Let’s face it, banking isn’t exactly an exciting subject. Nobody likes talking about money or finances, I know I don’t, or at least I didn’t until I joined Monzo. Monzo has completely transformed the way I manage my money. I originally intended to keep Monzo has a secondary bank account, a back up of sorts. However, nearly two months after I first set up my Monzo account, I now use it as my main account. My high-street bank accounts are redundant and I haven’t looked back once.
Below you’ll find everything you need to know about why you should bank with Monzo, how you get started and my experience so far.
What is Monzo?
Monzo, originally Mondo, began as a mobile app and a prepaid debit card. In April 2017, it’s UK banking licence restrictions were lifted and current accounts became available. The app based bank has over 3 million customers and it’s easy to see why.
To join, all you need to do is download the app (available on iOS and Android), fill in your details and verify your identity. It’s the same process as setting up an account with a high-street bank, the difference being that you can do it all from the comfort of your sofa! Once you have signed up and verified your identity, you’ll be sent a coral bank card. As soon as you’ve received your Monzo card you can start using it and manage your money with ease.
Monzo cards can be used everywhere, just like ‘normal’ bank cards. Monzo cards are also contactless, so you can still pay for transactions under £30 with ease. It works in exactly the same way as any account you have with other ‘veteran’ banks, with the added bonus of being able to easily manage your money with an easy to use app. Worried about switching? Monzo will handle your banking switch for you, everything you need, including help and support, can be found in the app.
How will Monzo help me save and manage my money?
The features I’m about to tell you about are one of the main reasons why I love banking with Monzo. I never thought I’d find myself excitedly tapping away at a keyboard discussing banking with such glee, but alas, here I am, desperate to tell you why I love Monzo so much. If you are anything like me, you probably find saving quite difficult, with funds limited as it is, it’s rare that I have anything left at the end of the week/month to set aside. Banking with Monzo allows me to save without even knowing I’m doing so with the brilliant ’round up’ feature.
Every time I pay for something using my card, Monzo rounds the payment up to the nearest pound and save the change in a ‘pot’ of my choice. A pot is separate from your main bank account, it’s essentially a money jar which you can use to separate funds from your main balance. To use the round up feature, all you need to do is create a pot and switch the ’round up transactions’ toggle on. Using the round up feature allowed me to save just under £20 in 4 weeks.
I also use pots to set aside money for upcoming bills. You can create and use up to 10 pots, and closing a pot is so easy. Just tap on your pot, tap settings and press ‘delete pot’. Funds from the pot you delete will be transferred back to your main balance.
If you are a regular reader of Just The Three Of Us you’ll know how much I love organising our home, so being able to organise my money in this way is great. It’s all still in one place, but separate, exactly where I need it ready for when I need it.
My experience so far.
I’m yet to find fault in banking with Monzo. I love being able to save with ease and set aside money in seconds. I also love getting notifications on my phone whenever a payment goes out or is received. I’m more aware of my money than ever before.
At the end of each month Monzo creates a spending summary which is great for analysing where you’ve spent your money each month. The app also takes into account direct debits and standing orders and shows you an estimate of what money you have available to spend after bills on the main account page. The app also warns you of any incoming and/or outgoing payments a few days in advance.
With my previous bank, I didn’t receive any detail other than my quarterly statement through the post. The ‘live action’ and continually updated detail that is offered by Monzo is fantastic. The only downside to banking with Monzo is not being able to physically go to the bank to ask questions and/or pay in cash. However, help is available via the app with incredibly fast response times. Furthermore, you can pay cash into your account using PayPoint.
PayPoint is available in more than 28,000 stores across the UK. This includes corner shops and retail premises which are often open 7 days a week. I’m yet to pay cash into my account, but I do use PayPoint for other bills and it’s so easy.
I don’t think I’ll ever go back to using my previous bank account full-time again. I just wish I’d made the switch sooner! Do you bank with Monzo? Do you love it as much as I do? Let me know in the comments below.
If you are considering joining Monzo, but you still have questions, please feel free to check out the Monzo website. You can also ask me a question by contacting me at firstname.lastname@example.org – I’ll try and answer as best I can.