How Does Monzo Work - full guide, benefits and drawbacks

Monzo is a challenger bank. It's an app based banking that has a full banking licence in the UK from the Financial Conduct Authority. You can use Monzo for all your banking needs in the UK. But, how does Monzo work and what are the benefits and drawbacks?

If you wanted to open an account, you can open it here: Open a Monzo Bank Account.

Monzo Accounts

Monzo offers Personal as well as Business accounts. They have a number of Personal accounts that offer different benefits and value. Their 3 accounts are Monzo, Monzo Plus and Monzo Premium.

Monzo

Monzo is a UK Current Account and your money is protected by FSCS, The FSCS will protect your money up to the value of £85 000. With the Monzo account, you get free UK bank transfers. In addition, you will get Pots to seperate your money for savings and spending.

You can use Apple Pay and Google Pay with your Monzo account and you will also get instant notifications for transactions. Price FREE

Monzo Plus

With a Monzo Plus, you get everything as with the Monzo account and some additional benefits. This includes interest on your savings, Virtual cards, Credit Tracker and Offers. Price: £5 per month.

Monzo Premium

With a Monzo Premium, you get everything as with the Monzo Plus and some additional benefits. This includes phone insurance, worldwide travel insurance, Metal card, Fee-free withdrawals abroad. Price: £15 per month.

GET A MONZO BANK ACCOUNT

What are the benefits of Monzo?

Here are some of the benefits of a Monzon Bank account.

Protected by the FSCS up to £85 000.
Fee-free UK bank transfers.
You have Pots for separating money.
Award-winning support.
Get Instant notifications on transactions.
Use Apple Pay and Google Pay.
1.00% AER/Gross (variable) interest up to £2,000 (Monzo Plus and Monzo Premium).
Get a Holographic card (Monzo Plus and Monzo Premium).
Virtual cards (Monzo Plus and Monzo Premium).
Credit Tracker (Monzo Plus and Premium)
Get Offers (Monzo Plus and Monzo Premium)
Fee-free withdrawals abroad (Monzo Plus and Monzo Premium)
1 free cash deposit a month (Monzo Plus and Monzo Premium)
Metal card (Monzo Premium).
Get a free phone insurance (Monzo Premium).
Get worldwide travel insurance (Monzo Premium).
You get Interest on balance and regular Pots (Monzo Premium).
Discounted airport lounge access (Monzo Premium).
Fee-free withdrawals abroad (Monzo Premium).
Get 5 free cash deposits a month (Monzo Premium).

What are the drawbacks of Monzo?

Here are some drawbacks of Monzo.

For a monthly charge of £5 for the Monzo Plus and £15 for the Monzo Premium, Monzo does not have a high interest rate.
You are charged a pound fee for every deposit you make.
You can only make cash deposits at PayPoint locations.

Deposting money into a Monzo account

You can deposit Money into your Monzo account by a bank transfer, paying your wages into the account or you can put cash into the account at any PayPoint location for a pound charge.

Monzo customer service

You can contact Monzo Customer Service, here: 0800 802 1281

Conclusion

We have given a review of the Monzo Bank and the accounts avaiable. If you are looking for an app based challenger bank, then Monzo is a good option.

GET A MONZO BANK ACCOUNT

Glossary

Monzo Bank. Monzo Bank Account.
Monzo. Monzo Plus. Monzo Premium.
Monzo Card. Monzo Account.
Monzo Customer Serivce. Monzo Login.
What is Monzo. Monzo IBAN.
Monzo Review. Monzo Exchange Rate.
Monzo Business Account. Monzo how to deposit cash.
Monzo Account Free. Monzo Card Abroad.
Monzo Card Apply. Monzo Bank UK.

Monzo Bank. Monzo Bank Account.

Monzo. Monzo Plus. Monzo Premium.

Monzo Card. Monzo Account.

Monzo Customer Serivce. Monzo Login.

What is Monzo. Monzo IBAN.

Monzo Review. Monzo Exchange Rate.

Monzo Business Account. Monzo how to deposit cash.

Monzo Account Free. Monzo Card Abroad.

Monzo Card Apply. Monzo Bank UK.

Page updated

Google Sites

Report abuse