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Monzo Bank Review - The best online bank for your smartphone in 2022? - YouTube
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monzo started life in 2016 as a pre-paid
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mastercard that could be topped up by
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its app and used to make free
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withdrawals abroad now it's a fully
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fledged digital bank monzo markets
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itself as a bank that lives on your
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smartphone and now has more than four
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million customers around the world which
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is incredibly impressive now there are
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no physical real-life monzo branches the
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only way to set up and manage your monzo
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current account is through the
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smartphone app
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now you will need to download the app of
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course on either your apple or android
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device monzo currently offers a range of
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accounts including personal joint and
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business accounts as well as an account
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specifically for 16 to 17 year olds to
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build their money management skills the
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monzo current accounts offer all the
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usual services such as receiving your
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salary setting up direct debits and
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standing orders withdrawing cash with a
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contactless credit card and transferring
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money so nothing revolutionary there
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what is more exciting is that monzo
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customers can also access a range of
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extra features to help them manage their
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finances
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such as the salary sorter which breaks
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down your salary when you get paid into
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spending savings and bills there's also
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saving pots where you can separate your
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savings for individual goals and round
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up spare chain so that might help you
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save a holiday for example there are
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also instant spending notifications so
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you can see what's leaving your account
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and where it's going to in real time
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customers can apply for loans via them
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on zoe app as well with 7.5 apr on loans
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between seven thousand and fifteen
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thousand pound and twenty two point
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three percent apr on loans up to seven
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thousand pounds monzo also boasts free
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overseas cash withdrawals in the
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european economic area and up to two
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hundred pound per month fee free
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elsewhere
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after that there is a three percent fee
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charles on any withdrawals in addition
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monzo customers can switch their energy
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providers through the app and can earn
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up to 50 pounds in bonus credit monzo
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recently launched its own buy now pay
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later scheme with monzo flex although
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i'm not a fan of buy now pay later
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services of any kind even if they are
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launched by an innovative digital bank
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for those looking for savings accounts
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then monzo has three different options
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for you has an easy access savings pot
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with up to 0.1 interest you can get a
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flexible isa with up to 0.95 interest
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and there is a fixed term savings pot
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with up to 0.93
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interest
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monzo is rated excellent on trustpilot
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getting 4.5 out of 5 stars across more
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than 17 000 reviews 80 of the reviews
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rate the challenger bank is excellent
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site in a good user experience and
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helpful budgeting features however
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eleven percent of reviewers rate monzo
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as bad citing poor experiences with the
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live chat customer service and
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occasional issues with accounts being
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closed at short notice there are a few
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alternatives to monzo if you decide it's
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not for you for example revolut which
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offers free card transactions in 120
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countries fee free transfers at the
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interbank rate in 23 countries and free
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atm withdrawals up to 200 pounds a month
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which is slightly cheaper than monzo now
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the other major competitor is starting
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of course which is another digital bank
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now starting lets you set savings goals
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and offers interest on your balance at
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0.005 up to balances of 85 000 pounds
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and you can apply for a bigger overdraft
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with styling than you can with monzo
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but overall monzo is one of the leading
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challenger brands and app only banks in
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the uk its app is simple to use and has
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great functionality but do be aware of
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the occasional technical issue in august
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2019 monzo earns 480 000 customers to
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change their passwords after a bug
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allowed unauthorized staff to have
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access to them for a period of six
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months but that is really the exception
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rather than any kind of norm however it
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did reassure customers at the time that
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there were no recorded instances of
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fraud however monzo appears to be
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upfront with its customers and updates
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them regularly through its blog app and
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social media accounts and it's
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incredibly popular if you go online and
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look at any kind of community or review
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so ultimately monzo is a handy and
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versatile app that makes banking far
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more friendly understandable and
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approachable so remains a popular choice
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for those looking for a modern way of
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banking which helps them to take control
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of their spending and help them to start
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saving
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for more information on monzo's fees any
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offers that they have any features how
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it compares to its competitors then head
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over to the full independent review on
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the money to message website and of
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course you can find a link to that
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review in the notes below this video
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[Music]
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