Now its a fully fledged digital bank monzo markets itself as a bank that lives on your smartphone and now has more than four million customers around the world, which is incredibly impressive. Now there are no physical, real life monzo branches. The only way to set up and manage your monzo current account is through the smartphone app. Now you will need to download the app of course on either your apple or android device. Monzo currently offers a range of accounts, including personal, joint and business accounts, as well as an account specifically for 16 to 17 year olds to build their money management skills. The monzo current accounts offer all the usual services, such as receiving your salary, setting up direct debits and standing orders withdrawing cash with a contactless credit card and transferring money so nothing revolutionary there. What is more, exciting is that monzo customers can also access a range of extra features to help them manage their finances, such as the salary sorter, which breaks down your salary when you get paid into spending savings and bills, theres also saving pots, where you can separate Your savings for individual goals and round up spare chain so that might help you save a holiday. For example, there are also instant spending notifications, so you can see whats, leaving your account and where its going to in real time, customers can apply for loans via them. On zoe app as well with 7.5 apr on loans between seven thousand and fifteen thousand pound and twenty two point: three percent apr on loans up to seven thousand pounds.

Monzo also boasts free overseas cash withdrawals in the european economic area and up to two hundred pound per month fee free elsewhere. After that there is a three percent fee, charles on any withdrawals. In addition, monzo customers can switch their energy providers through the app and can earn up to 50 pounds in bonus, credit monzo, recently launched its own, buy now pay later scheme with monzo flex. Although im not a fan of buy now pay later services of any kind. Even if they are launched by an innovative digital bank for those looking for savings accounts, then monzo has three different options. For you has an easy access savings pot with up to 0.1 interest. You can get a flexible isa with up to 0.95 interest and there is a fixed term savings pot with up to 0.93 interest. Monzo is rated excellent on trustpilot getting 4.5 out of 5 stars across more than 17 000 reviews. 80 of the reviews rate. The challenger bank is excellent site in a good user experience and helpful budgeting features. However, eleven percent of reviewers rate monzo as bad, citing poor experiences with the live chat, customer service and occasional issues with accounts being closed at short notice. There are a few alternatives to monzo if you decide its not for you, for example, revolut, which offers free card transactions in 120 countries fee free transfers at the interbank rate in 23 countries and free atm withdrawals up to 200 pounds a month which is slightly cheaper Than monzo now, the other major competitor is starting, of course, which is another digital bank.

Now, starting lets, you set savings goals and offers interest on your balance at 0.005, up to balances of 85 000 pounds and you can apply for a bigger overdraft with styling than you can with monzo. But overall monzo is one of the leading challenger brands and app only banks in the uk. Its app is simple to use and has great functionality, but do be aware of the occasional technical issue. In august 2019, monzo earns 480 000 customers to change their passwords. After a bug allowed unauthorized staff to have access to them for a period of six months, but that is really the exception rather than any kind of norm. However, it did reassure customers at the time that there were no recorded instances of fraud. However, monzo appears to be upfront with its customers and updates them regularly, through its blog app and social media accounts and its incredibly popular. If you go online and look at any kind of community or review. So ultimately, monzo is a handy and versatile app that makes banking far more friendly, understandable and approachable so remains a popular choice for those looking for a modern way of banking, which helps them to take control of their spending and help them to start saving. For more information on monzos fees, any offers that they have any features how it compares to its competitors then head over to the full independent review on the money to message website. And of course you can find a link to that review.

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