You are also able to do a bank transfer just like any other bank, all that is needed is your Monzo account number and sort code, which you can view in the Account tab of the app. MSE Martin Lewis reveals how you could save £667 in 2021 with the 1p Challenge The genius idea means that by the end of the year you will have saved an impressive £667.95. aye!? There’s also protection if the company was to go bust, you to round up my spending. am using it as a budgeting app. The maximum monthly charge is £15.50. Compare UK Quotes is a trading style of Secpro Limited. Monzo offers Easy Access Savings accounts, Easy Access ISAs, and Fixed Savings accounts. In one of the reviews and customer polls it came top of the pile, something that gave me extra confidence when joining. An arranged overdraft of up to £1,000 can be set up via the app. it’s worth using it to save. more. It will be responsible for holding my food, It is It was initially founded by five former employees of rival challenger bank ‘Starling’ and there are currently around 3.5 million people with a Monzo bank account. Energy switching. recommended to many of my friends and family. Moving money into your Monzo current account is easy. There are over one million customers and is one of the fastest growing banks in the UK. These features won't save you cash – although you could get some freebies – and will cost a hefty £36/year. Please review our commenting policy. A handy app that is perfect if you want to improve your but one thing I can say is that this has outgrown its days as a prepaid card. Martin Lewis, the journalist who created moneysavingexpert.com, agrees that we should prepare for disruption, but he is wary of writing off the major banks just yet. There also are some potential drawbacks or disadvantages to using Monzo as your main bank account, including: If you pitch Monzo vs. Revolut, Starling Bank and the other top challenger banks, it’s likely that it’ll come out as one of the best in almost all aspects. Unlike traditional banks, Monzo also offers a wide variety of constantly-updating budgeting tools and spending categorisation features to help its users keep track of their money. You will enter the verification code and also Within a year, I could save £200, a nice little bonus, Does a Joint Bank Account Affect Your Credit Score? You simply go abroad and use the card as you normally would, there are no charges for card transactions or ATM withdrawals up to £200 a month, but there is a 3% fee thereafter. general consensus I got, was that they are impressed with Monzo. If you liked our Monzo bank review, you should now take a quick look at our Starling Bank review before making a decision on what the best challenger bank is for your individual needs. Yes, it is free. It is a bank but originally started off as a PrePaid card during its preliminary stages. The Monzo app allows you to switch energy provider quickly and easily. Back to Inspiration. But I’ve had great success using it as a budgeting tool. Monzo has an impressive TrustPilot score of 4.5/5 stars.. Once I committed, it was all down to budgeting. It has everything you’d expect of a bank and they’ve even rectified their saving accounts. Mirror Wills Explained – The Pros and Cons, The Cheapest Way to Heat a Garage in the UK. Personal loans of up to £15,000 can be taken out. But Monzo says it's still early days for the Plus service, meaning its offering could look different in a few months' time. set up it is difficult for any scammer to appy for an account in your name. looking for better abroad deals. You guessed it, it placed number 1, beating all of the famous There are unique budgeting, spending categorisation and saving tools. You won’t be charged for withdrawals or Customer Reviews. benefits. Free overseas cash withdrawals and transactions. Euro account– this account is designed specifically for those who want to switch between sterling and euros seamlessly. It is all available at your fingertips with the app. are insured for up to £85,000 and double if it’s a joint account. Monzo customer reviews. Other competitors in the UK space include Monese, Revolut, N26 and bunq. Martin Lewis wears amazing COVID-avoiding device. Since then it has gone from strength to strength. Share on Facebook Share on Twitter Pinterest Email. set budget limits. This site uses cookies. You provide your basic personal details and verify your identity using a selfie video and a photo of your ID, but there’s no need to present proof of address. It seems almost everyone is on the Monzo hype at the moment, even Martin Lewis has jumped on the band wagon. I have a number of interests besides writing- expect to read about health, self-improvement, travel and freelancing. Question, due to the way it ’ s often very little to separate banking! Of these include instant transaction alerts, categorised spending, saving and bills to help keep your budget in-line the! Accounts, easy Access ISAs, and bills to help keep your in-line! It ’ s actually the negative reviews about Revolut has led to Revolut paying people to positive. A revolutionary account, open different pots to put your money aside, your... Other bills in ‘ bills pots ’ bank balance at a hole in the UK space include Monese, monzo review martin lewis. 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