Monzo

18cc

no and yes!

ozaz

Lydia42 wrote: »

Looking for advice - i see lots of people say they use Monzo to help budgeting, etc. Can someone explain is this just a budgeting app? A credit card? A bank account? Is it any good? What's the best for keeping track of spending if you current bank takes a few days to update balance?

As mentioned already, it's a full current account. It's excellent at spending tracking due to instant balance updates and enhanced transaction information compared to what you get with regular banks. It also has spending categorisation, although I would say this aspect of the spending tracking is a bit limited due to a limited number of categories available, but it's probably an aspect that will improve.

I've been using Monzo since late 2016 and am very happy with it, but I would suggest also keeping an account with a high street bank for access to features/services not yet provided by Monzo (e.g. paying in cash, cheque books, mobile cheque imaging, high interest regular savers).

Mumtomany wrote: »

Sorry to hijack your thread, also looking at Monzo, do they pay interest? Can you have savings pots?

They don't pay interest on savings yet. But they have committed to adding it soon (probably by the end of August). This will likely be via a partnership with a savings bank where an account with the savings bank is opened and managed within the Monzo app. The rumored bank is Shawbrook Bank.

Lydia42

Thanks for all your replies everyone. I opened a Monzo account a couple of days ago. Wow - so easy to do and fast. Got my debit card within 48 hours. Super impressed. Just going to have a tour around the app and see how it all works. At the moment i'm hoping to use the account for food shopping. So i plan to transfer money into the account and use it only for groceries so i don't have to carry cash but have control over what we spend and i'll be able to see the balance as and when i want. If it works out i may look to use the account as my main bank account.

Purpleheart

Thank you Lydia42 for the superb timing of this thread. I was going to post practically the same thing about Monzo, even down to the fact I want to use it for my grocery shopping.

I've been inspired and have opened an account, I hope it works for both of us.

Lydia42

Good luck Purpleheart. Let us know how you get on. I'm planning on using mine when i get paid at the end of this month.

DCFC79

Starling and Monese are both good, not used Monese yet but will do.

eDicky

DCFC79 wrote: »

Starling and Monese are both good, not used Monese yet but will do.

Monese charges various fees, why use it when Monzo and Starling don't..?

https://monese.com/pricing

eDicky

Was I dreaming, or did Monzo have a function to receive debit card payments from another person? I don't see it any more. Perhaps it was something else, not Monzo...

Blaise_in_Surrey

I love my Monzo card. Am having to properly budget for the first time in my life and it!!!8217;s really helping.

ozaz

eDicky wrote: »

Was I dreaming, or did Monzo have a function to receive debit card payments from another person? I don't see it any more. Perhaps it was something else, not Monzo...

https://monzo.com/blog/2018/02/12/monzo-me/