Our verdict
Monzo is the most popular digital challenger bank in the UK (by customer numbers), and for a good reason. It's free account is super easy to use, set up and manage, and the app is colourful and fun (as long as you can live with the loud, judgemental sound it makes every time you spend money!).The only real drawback is the limit on free ATM withdrawals abroad, which is quite low compared to that of Starling, for example. For most people this won't really be an issue, but if you are a bit of a globetrotter and often travel to countries where cash is still king, you might want to consider the alternatives.
All in all, Monzo is great if you're looking for a mobile-first current account with almost no fees, a slick user experience and a young and fresh vibe. Whether you're planning on using it as a primary current account for your day-to-day finances or as a secondary account when you travel, it does the job quickly, efficiently and with a degree of cheerfulness.
- Full UK current account – you can do all the stuff you can do with a normal bank and more.
- Apply quickly from the app without proof of address – you won’t be credit-checked unless you apply for an overdraft.
- Slick, fun app that is packed with cool features.
- Spend abroad with no fees at the Mastercard exchange rate.
- Open a savings account directly from the app with one of the providers Monzo works with.
- Deposit cash into the account at any store which shows the PayPoint logo.
- Fully FCA-licensed and FSCS-protected.
- No bank branches isn’t great for those who prefer face-to-face customer service.
- 3% charge for overseas ATM withdrawals over £200 – other digital bank accounts (e.g. Starling Bank) have no such charges.
Hi,
Looking at this- my partner currently has an ‘optimum’ prepaid card (we’re trying desperately to budget) that I load a certain amount of money on a week for him. Is there any way a Monzo card has this facility or some sort of ‘lock’ to not allow access to any money other than that given for the week?
Hi Em,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Monzo offers the Pots feature. It allows you to set money aside within your main Monzo account. You have the option to set up multiple Pots for different purposes, and on the Account tab, you will see an overview of all your money.
The Pots feature allows you to stick to your savings goals since it locks your Pots until a date you choose and you won’t be able to take money out till then.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I transfer some money into a friend’s Monzo account 2 days ago and the account was frozen after. How can I get refund?
Hi Edria,
Thank you for getting in touch with Finder.
I’m afraid that your Monzo account-holder friend needs to get in touch with Monzo regarding this matter. You may also seek assistance from your bank if they may assist you on reversing the transaction.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
The Monzo bank account check the credit scores for Overdraft
Hi Malik,
Thanks for getting in touch! All banks don’t disclose which credit bureau they report to – sorry for the inconvenience. Hope this clarifies!
Best,
Nikki
Do you have to pay a monthly subscription to use your monzo bank account?
Hi Dee,
Thank you for getting in touch with Finder.
No subscription fee to use Monzo. All UK cash withdrawals and payments are free of charge.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Does Monzo accept customers if they have bad credit history?
Hi Jordan,
Thanks for reaching out to Finder.
Yes, as you do not need to pass a credit scoring application to be accepted for Monzo current account.
To open a Monzo account, they only run a soft check which leaves a fingerprint but does not affect your credit score. They will run a hard check if you opt to take an overdraft.
I hope this helps.
Cheers,
Charisse