.
| 💼 Main types of accounts: | Free, Plus, and Premium for individuals; Free and Pro for businesses |
|---|---|
| 💱 Multi-currency account: | No (sterling only, conversion at MasterCard exchange rate) |
| 💵 Deposit terms and conditions: | From £500, from 12 months, 1.16%-1.50% per annum, fixed |
| 💳 Loan terms and conditions: | Up to £1,000 overdraft, up to £15,000 credit, with flexes at 0% and 19% |
| ☂ Deposit insurance: | Yes (£85,000 per individual or legal entity) |
| 👛️ Savings options: | Intellectual pots and individual tax-exempt savings accounts |
| 📋 Types of payment: | Plastic card, virtual and holographic card, Apple Pay, Google Pay |
| ➕ Additional features: | Pay bills, split payments, phone, and travel insurance |
Comparison of Monzo Bank with other Brokers
| Monzo Bank | Wise | Bunq | Curve Bank | Monese Bank | CIT Bank | |
| Supported Countries | UK | Globally | Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, | UK and EEA | UK and EEA | USA |
| Supported Currencies | GBP | 54 currencies | Euro (16 European currencies in the Easy Money plan) | 26 currencies | GBP, EUR, RON | USD |
| Deposit insurance | £85,000 | No | EUR 100,000 | No | Yes | $250 000 |
| Minimum deposit | £500 | No | No | No | No | $100 |
| Deposit rate | 1.16%-1.50% | No | 0.09% APY | No | 28.2% | 0.1% -1.4% |
| Loan Rate | 0-19% | No | The bank does not issue loans | No | Individual | От 0.1% |
Monzo Bank Commissions & Fees
Information
Registration is free. Individuals can use the standard account without limitations at no charge for a subscription fee. The Plus account with advanced features costs £5 per month, the Premium account costs £15 per month. Accounts differ in exclusive features and limits. For businesses (legal entities) the Lite account is free of charge, but the Pro account with additional features costs £5 per month.
Withdrawals from ATMs in the UK are free; in other countries, they are free for up to £200, beyond that, a fee of 3% of the withdrawal amount is charged. A commission for international transfers is fixed at €0.5. The commission for international exchange depends on the currencies used and can add 0.35%-2% of the amount converted.
The fee for overdraft transactions is 19%, 29%, or 39% depending on the type of transaction and the credit rating of the client. The fee for a loan of up to £7,000 is 24.3%, for a loan of up to £15,000 is 10.4%. For flexes, the fee is 0% if a short-term deferred payment of 3 payments is selected. For long-term deferred payments, broken down into 6 or 12 payments, there is a commission of up to 19% per annum (calculated individually). The bank doesn't charge any other fees.
We also compared Monzo fees with similar types of fees on other Digital banks.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Monzo Bank | 19-39% | Free in the UK In other countries: - up to £200 - free - beyond £200 - 3% | €0.5 | 0.35%-2% |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Chime Bank | No | No | No | 3% (max.$5) |
Conclusion
The Monzo digital bank provides a full range of modern mobile banking services. It has free accounts for individuals and legal entities. Loans and investments are available. The banking application is easy to use and secure. The bank provides insurance, it is possible to link Monzo accounts with accounts in other organizations. There is comprehensive income/expense tracking and analytics. The bank works with UK residents only.
Detailed review of Monzo Bank
Monzo is among the oldest digital banks in Europe and has been operating for over 7 years. During that time there have been no recorded cases of fraud, disputes, or unresolved situations with clients. The bank provides a one-currency account, so you can keep money on it only in pounds sterling, but when you make purchases in online stores, as well as when you transfer to accounts that accept funds in other currencies, pounds are automatically converted at the current MasterCard exchange rate.
Monzo Bank by the numbers:
-
the company has over 5 million users;
-
81% of customers recommend the bank;
-
£0 for the standard account;
-
up to 1.50% per annum on deposits;
-
0% commission on short-term flexes
You can work with Monzo mobile bank via the internet on your PC or tablet. However, it is more convenient to do it via a mobile application, which can be downloaded from the App Store or Google Play. The application is free and installs in a few seconds. It has a high index of usability and absolute intuitiveness. All settings are ergonomically and logically grouped, data are presented in numbers and diagrams.
Useful features of Monzo Bank:
-
Savings Pots. This feature rounds up the amount you spend for each purchase and transfers the difference to your savings account. You can set it to automatically defer on certain purchases or at specified intervals.
-
Personalized Pots. This feature allows you to create one-click accounts for any purpose and customize them (e.g., utility bills, savings accounts, auto-transfer accounts to relatives, etc.).
-
Traveling with Monzo. The function allows you to pay with the bank's card anywhere in the world as you would with a regular MasterCard. The bank doesn’t charge commissions, only a standard conversion fee at the MC rate.
-
Energy switching. This function automatically switches the customer to electricity suppliers that use renewable eco-resources (if available in the region). It usually works out cheaper.
-
Shared Tabs. A unique feature that allows you to share payments between several accounts. For example, after dinner at a restaurant, a part of the dinner check may be paid by a Monzo customer and apart by his friends from their respective accounts.
-
Joint Accounts. A Monzo customer can combine his account in this bank with accounts in other banks even if they do not belong to Monzo bank. The accounts get a common credit rating.
-
Monzo for 16-17. This account is for teenagers (people under 18). Some functions are limited (credits and overdrafts), and you can set limits on purchases.
Advantages:
1
There are free accounts for individuals and businesses, paid accounts to give extended functionality and increased limits.
2
Plastic, virtual and holographic cards are available; Apple Pay, Google Pay, Stripe payments, and PayPoint's transfers are available.
3
There are individually customizable suites, overdraft protection, credit and flex loan programs, and savings accounts.
4
You can log in to your user account using a personal computer, tablet, or smartphone (the application is available in the App Store and Google Play).
5
Opening an account is free, the user gets all the standard features and round-the-clock technical support (phone, chat, etc.).
6
Deposits of the bank's customers are protected by the FSCS by up to £85,000 per physical or business account.
7
There is a fine-tuned system of notifications and reporting, the application records all expenses/income, and displays them in clear easy-to-read charts.
8
You can set up limits on certain groups of purchases, as well as automate the setting aside of funds and the formation of savings.
9
During the seven-year existence of the bank, it has never been hacked, and the system of protection of funds and data complies with advanced standards.
Types of accounts for individuals and businesses
Account Type
Description
Monzo
Standard free account for individuals. Available for credit, overdraft, and flex. The account is FSCS insured. There are pots, instant notifications, expense categories, Apple Pay, and Google Pay.
Monzo Plus
This requires a monthly subscription fee, and the account is issued for at least 3 months. Interest-bearing deposits are available. Virtual and holographic cards are available, and advanced financial analyses carry discounts of up to 15% on purchases. Free overseas withdrawals up to £400 per month and one free PayPoint deposit are also available.
Monzo Premium
There is a monthly subscription fee, the account is issued for at least 6 mo and has increased interest on deposits, phone, and travel insurance. Free overseas withdrawals up to £600 per month, plus five free PayPoint deposits.
Joint-account
Any Monzo account can be combined with an unlimited number of accounts opened with other banks to form a Joint account. The owner of a Monzo account and the owner of another account do not have to be the same person.
Monzo 16-17
Free account for teenagers, but it has no credit, overdraft, or flex features. But if the customer spends more money than the account has, an interest-free overdraft will be issued automatically. You can set a limit on the amount for different types of purchases.
Monzo Lite
This standard business account is free of charge. It allows simple bank transfers and accepts Stripe payments, has payment links, digital receipts, check payments, and other standard features.
Monzo Pro
The subscription fee of £5 per month. There are tax pots, comprehensive accounting with integration, multi-user access, billing, access to the Xero cloud platform, and exclusive bank partner offers.
Banking features
The main banking functions of Monzo are focused on monitoring the customer's financial policy. The application automatically categorizes expenses by type and gives in-depth and summarized statistics. You can set goals for different periods, and set limits on expenses and income. For example, when one of the pots reaches the set parameters, funds will be transferred to the other pots. You can also set up the pots themselves according to the purposes of use.
Sending and receiving funds within the UK is instant and free, with other countries instant and, in most cases, for a fee. It is possible to send a request for funds to pay directly on the account. The smart savings feature will allow you to keep track of your spending and save the difference in a separate pot. You can set up automatic transfers from a pot to deposits for interest payments. Direct debit can be set up and canceled in literally two clicks.
Note that previously the user’s account on the Monzo website had limited functionality compared to the mobile app, and the main account management was done via smartphone. At the moment, the user account on the site is fully consistent with the mobile account in terms of functions and features.
Technical Support
The Monzo website and mobile app have an extensive "Help" center, which is a basic FAQs section about all the functions and features of the mobile bank. In the same section, there are links to the banking license and registration documents with the Financial Supervision Authority and Prudential Regulation Authority.
If you still have questions, call the toll-free number 0800 802 1281 (UK) or +44 20 3872 0620 (from other countries). Technical support is available via email at help@monzo.com. There is a live chat with support in the mobile app.
Please note that the Technical Support communicates in English only.
Social programs of Monzo Bank
Monzo has no physical offices, and the bank does not invest in fossil fuel companies. It is gradually shifting to energy suppliers who obtain energy using environmentally friendly methods. By 2030, Monzo plans to reduce its carbon emissions to zero. The bank's customers can join its contribution to environmental conservation by using the Energy switching function (available only for regions with eco-energy suppliers).
The company's second social program is the fight against gambling. Customers of the bank can activate the Gambling blocks function for free, which will block all outgoing transactions related to online casino and slot machine servers. So far, over 300,000 Monzo users have taken advantage of this feature.
How to open an account at Monzo Bank
Navigate to the official Monzo Bank website using the browser of your PC and click on the "Register" button in the upper right corner. A QR code will appear on the screen, scan it with your smartphone. You will be automatically redirected to the App Store or Google Play, to the Monzo application page. You can also follow directly to the digital store on your device to download and install the application.
After installation, the Monzo app will ask you to enter your personal data and electronically provide your official identification (e.g., a driver's license). Verification may take a couple of days, but in the vast majority of cases, it is completed on the same day of registration. After a successful verification, you will have full access to your user account on the website and in the app.
The Hot Coral First Class plastic card is free to order and there is no charge for shipping within the UK. This card can be used for all account types. For example, if you switch from a Monzo account to a Monzo Plus or Premium account later on the one card will work just fine. You can order an additional card, such as an exclusive metal card for the Premium account type. The additional card carries a fee.
Monzo doesn’t require additional contracts and secondary checks. In addition to the subscription fee for accounts and standard commissions, there are no fees, and cooperation is 100% transparent. The subscription fee is deducted from the client's main account/pot. Free notifications are sent for all actions with the account.
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FAQs
How does Monzo Bank earn money?
The main income of Monzo Bank is from commissions. You can learn the structure of commissions in detail on the bank's website.
How does Monzo Bank protect its customers?
Monzo Bank uses two-factor authentication, data encryption and other security methods.
Is it possible to check the statistics of expenses?
Monzo Bank provides clients with extended statistics. You can study the detailed information about revenue receipts, expenses, split into different periods of time, etc.
Is it possible to make international payments through Monzo Bank?
Yes. Monzo Bank allows you to make payments between customers in different countries.
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