Monzo Review
Comprehensive review and analysis of Monzo's digital banking services
Quick Facts
- Founded
- 2015
- Head Office
- United Kingdom
- Active Customers
- 7+ million
- Total Funding
- £800 million
- Employees
- 2000+
- App Store Rating
- 4.8/5
Pros & Cons
Pros
- Excellent budgeting tools
- Easy bill splitting
- Instant notifications
- Fee-free spending abroad
- Savings pots
- FSCS protected
Cons
- Limited availability outside UK
- Cash deposit fees
- ATM withdrawal limits abroad
- Some features require premium accounts
Supported Countries
- United Kingdom
- United States (Beta)
Fees
- Basic Account Free
- Monzo Plus £5/month
- Monzo Premium £15/month
- Cash Deposits £1 per deposit
- Foreign ATM Free up to £200/month, 3% after
Overview
Monzo has been at the forefront of UK digital banking since 2015. Known for its coral-colored cards and innovative app features, it has grown from a prepaid card service to a full-featured digital bank with comprehensive personal and business banking solutions.
Key Highlights
- UK Pioneer: Leading digital banking innovation
- Community Focus: Strong user community
- Smart Features: Advanced budgeting tools
- Business Banking: Comprehensive business accounts
- Open Banking: Integration with other services
- Continuous Innovation: Regular feature updates
Market Position
- Leading UK digital bank
- Strong focus on personal banking
- Expanding business services
- Innovation in financial management
Key Features
Banking Services
- Full UK current account
- Physical and virtual debit cards
- Direct debits and standing orders
- Get paid early
- Instant notifications
- Spending insights
Budgeting Tools
- Spending categories
- Custom budgets
- Salary sorter
- Bills pots
- Shared tabs
- Receipt capture
Savings Features
- Savings pots
- Round-ups
- Interest-earning pots
- FSCS protection
- Easy access savings
- Fixed-term savings
Security Features
- Face/fingerprint login
- Instant card freezing
- Gambling block
- Location-based security
- Pin viewing
- 24/7 fraud monitoring