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  • Details
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Monzo
4.7
★★★★★
Finder score
Fee
$0 per month
APY
N/A
Minimum deposit to open
$0

Our verdict

This product is no longer available in the US.

Monzo is a bank built for people looking to manage and control their money from anywhere. Because it's fully app-based, there's no waiting in lines or calling customer service when you lose your card ⁠— but there's also no in-person help. And we won't know all the details of this service until it fully launches in the US.

Pros

  • Fully digital bank
  • Instantly move money between friends
  • Competitive foreign exchange rates with no fees

Cons

  • No in-person support
  • No local branches.
  • 3% charge for overseas ATM withdrawals that exceed $200 a month.

In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Ask a question

Compare similar checking accounts and find the best option for you.

Details

Features

Annual Percentage Yield (APY) N/A
Fee $0 per month
Minimum deposit to open $0
Out-of-network ATM fee
Overdraft fee $0

Monzo fees and limits

So far, Monzo‘s reported that it will forgo many fees associated with more traditional banks, including for overdrafts and ATM withdrawals in the US.

Withdrawals from ATMs outside of the US are free up to $200 a month, when you’ll start paying a fee equal to 3% of your transaction until the new month turns over.

If we hear of any additional fees as the service launches, we’ll update this review.

How do I apply for a Monzo account?

As of January 2020, Monzo is not yet available in the US. You can join a waitlist on the app’s site until it rolls out the details of its launch Stateside.

What is Monzo?

Monzo is a well-loved digital bank launched in 2017 in the UK. Focused on young professionals, it advertises the ability to access your money through a smartly designed smartphone app without the need for physical branches⁠. Help is available through the app’s chat feature, by phone or by email.

How does Monzo work?

In the UK, Monzo works a lot like a regular checking account. Each account comes with a bright coral Monzo Mastercard. The card is controlled via the app, which allows for person-to-person payments and instant notifications after transactions.

To help you see where your money goes each month, transactions are broken down into 12 categories:

  • Transportation
  • Groceries
  • Eating out
  • Cash
  • Shopping
  • General
  • Entertainment
  • Bills
  • Holidays
  • Expenses
  • Personal care
  • Family

Using Monzo abroad

Monzo claims that it doesn’t mark up the exchange rate or charge fees to use your card abroad. But you’ll pay a fee equal to 3% of your withdrawal when you take out more than $200 each month from a foreign ATM.

If you lose your card while traveling, freeze its use through the app. Simply defrost your card if it turns up safe.

Is Monzo safe?

Monzo announced in June 2019 that it plans to partner with Sutton Bank to offer its services, forgoing lending until it’s approved for a US banking charter. That partnership will extend FDIC protections on your account for deposits of up to $250,000.

Expect technological safeguards like PINs, secure payments and fraud detection.

Pros and cons of Monzo

Pros

  • Fully digital bank backed by a solid reputation in the UK.
  • Divide your account into “pots” to more easily manage and save money.
  • Instantly move money between friends without a third-party app.
  • Competitive foreign exchange rates with no fees.

Cons

  • No in-person support or local branches.
  • 3% charge for overseas ATM withdrawals that exceed $200 a month.

Until then, look into other online bank accounts to weigh benefits and drawbacks against your spending habits.

Compare Monzo against its competitors

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SoFi Checking and Savings
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Bonus
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$0 per month
$0
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0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
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$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Member FDIC.
Cash Card by Cash App
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The Cash App Cash Card lets you pay for goods and services both online and in stores using your Cash App balance. Enjoy features like ATM access, direct deposit, instant discounts at select stores and a customizable card.
Axos Bank Rewards Checking
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Bonus
Axos Bank Rewards Checking
$0 per month
$0
3.30% on balances of $0 to $50,000
Use promo code AXOS300 and apply by June 30th, 2024, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Earn up to 3.3% APY after meeting rate requirements. Get ATM free reimbursements at all domestic ATMs. Pay $0 monthly or overdraft fees. FDIC insured.
Chime® Checking Account
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Chime® Checking Account
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Image source: Supplied, photographer: Monzo

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