Monzo Bank isn’t like other banks. It doesn’t have any branches, because it lives on your device. It gives you useful information on what you spend and where you’re spending it.
Monzo is one of the new wave of smart, app-based banks and more than a million people are using it.
Using the app you can set up joint accounts and savings accounts, switch utilities or apply for loans. You can even access your salary the day before it’s paid into your account, and create “Pots” to put money away for a rainy day.
Going on holiday? There’s no fee for using your card abroad, and Monzo doesn’t apply an inflated interest rate to your spending. The service also offers fee-free ATM withdrawals of up to £200 every 30 days and you don’t need to tell Monzo you’re going on holiday, either.
The app excels at breaking spending into categories: so, for example, you can see if your commute is costing you a fortune or if you need to cut down on buying coffee. There’s also a cool bill-splitting feature that could help avoid a few restaurant rows.
Monzo is no run-of-the-mill bank. It could help you get to grips with your finances and budget better.