What is Monzo bank?

Hi Savvy readers. One of my followers, the lovely Gill Brodin mentioned to me, that my readers may be interested in hearing about the Menzo card. I’ve heard a little about them, but to be honest, they never really came into my radar.

However Gill is right, they are quite an interesting bank. Therefore in case, you may also be interested I’ve written a quick review blog on them. Trust me I’m no expert so please go there website for full info and terms before you open an account .

It would seem that with the rise of mobile payments systems such as  Apple pay and Android pay.  We are also beginning to see new smart banking solutions. Enter Monzo. This little card is more then a pretty orange card, that looks somewhat like a designer  store loyalty card . No it offers way more for example.    

Monzo is considered by some as the poster child for digital banking. And it does seem ideal for the smartphone user . ( I’ve also heard Monzo has been dubbed rather unflatteringly “ as the go to bank for Millennials”.)

So What is Monzo?

Put simply Monzo is a smart bank for the smartphone generation, so no longer any need to stand in line at the bank or building society in  your precious lunch hour.  No.. it all revolves around the App.

Monzo is on record as saying it is : “Focussed on building the best current account in the world and ultimately working with a range of other providers so that Mondo can be an intelligent hub for your entire financial life.”      

A  big claim ?  Jurys still out on that I’m afraid.

Monzo  say that users of the Monzo cards  have spent more than £20m in over 130 countries since its launch.

The Monzo card is a MasterCard debit card. Monzo previously only issued pre-paid cards, but now it’s a fully-fledged kiss ass. bank  and users get  accounts, with sort codes and support for direct debits and standing orders.

In addition to the orange card you get an APP, which can be used for paying money into the account, However perhaps more usefully it will also instantly update your balance, provide handy notifications (including why a transaction was declined!! )  another good feature of the APP is that it can provide instant notifications when transactions are made.  Which can be a helpful feature, especially to those are often left wondering where all their money went at the end of each month … (Yeah that would be me too. ) when you can see what your purchasing, it can help you to be more mindful to what you are spending more money on. There’s also a great feature where if you have the card, you can request money from people who don’t have the app its called monzo.me . its a way to split bills and pay someone even if you don’t have or want Monzo

Author: Carol Osborne

UK Money Blogger. Making Money, Saving Money... No financial Expert... But .. I’ve learnt a few things along the way. On a mission to Make Money and Sharing ideas as I go along. Writer. Film maker. Theatre Director.

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