Monzo Review – Overall score 9.6
Monzo is a digital bank that offers a mobile app with a user-friendly interface, transparency in pricing, and innovative features such as Pots and Monzo Flex. With no hidden fees, no foreign exchange fees, and fee-free ATMs, Monzo makes it easy to manage your finances and make international transactions. Pots allow you to create separate savings accounts with specific goals, and Monzo Flex offers flexible payment options for eligible purchases. While there have been occasional issues with customer support and technical glitches, Monzo is widely regarded for its safety, convenience, and innovative banking experience.
What MoneyZoe appreciates about Monzo:
What MoneyZoe considers as areas for improvement:
Banking Made EasyA full UK bank account from your phone, for free.
One of the standout features of Monzo is its budgeting and spending tracking tools. The app provides a detailed breakdown of your spending, including categorization of your transactions and alerts when you’re close to reaching your budget limits. Monzo also offers a “pot” feature, which allows you to set aside money for specific savings goals or expenses.
Another feature of Monzo is its strong focus on customer service. The bank has a 24/7 in-app chat service and a network of “Monzo community events” where customers can meet and ask questions. Monzo also has a reputation for being responsive to customer feedback and regularly releases updates to its app based on user suggestions.
Overall, Monzo is a convenient and user-friendly mobile bank that offers a range of useful features for managing your finances and budgeting. Its focus on customer service and responsive app updates make it a popular choice for many users. Monzo is it currently operates in the UK and USA.
Monzo Easy Access Savings is a savings account offered by Monzo Bank, a digital bank based in the United Kingdom. The account is designed to be a simple and convenient way to save money, with no minimum deposit or balance required and no fees for withdrawing your funds.
Some of the main features of the Monzo card
- Mobile banking: Monzo offers a mobile banking app that allows you to manage your finances on the go, including checking your balance, making payments, and tracking your spending.
- Budgeting tools: Monzo includes a number of budgeting tools to help you manage your money, such as automatic categorization of your spending, customizable budgeting goals, and alerts when you’re close to reaching your limits.
- Real-time notifications: Monzo sends you real-time notifications for every transaction you make with your Monzo card, helping you stay on top of your spending and avoid overcharges or fraudulent activity.
- Contactless payments: You can use your Monzo card to make contactless payments at merchants that accept this payment method.
- Foreign exchange: Monzo offers competitive exchange rates and doesn’t charge any fees for foreign currency transactions, making it a convenient option for travelers.
- Security: Monzo uses advanced security measures to protect your account and personal information, including encryption, fraud monitoring, and the option to freeze or unfreeze your card if needed.
- Overdraft protection: Monzo offers overdraft protection to help you avoid accidentally going into the red, with customizable limits and fees based on your needs.
- Monzo Flex: is a better way to pay later spreading the cost of almost every transactions. If eligible it’s interest free over 3 instalments. Or there’s 6 or 12 instalments at 24% APR representative (variable) if needed more time to pay off.
- Saving: With Monzo you can earn up 4.00% (AER/Gross fixed) interest on your savings. That’s on a 12-month Fixed Pot with a £500 minimum deposit to open. (Fixed means the money will be locked away for 12 months while you earn interest on it.) or also Monzo offer an Easy Access Savings too, which let you get your money the next working day!
- Customer service: Monzo has a team of customer support representatives available to help you with any questions or issues you may have with your account.
Saving with Monzo
The account Easy Access Savings is designed to be a simple and convenient way to save money, with no minimum deposit or balance required and no fees for withdrawing your funds.
Here some key features of Monzo Easy Access Savings include:
- High-interest rate: Monzo Easy Access Savings currently offers a competitive interest rate, which is higher than many traditional savings accounts.
- Instant access to your savings: You can withdraw your money from your Monzo Easy Access Savings account at any time, which let you get your money the next working day!
- Automatic saving options: Monzo offers round-up saving an automatic saving options which rounds up your purchases to the nearest pound and saves the difference.
- Monzo accounts are covered by the FSCS. That means up to £85,000 of the money in your account is protected.
- User-friendly Mobile App
- Spending Insights and Budgeting Tools
- Pots to earn Interest
- Transparent Pricing
- Monzo Flex
- Free plan
- Poor Exchange Rates When Abroad
- Unexpected Account Closures
- Occasional Customer Support Issues
