Monzo Digital Bank – REVIEW

monzo-review

Monzo neobank is a leading digital bank in the UK that boasts more than 2 million customers, with plans to launch in the US over mid to late 2019. 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. This Monzo review is done to help our readers make an informed decision about their investments.

Monzo is an excellent choice if you live in the UK, a digital bank that could easily replace your old bank. What they do they seem to be doing very well and reliably, and recently they’ve also switched gears when it comes to rolling out new features.

What MONZO offers ?

In this monzo review we have found out that in practical 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

BANKING FEATURES – Monzo offers a wide array of banking features:

  • Spending categorized by the type of transaction (e.g. shopping, restaurants).
  • You can set monthly budgets and spending goals, both overall and for different spending categories.
  • You can send money to other Monzo users instantly and for free. You can also send a money request to another user.
  • Smart savings are also available, where Monzo will round up the amounts you actually spend and store the difference as savings.
  • These savings can also be stored separately for easier overview and management.
  • You can earn interest on your savings.
  • Setting up or canceling direct debits is quick and easy with Monzo.
  • Overdrafts are possible.
  • Joint accounts are also available.
  • You can set up Apple Pay or Google Pay.
  • 3D Secure online payments are supported.

You can signup for Monzo account and Monzo Metal Card here.

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