Monzo is a mobile bank that serves residents of the United Kingdom since 2015. It offers different types of accounts including current accounts, business accounts and joint accounts.
Monzo complaints: The Financial Ombudsman in the UK received over 1,392 complaints made against Monzo bank in 2020. An investigation by BBC Watchdog Live found out that Monzo has been leaving some customers in financial difficulty after closing their accounts. The independent online complaints resolution service, Resolver, has also received a large number of complaints against bank. If you have issues with the bank, you can join the support Facebook group, Monzo Stole Our Money, which has over 9,000 members at the moment.
What’s Special About Monzo
- Get your salary a day early with no extra fees.
- Use Monzo card abroad where they accept Mastercard. There’re no fees for spending abroad or mark up on the exchange rate.
- Monzo international transfer fees are low because of its partnership with Wise money transfer, formerly Transferwise.
- Overdrafts up to £1,000 and loans up to £15,000.
- Business account with no monthly fees.
- Your money in Monzo is FSCS protected up to £85,000.
- 1 How Monzo Bank Works
- 2 How to Open Monzo Account
- 3 Types of Monzo Accounts
- 4 Monzo Plus Review
- 5 Monzo Premium Review
- 6 Monzo Joint Account Review
- 7 Monzo Business Review
- 8 Compare Monzo Personal Accounts
- 9 Monzo Card Review
- 10 Monzo Bank Fees
- 11 Monzo Supported Countries
- 12 Monzo Bank Customer Service
- 13 Is Monzo Safe?
- 14 Monzo Bank Reviews
- 15 Monzo Alternatives
- 16 More Information
How Monzo Bank Works
Monzo provides current accounts for individual, small businesses or joint customers. Once you open a Monzo current account, you can make cash withdrawals, receive your salary, make direct debits and transfer money. You can also use both Apple Pay and Google Pay with Monzo.
The bank has two savings accounts, Easy access Savings and Fixed Savings. With the Easy Access Savings account, you can earn an interest of 1.15% and withdrawal cash the following day. You only need to deposit 10 euros to open an account. A fixed Savings account allows you to earn an interest of up to 1.5%, but you can only access the money between three and twelve months. During this period, you cannot deposit or withdraw cash from the account.
Monzo’s banking services are accessed only through a mobile app on App Store or Google Play. When you make any transactions using a Monzo card, you will immediately get a push notification to the phone in which the app is running. You can view the map where the transaction took place and the logo of the company that was involved in the transaction. You can also use the app to view historical transactions and also freeze a card when it gets lost.
How to Open Monzo Account
You need to be 16 or older to get a Monzo account. To open the Monzo account, you need to download Monzo app for iOS and Android. You also need to have an email address. The bank will then send you an email so that you can verify the account. You will then be redirected back to the app so that you can enter your name, phone number, date of birth and address. You will then receive a notification message on your phone once you enter your phone number. You will be required to provide a photo ID. You can either use a driver’s license or a passport. Then, you will be required to record a five-second selfie video, which you can redo if the first one doesn’t please you.
Although Monzo is a bank that is primarily in the app, you can access limited features such as freeze your card and last 50 transactions through Monzo bank web login.
Is Monzo bank closing down? Although hundreds of customers have had their Monzo bank accounts frozen without warning or explanation, there is not evidence that the bank is closing down.
Types of Monzo Accounts
You can choose between the six types of account that Monzo offers to be your account of choice. Monzo bank accounts are the following:
- Monzo Current Accounts. There are three types of Monzo current account, which are Monzo account, Monzo Plus or Monzo Premium
- Monzo Plus Accounts. This account gives yo interest on your money, personalised budgeting, credit cards, etc. You must be 18 and above.
- Monzo Premium Accounts. The account comes with white metal card, worldwide phone and travel insurance, etc. You must be between 18-69 to open the premium account.
- Monzo Business Accounts The business account is ideal even for small businesses. Monzo app comes with features such as cloud accounting integration, tax pots and invoicing. You can choose a Business Lite account for free or Business Pro for £5 a month.
- Monzo Joint Accounts. You both need to have a regular Monzo account already. You can also switch your existing joint account to Monzo.
- Monzo 16 – 17 Accounts. A Monzo account with most of the features you get as an adult. Illegal underage transactions such as gambling are blocked.
Monzo Plus Review
The Monzo Plus Account allows you to add your other bank accounts and credit cards so they’re visible in the Monzo app, then categorise transactions like you do with your Monzo account. You can see your balances and transaction history for up to 3 years and move money around with easy bank transfers.
With this account, you can take out up to £400 cash abroad for free every 30 days, earn interest on up to £2,000 in your account balance, see your credit score in the app and how to improve it, get paid early, Monzo virtual card, 1 free cash deposits at PayPoints across the UK, etc.
This is a premium account that costs £15 per month (6 month minimum). You will get the usual banking services plus travel insurance that covers cancellation up to £5,000, medical bills up to £10m, phone insurance (theft, loss, accidental damage, even cracked screens), interest on up to £2,000 in your account balance, discounted access to over 1,000 lounges worldwide for you and your friends, and £600 fee-free withdrawals abroad. You will also be able to add your other bank accounts and credit cards to Monzo.
Monzo Joint Account Review
Monzo Joint Account allows you to pool your money together with someone. Both of you need a regular Monzo account first. After that, opening your joint account takes just a few taps in the Monzo app. There will be no new ID checks or lengthy applications. In addition, you can also switch an existing joint account over to Monzo in just a few taps.
When you open a joint account with someone, you can be jointly credit-scored, and their credit history can have an impact on yours. Regardless of how much you put in the joint account, anything in the account is split 50/50. So make sure you really know and trust anyone you’re planning to open a joint account with.
Monzo Business Review
Online banking Monzo offers business accounts to help small businesses stay on top of their finance. You can open a account for your business from your phone with no monthly fees. For Business Pro account, the monthly fee is £5.
You can apply for a business bank account if you’re a sole trader or a registered limited company by shares (Ltd), based in the UK, and if you’re an Ltd also a tax resident only in the UK.
Some of the best features are the following.
- Free, instant bank transfers (UK only).
- Tax pots that automatically set aside a percentage to go to tax every time you’re paid.
- Integrate Xero, Quickbooks and FreeAgent or export your transactions in CSV, PDF or QIF.
- 6 months Xero free cloud accounting.
- Business debit card.
In October 2021, Monzo launched a new method for Monzo business account holders to request payments. You send your customers a payment link or invoice with a few taps in the app as soon as the job’s done. Here’s how it works.
Compare Monzo Personal Accounts
|Feature||Monzo Account||Monzo Plus Account||Monzo Premium Account|
|A UK current account||Yes||Yes||Yes|
|Your money is protected by the FSCS||Yes||Yes||Yes|
|Get paid early||Yes||Yes||Yes|
|Fee-free UK bank transfers||Yes||Yes||Yes|
|Pots for separating money||Yes||Yes||Yes|
|Apple Pay and Google Pay||Yes||Yes||Yes|
|Fee-free withdrawals abroad||£200||£400||£600|
|Other accounts, in Monzo||No||Yes||Yes|
|Interest on your balance and regular Pots||1.00%||1.5%|
|Free cash deposits at PayPoints across the UK||No||1||5|
|Worldwide travel insurance||No||No||Yes|
|Price||Free||£5 per month||£15 per month|
Monzo Card Review
Once you open your account, you can apply for Monzo virtual card and physical card. You can use your Monzo Mastercard to pay for anything with money from your Monzo account. The first time you use it, you’ll need to pay by Chip and PIN, but after that you can use your card to make online and contactless payments as well. The card is accepted wherever Mastercard is accepted. However, there are some occasional issues in countries like Cuba, Portugal, North and South Korea, and Bulgaria.
Monzo Bank Fees
Monzo bank has many fees that come for free. For example, opening and operating Monzo’s current account is free. Money transfer within the UK is also free. However, there are charges for Monzo international money transfer because Monzo uses Wise, formerly Transferwise, for its international money transfers. Luckily, Wise is one of the cheapest money transfer service.
|Monzo Service||Monzo Fees|
|Opening account and maintenance||No fee|
|Debit card||No fee|
|Card replacement abroad||Delivering card abroad costs £30 for any reason while Monzo Premium customers will pay 80 pounds|
|Card replacement in the UK||Free (if you are a victim of fraud, card is stolen or expired), otherwise you will pay 5 pounds for replacement while it is £50 for Monzo Premium account holders|
|Sending money within UK||No fees|
|Sending money outside UK||Service provided by Wise money transfer|
|Cash withdrawals abroad||Free for up to 200 euros every month. Above that, you will be charged a fee of 3% of the withdrawal amount.|
|Arranged overdraft||Your interest rate is set out in your Overdraft Agreement|
|Unarranged overdraft||33.4% per year|
|Monzo Business Pro plan||£5 monthly fee|
|Monzo Business Lite plan||Free|
|Monzo Plus||£5 monthly fee|
|Monzo Premium||£15 monthly fee|
|Cash deposit||£1 per deposit to pay in cash at any PayPoint|
Monzo Supported Countries
Currently, Monzo is only available to the residents of the United Kingdom. However, the bank is planning to expand to other countries. For Monzo bank US, there is Monzo bank USA waitlist, which you can access as you wait for the bank to launch its operations in the US.
Monzo Bank Customer Service
With Monzo Bank, you don’t need to make a call to the customer service in case you have some issues. This is because the app has a customer chat service. Using the app, you can contact the customer service and get help immediately. In case you want to call Monzo bank phone number is 0800 802 1281 in the UK or +44 203 872 0620 when calling from abroad. The Monzo bank customer support is only available in English.
Is Monzo Safe?
Monzo bank is safe. Monzo Bank Ltd is authorised in the United Kingdom by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority and the PRA. Customers’ funds are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.
Monzo Bank Reviews
At the time of writing, Monzo bank UK is rated “excellent” by 80% of users on Trustpilot. It has a rating of 4.5 out of 5 stars from over 18,000 reviews, 80% of which are positive. Its clients cite excellent user experience, with many praising features such as pots (where you can separate money from your main balance), splitting bills, etc. However, 11% of the customer reviews indicate poor user experience, with customers complaining about poor customer support and closure of accounts without notice or reasons given.
Monzo complaints: The Financial Ombudsman in the UK received over 1,392 complaints made against Monzo bank in 2020. A BBC Monzo investigation found out that Monzo has been leaving some customers financial difficulty after closing their accounts. The independent online complaints resolution service, Resolver, has also received a large number of complaints against bank. If you have issues with the bank, you can join the support Facebook group, Monzo Stole Our Money, which has over 9,000 members at the moment.
Monzo bank competitors include the following online banks.
- Monzo bank contact number UK: 0800 802 1281
- Monzo bank SWIFT code: MONZGB2LXXX
- Monzo bank sort code: 04-00-04
- Monzo bank careers