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What is Monzo? Monzo Bank Ltd. is one of the early online challenger banks in the UK. It was founded under the name Mondo in 2015 by 5 former Starling Bank employees. In the beginning Monzo functioned with a restricted banking license, however, in 2017 the restrictions were lifted and Monzo is now a fully licensed bank in the UK. In 2018 the company reached the milestone of 1 million customers, and currently the company has more than 5.3 million customers.

In 2016 they changed the name to Monzo. In 2019 Monzo teamed up with Sutton Bank and expanded their services to the US, while maintaining many of their features, like contactless payments and instant notifications.

Their vision and mission are to make banking better by making it totally transparent and fair. Their HQ is in London, however, their team includes more than 1600 employees from all over the world.

How does Monzo work?

Opening a Monzo account does not take more than 10 minutes. First step is to download the Monzo app, enter your phone number and upload a photo of a valid ID, confirm your identity with a quick selfie video and lastly, choose the type of account you want. After the card is delivered the only thing left to do is to activate it.

How long does it take to open a Monzo account?

Opening a Monzo account is very quick, and on average 88% of accounts are enabled and ready to use on the same day. Internet banking is enabled from day one and within 4 days 99% of customers have also received the physical debit card. Once the account is opened, customers can also apply for an overdraft.

What are the advantages of Monzo bank?

  • Quick and easy account set up
  • Fast card delivery
  • Free account with plenty benefits
  • Transparent fees
  • Excellent customer service

What type of bank is Monzo?

As previously mentioned, Monzo is one of the early challenger banks in the UK. Challenger banks offer an alternative, modern and flexible way of banking, with focus on mobile banking. These banks therefore directly challenge and compete with traditional banks.

What loans does Monzo provide?

Monzo offers classic loans and overdrafts connected to the main account.

The Monzo loans are very quick, simple, and transparent. There are no fees for late payments, for early payments or for extra payments. All the information you need about your loan can be found in the Monzo app, making the loan very easy to manage. If the initial payment day does not suit you, you can change it for free in the app. For eligible customers, the representative APR is 25,3% for loans up to £7000 and 7,5% for loans between £7,000 - £15,000.

The overdraft can be arranged or unarranged. Arranged overdraft is the one you have been approved for (for example: £1000), once also the arranged overdraft has been exceeded the customer might go into unarranged overdraft.

Overdrafts are ideal for when you need to borrow a small amount of money that can be paid back quickly. To calculate the cost of an overdraft (both types) you can use the Overdraft cost calculator available on Monzo. There is also a calculator you can use to check if you are eligible for an overdraft and with what limit.

Loans are only accessible to UK customers.

Monzo Free account:

Even though it is a free account, it comes with plenty of perks, such as:

  • Free UK bank transfers (any bank, not only to other Monzo accounts)
  • Instant spending notifications
  • Possibility to connect to Apply Pay or Google Pay
  • Spending categories, for a better overview over your expenses
  • Monzo Pots – option to put money aside from the balance
  • Quality customer support
  • FSCS protected

There is no minimum term for the free account.

Monzo Plus account:

The Monzo Plus account is very affordable, standing at a monthly cost of £5 and comes with 3 months minimum term. It includes all the features of the Free account, plus some more, such as:

  • Holographic card
  • Virtual cards
  • Advanced roundups on payments – to save money without noticing
  • Credit tracker that tracks how the customer’s credit score changes
  • Every 30 days free ATM withdrawals abroad for up to £400
  • 1 free cash deposit per month at any UK base Pay Point and other perks.

Monzo Premium account:

The Premium account comes at a monthly cost of £15 for a minimum of 6 months. It includes all the features of the Free and Plus account, plus:

  • Elegant metal card
  • Phone insurance, that covers theft, damage, cracks or loss
  • Travel insurance worldwide for the whole family
  • Airport lounge access at discounted prices
  • Free withdrawals abroad for up to £600 every 30 days
  • 5 free cash deposits at any Pay Point in the UK

Monzo business accounts:

Monzo also offers two business account versions: Free account called Lite, and a Pro account with a monthly cost of £5. Both these accounts include a business debit card, 24/7 customer support, digital receipts, spending categorization, scheduled payments , FSCS protection and many more, however, the Pro account has additional benefits, such as Tax Pots, integrated accounting, Multi-user access, invoicing and other exclusive offers.

What are Monzo Savings Pots?

Monzo Savings Pots are an original way to help customers save money easier. It includes automated savings, rounding up of spare change on your payments and customer pot images, because visualizing the reason why you want or need to save has proven very helpful. The Savings Pots can be found in the same app, same account, but under a different balance. They are accessible to all account types.

Is Monzo safe?

Mozno is a fully licensed UK bank and offers the same level of security as any other traditional bank. Customer are protected by The Financial Services Compensation Scheme (FSCS) for up to £85,000, same as they would be in a traditional bank.

Monzo reviews:

With over 16,000 reviews on TrustPilot, Monzo has scored an average of 4.5 stars out of 5 and is ranked as Excellent. Their customer support is highly appreciated, as well as the ease and flexibility of the use of Monzo app.

Monzo contact:

On the Monzo website there is an extensive FAQ section available, where customer can find the answers to most of their questions. There is also a Monzo community, where Monzo users help out each other, lastly, there is the highly appreciated Monzo support via phone or online chat.

Monzo alternatives

Warning: Late repayment can cause you serious money problems.
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