Hi, I’m Louise Bastock, deputy editor at Finder UK and today I’m going to be taking
a closer look at one of the original digital challenger banks, Monzo.
As well as covering the basics, in this video I’ll take you on a tour around the app and
its features, answer any safety concerns you may have and give you the down low on whether
we think it’s worth it.
Monzo has been around since 2015, so many of you will already be very familiar with
it.
For those who haven’t yet been dazzled by the now iconic coral card, Monzo is what’s
known as a digital challenger bank – it operates without branches and your account
is entirely managed through an app on your phone.
The app is loaded with intuitive features, budgeting tools and spending insights to help
you make the most of your money.
There are no fees for using the app or making payments on the card (including abroad) and
ATM withdrawals are free up to £250 a month.
For the purpose of this video I’ll be looking at the free Monzo current account.
But there are a number of tiered paid-for accounts available that unlock extra features.
OK, let’s take a look at the app.
I’ve blurred out my purchases so you cheeky little devils can’t see what ridiculous
purchases I’ve made.
I’ll be honest, though, it’s mostly just M&S sandwiches.
Right, let’s start at the start with the homepage.
From the homepage you can access your current account as well as all your additional money
pots.
As you scroll down, you’ll get various other options to manage your account like creating
pots or setting allowances as well as additional features like overdrafts and personal loans
which I’ll touch on more later.
And right at the bottom, here, you have the option to split a bill with your buds, open
a joint or business account and even switch everything from your old account to Monzo.
In the bottom navigation you also have the ‘payments’ page which allows you to quickly
and easily pay your mates or request payments from them in just a few clicks.
Click on anyone of your cards or pots to see those in more detail.
At the top, beneath your card, you can see all your account info and your basic card
controls (freeze/add money).
Underneath, you can see real time updates of what you’ve spent
and where.
Plus monthly spending reports.
Something that’s super helpful is this little time line at the top that tells you how much
you have left to spend throughout the month – very helpful if you’ve accidentally
taken your eye off your budget.
You can also click on the little pie chart to the right of this for more detailed insights
into your spending.
In the top left-hand corner there’s also the option to set your budget by creating
spending limits for that month.
Toggle to the left to explore Monzo Plus.
Monzo Plus is the premium version of the current account.
It charges a monthly fee, but you get a load of extra features like additional spending
breakdowns, advanced spare change roundups and ability to earn interest on money in your
main account and separate pots.
Toggle to the right to view your pots.
Pots are spaces where you can separate and organise your money away from your main account.
They have a similar interface to the current account page but obviously different features.
Pots are a great way to put money aside for something special or save for a rainy day,
but you can set one up for literally any purpose.
Let’s set up a new pot to show you what they can do.
You can create a new pot either through the homepage or by toggling past all your accounts
and extra pots.
First things first, give your pot a name and lovely little image.
This is going to be my Holiday pot.
You can customise your pot as you see fit: set goals, round up transactions and lock
the pot until a specified time.
Locking the pot doesn’t prevent you from accessing the money whenever you need it,
it just creates an additional barrier to stop you sticking your greedy lil paws in there
for the sake of it.
Think of pots more like organisational tools than proper savings accounts.
If you want to earn interest on your savings, you’ll need to open an integrated savings
account through one of Monzo’s partners which you can do through the app by clicking
on ‘Earn interest through your money’ and researching the options.
Let’s go back now to Monzo’s range of additional in-app features.
As well as managing your cash in your current account, with Monzo you can open a business
or join bank account, set up an overdraft up to £500 and get personal loans up to £3000
through its marketplace partners.
In short, yes.
Unlike some of its competitors, Monzo is an actual bank which means it’s licensed under
the same standards as any normal bank.
Monzo has full Financial Services Compensation Scheme (or FSCS) protection, covering up to
£85,000 of your money – as is the standard for UK bank accounts.
You card and in-app purchases are pin protected.
And the app uses ‘magic links’ sent to your email to keep your login secure.
You can increase your security by adding two-factor authentication to your email, too.
Plus, with instant notifications you’ll be immediately alerted to any unusual activity
on your account.
Monzo is by far one of the most popular digital challenger banks and not without reason.
The app is super easy to use, set-up and manage as well as being colourful and fun.
The only real drawbacks are the limit on free ATM withdrawals and the fact that you don’t
get as many features as, say, a traditional current account like, for example, credit
card and insurance options.
Other than that, in our opinion, Monzo is a competitive option for a solid current account.
To compare whether Monzo is the right card for you head to finder.com/uk for our full
review.
Links are in the description below.
Are you already a coral card carrier?
Or are you thinking of opening an account or switching?
We’d love to hear what you think of this digital bank.
Leave us a comment below and hit subscribe (RHS) for more videos like this one or stay
tuned for our next video here (LHS).
Thanks for watching