Monzo - App-Based Bank

Ranked 2 of 5 App-Based Bank providers

Monzo

Reviews

8,187

Review Score

9.71/10

Protection

Protection

Maximum overdraft

£3000

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Reviews

8,187

Review Score

9.71/10

Featured reviews

Fantastic app for monitoring your spending and budgeting

I've been using Monzo for around three years now. Makes a really easy way to monitor your day to day spending. I never overspend my budgets these days as the app always gives a very accurate and up to date summary of what is in your account. It has helped my budgeting massively. The clever breakdown/pie chart it creates of what your spending on also helps to let you identify areas where you can cut back spending to make more savings.

I would recommend

Hannah Farrall

Reply from Monzo

No comment has been added from Monzo.

Reply from Compare by Review

That’s what we like to hear, Hannah! Glad you’re enjoying banking with Monzo.

Great Card

Great card. Easy to use. Makes spending abroad so much easier and quicker. Highly recommend.

I would recommend

Luke Alfano

Reply from Monzo

No comment has been added from Monzo.

Reply from Compare by Review

That’s what we like to hear! Thanks for leaving a review, Luke.

Very Good

Great app, easy to use.

I would recommend

Aidan Edwards

Reply from Monzo

No comment has been added from Monzo.

Reply from Compare by Review

Good to know. Thanks for leaving a review, Aidan.

Great for Budgeting

Monzo makes budgeting so simple. The money pots make it easy to organise my money into categories. I love how you automatically receive notifications whenever any activity happens on your account. Another great feature is being able to receive your pay a day early.

I would recommend

Rose Chard

Reply from Monzo

No comment has been added from Monzo.

Reply from Compare by Review

Thanks for leaving a review, Rose. It’s wonderful to see another customer who’s happy with the great features Monzo offers.

A brilliant rethink of how banking should work

I switched to Monzo after hearing from friends how it had made it easier for them to manage their money and stop spending more than they should each month. The main feature that helps with this is the home screen that has a very bold graphic showing you how much money you're likely to have left at the end of the month when all of your regular payments have been taken out. It may sound basic, but having the actual amount of disposable income that you have as the first thing you see when you log in is quite sobering. It also has a handy visual guide that changes from green to amber to red to let you know whether your spending is on track, whether you could run out of money to letting you know you've overspent. That's not the only great feature though. With Monzo, every time you spend, it is assigned a category and you can see where your money is going. You can also set budgets against each category to let you know when you've spent all you want to spend that much on a certain thing. Another of my favourite features is bill splitting and shared tabs. If you pay the bill at a restaurant or pay for a trip on your card, you can simply open the transaction, press split this bill and choose which people you want to split it with. Shared tabs are brilliant for if you're going on a trip with friends, you just set up the tab before you go, inviting everyone to join, then anything that anyone pays for that needs splitting just gets added to the tab and everyone adds their transactions. At the end of the trip, you all settle up and the app makes sure everyone pays their share. There are so many great features with Monzo, but one of the best has to be the ability to get your salary a day early. If you get your regular salary paid into your account, the day before it's due, you'll get a notification asking if you want it a day early and you can get your hands on your cash sooner - brilliant! Monzo is absolutely brilliant, but the one drawback is that it is harder to pay in cash and cheques. You can pay in cash at a number of high street shops, but there is a cap on how much you can deposit every six months. Cheques need to be posted to Monzo (it is freepost, but still a pain) and I don't think you can deposit coins in any way (other than at a shop and I don't think they'd appreciate me turning up with my copper jar). If you can cope with those drawbacks though, I highly reccommend it.

I would recommend

Matthew Walton

Reply from Monzo

No comment has been added from Monzo.

Reply from Compare by Review

A fantastic review that really highlights the key features of Monzo. Thanks for this insightful summary Matthew, it will really help customers that are considering opening an account with Monzo.

Simple to use

Monzo is so easy to use and gives you phone notifications immediately after you have spent or received any money.

I would recommend

Anna Cooper

Reply from Monzo

No comment has been added from Monzo.

Reply from Compare by Review

Thanks for leaving a review Anna. Great to hear the instant notifications are a useful feature.

FANTASTIC!!

Initially, I was sceptical of using an app-based bank as I had always used a well-known bank. I travel a lot so the on the day exchange rate was a massive driver to me swapping to Monzo and wow I would never go back to standard banking. I love how useful the monthly payment tracker works and the international conversion i.e $50 = £42.50 @ specified exchange rate. A revolutionary way of banking thank you Monzo!

I would recommend

Lucy Sumner

Reply from Monzo

No comment has been added from Monzo.

Reply from Compare by Review

Thanks for leaving a review Lucy. Great to hear about the wonderful benefits that come from banking with Monzo.

Monzo is reviewed on

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Benefits of Monzo

  • Rated 4.4/5 via Trustpilot
  • Free current account
  • Current account switch service guarantee
  • £400 daily ATM withdrawal limit
  • No fees when you spend overseas
  • Pay your salary into Monzo and they can advance you the cash one day early
  • Organise and budget your money between savings, bills and spending
  • Easy access saving options available
  • Pay Direct Debits through Monzo
  • Get instant notifications on your spending and funds coming in
  • Overdraft and loan options available
  • Freeze your card instantly

About Monzo

Monzo is one of the fastest-growing app-based banks. Founded in 2015, Monzo now has over 4 million customers. Monzo offers both personal and business banking options for their customers with a wide range of benefits. With the Current Account Switch Service, you can move everything over to Monzo from a traditional account within seven days of requesting the switch.

Frequently asked questions

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Is my money covered?