Forum Topic

Monzo Bank

Does anyone have experience of using this bank ? My stepson is thinking of opening an account with them and I would be interested to hear from anyone who has used them, good or bad.

Richard Greenhough ● 2164d12 Comments

Is that a subsidiary of the Monzo Bonzo Dog Doo-Dah Bank?If so I wouldn't touch them, they are all barking!

Adrian Irving ● 2164d

My son has an account. It is all digital and when you spend you get a push notification on your phone straight away and balance is always updated as soon as you make a transaction. At the end of the month, you get a spending report and pie chart with types of purchases categorized. He says no issues ever and customer service is good, it's all done within the app. You can set purchases to be rounded up so the difference goes into a separate savings account. So if you spend £8.64p it will come out as £9 and the 36p will go into the savings pot but its an option you choose to have or not. Got the largest in bank switching for 2020 i see. As its all-digital app-based its most likely why young people go for it

Julian Pavey ● 2164d

I should add that the push notification on your phone straight away is for all transactions. So if somone sends a tenner to your account you get a notification on your phone straight away as well as if you spend money in a shop or online.

Julian Pavey ● 2164d

My niece banks with them. Hasn't got a bad word to say about the service.

Gordon McDonald ● 2164d

My sisters bank with them but some concerns, see belowMonzo reported an annual post-tax loss of £113.8 million in its 2020 accounts, up from the £47.1 million it lost last year. It said disruption resulting from Covid-19 has led to "significant doubt" about its ability to continue "as a going concern."This is from July 2020

Maggie Dodge ● 2164d

Many banks have taken a hit for one reason or another all around the world and while some show a profit some dont. Monzo post-tax loss is down to investment. Who ever you bank with your atleast covered upto 85k Would i bank with Monzo,yes. Would i have over 85k sitting in a monzo acc,NO

Julian Pavey ● 2164d

Have used them for a few years, you may have noticed people brandishing bright pink/hot coral cards, love the bill splitting feature and the ability to send/request payments to/from others. Highly recommend for use as a secondary account.

Ben Halloren ● 2163d

My son is happy with them

Maureen Yakoubi ● 2163d

I bank with Monzo. Their app is really good, they don't charge for overseas transactions. Their savings interest rates were five times better than my high street bank account (pre-covid), and even now it's still a lot better.Sending and receiving money is so much easier, and they have cool features like split a bill with a friend. Everything is instantaneous, so you know exactly where your money goes.

Caroline Benn ● 2163d

I've had a Monzo current account for a couple of years. I opened it because a friend's sons were working for Monzo and I was intrigued by the concept.The app is very well designed and has many features others have mentioned.I have been congratulated by young people in shops for my choice of Monzo so I assume it is a "cool" account to have.If it was my only banking product I think it might be a bit limiting as, unlike a conventional high street bank, they only have a fairly limited range of products.

Will Watson ● 2163d

Thanks everyone. Sounds like a good bank for a tech-savvy teenager !

Richard Greenhough ● 2163d

Ive used it purely as a prepaid credit card for chip n pin & ecommerce transactions to try and limit any pillages of my main account should there be a breach, plus its REALLy easy to lose track of what gets spent went the statement is full of small transactions- i think its brilliant= app is immediate, and if you have other pals on it the ability to send ( or receive ) money is like sending a text  and means that the one person who says- I owe you a fiver for the round i'll give it next time, has no escape ;-) Wouldnt plan to use them as my main account however if I was a young un starting our i probably would...

Tim Garfoot ● 2163d