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, savings accounts, teens accounts, and joint accounts in the UK.
| What’s Special About Monzo |
|---|
| Get your salary a day early with no extra fees. |
| Use Monzo card abroad where they accept Mastercard. There are 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. |
Contents
- 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 Account
- 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 Monzo Bank FAQs
How Monzo Bank Works
Monzo provides current accounts for personal accounts, business accounts, joint accounts, and accounts for 17-17. 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. In addition, the bank offers loans and 4 types of savings accounts: Easy Access Savings, Instant Access Savings, Fixed Savings, and Easy Access ISA.
Monzo’s banking services are accessed only through a mobile app on App Store or Google Play.
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 email you 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 such as 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.
Types of Monzo Accounts
Monzo offers six different types of bank accounts to choose from, each with its own set of features. The available account types include Monzo Free, Monzo Plus, Monzo Premium, Monzo Business, Monzo Joint, and Monzo 16-17. See the table below for a breakdown of the key features for each account type.
| Account Type | Key Features |
|---|---|
| Monzo Free | UK current account with savings, borrowing, and overdrafts |
| Monzo Plus | Personalized budgeting, holographic cards, save spare change, interest on money, 1 free deposit/month at any PayPoint |
| Monzo Premium | White metal card, worldwide phone and travel insurance |
| Monzo Business | Cloud accounting integration, tax pots, invoicing; Business Lite (free) or Business Pro (£5/month) |
| Monzo Joint | Shared account with partner/friend |
| Monzo 16-17 | A Monzo account with most features of adult account; illegal underage transactions such as gambling are blocked; for ages 16-17 |
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 Account
Monzo offers online business accounts in the UK to help small businesses stay on top of their finance. You can open an account for your business from your phone with no monthly fees. For Business Pro account, the monthly fee is £5. The account is designed for a sole trader or a registered limited company by shares (Ltd), based in the UK.
Some of the best features offered by Monzo include free, instant bank transfers within the UK, tax pots that automatically set aside a percentage of your income for tax payments, and the ability to integrate with popular accounting software such as Xero, Quickbooks, and FreeAgent. You can also export your transactions in CSV, PDF, or QIF format. Additionally, Monzo offers six months of free cloud accounting with Xero and a business debit card to help manage your business finances.
Monzo business account holders can request payments by sending 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 |
| Salary Sorter | Yes | Yes | Yes |
| Fee-free UK bank transfers | Yes | Yes | Yes |
| Pots for separating money | Yes | Yes | Yes |
| Award-winning support | Yes | Yes | Yes |
| Instant notifications | Yes | Yes | Yes |
| Apple Pay and Google Pay | Yes | Yes | Yes |
| Spending categories | 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% | |
| Offers | No | Yes | Yes |
| Virtual cards | No | Yes | Yes |
| Advanced roundups | No | Yes | Yes |
| Auto-export transaction | No | Yes | Yes |
| Free cash deposits at PayPoints | No | 1 | 5 |
| Phone insurance | No | No | Yes |
| 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 |
| Card replacement in the UK | Free (if you are a victim of fraud, card is stolen or expired), otherwise you will pay £5 for replacement, £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 and the US. Since 2022, the Monzo mobile banking app has been facilitating access to banking services through Sutton Bank, FDIC member.
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 4.2 out of 5 stars from over 29,000 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 many complaints against the 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 Alternatives
Monzo bank competitors include the following online banks.
Monzo Bank FAQs
What is Monzo Bank?
Monzo Bank is an online bank based in the United Kingdom that was founded in 2015. It is a fully-licensed bank, and its deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. In 2022, it started offering banking services in the US.
What do you need to open a Monzo bank account?
To open a Monzo account, you'll need a UK mobile number for verification, a valid UK address, a government-issued ID, and a £10 deposit. The age for opening a Monzo back account is 18 years old. Once submitted, Monzo will review your application, and if successful, you can start using the account through the Monzo app.
What's Monzo Premium?
Monzo Premium is a paid subscription service offering Monzo customers additional benefits such as travel insurance, phone insurance, unique card design, 5 free top-ups at PayPoints in the UK, and early access to new features.
What card type is Monzo?
Monzo card is both virtual and physical Mastercard debit card.
What's Monzo SWIFT code?
Monzo SWIFT code is MONZGB2LXXX.
What's Monzo sort code?
Monzo sort code is 04-00-04.
What's Monzo bank UK contact number?
Monzo bank contact number in the UK is: 0800 802 1281 or +44 203 872 0620 when calling from abroad.
Is Monzo bank closing down in UK?
Although hundreds of customers have had their Monzo bank accounts frozen without warning or explanation, there is no evidence that the bank is closing down.
Is Monzo Plus worth it ?
Monzo Plus offers various features that may benefit you, depending on your needs and spending habits. These include 1% interest on balances up to £2,000, advanced roundups to save spare change, one free monthly cash deposit, fee-free cash withdrawals abroad (up to £400/month), and additional perks like custom spending categories, exclusive offers, and a holographic card.
